Birthday Review

A birthday is usually a time to reflect upon last year and the year ahead.  What do I feel now that I have turned 37?

First of all, 37 feels old!  Still closer to 35 than 40, but if I was asked what kind of person would I be at 37 when I was 30, I would have expected a lot more "settled-ness".  I would have expected kids, or at least some stable relationship.  It is a testament to the power of social conditioning that I still have think of these expectations, even though my life is clearly not in that state, and I am quite happy to be in the state that I am now.  Good to have some fun with things like Augustman.

I think I could have pushed myself harder this year in terms of the business.  I do what is necessary but I don't think I have that strong a hunger to really make this business go.  It could be that I am hitting a barrier of how far "just doing a business for business' sake" gets me.  Also the realisation that Morganfield's is not our brand, so there is no real future to develop that brand, and that we are better off putting our efforts into another brand.  I am happy though that the business can operationally run itself.  That is one level of achievement. Now we just need it to make another 5-10% sales for it to make good returns.  I need to think more about what I really want in a business, not just what Jo wants.  That is a challenge.

I could have also pushed harder on working in the social entrepreneur space, with Aives.  But that one is not a lost cause, I think it will come back next year, and I may be in a better frame of mind.   I am glad that we did Pig Out, doing projects like that are really my alley, and at least I have started on my charity path.  Work for Bill Gates!

I think these next 3 years will be a good test of what else can be done.  As per the article on "Four Stages of Life", I am not yet quite at Level 3.  And I don't want to be a man child, although I think owning a business instantly makes a person less of a man child.  I do think now that there are many paths to achieving financial independence, not just one business.  So key to this is to develop businesses to run themselves, and acknowledge that as long as it is positive in cash flow, it can be time to move on to something else.  The issue here is that we are running out of capital, so getting some capital back from the existing business is critical.

I really think that Korea will be a good experience.  Time to reflect and review, and time to try new things.  Have to make the experience worthwhile, not sure how, but have that in the back of my mind.  Maybe one new F&B idea, or five potential investment partners to start something in Korea.  Generate the ideas each day.  Follow the 10 ideas a day training.

I would like to work more on my spirituality.  I am happy with the calmness I bring to my own life.  Perhaps more meditations?  Definitely continue to journal.

Health is ok.  Korea could be rough from a drinking perspective, make sure I don't overdo it.  Having an external incentive for gym like Halloween is the way to go!

Escape and Direction

A friend asked me a great question the other day about where I am in my life, especially with my decision to go to Korea for 3 months.  My reply is below:

"Your question on going to Korea as an escape did get me thinking.  The answer is yes and no :)  Yes, a part of me wants to take a break from this business and have some fun.  But am I running away from something?  I don't think so.  I read a book about the dynamics of Asia in the next 15-20 years.  The author forecasts that USA will still remain the dominant power in Asia, but there are challenges via Japan, China.  So the two nations that will help USA maintain their influence in the area are Singapore and Korea, which means that they will continue to get investment and support.  So I actually think Korea will have more opportunities in the future and if I can establish some networks there it could mean more business down the road.  One thing I want to keep in mind is how to make the best use of this experience and not for it to dissolve into some 3 month party.

Can the business run by itself?  After 2.5 years, the restaurant part can and does run by itself.  Sometimes well, sometimes not well!  We add value by keeping our staff motivated, working together and focused on the right things.  You are correct in saying that no one cares for the business as much as the the business owners.  But that doesn't mean that we don't try to encourage and make our staff want to take that ownership.  We are now at 30 full time people in this business!  We have to get multiple layers to manage themselves.  Having Jo in the business whilst I am away of course is good.  But ultimately we have believe that we can find people that are as dedicated to the business as we are and develop this people.  Otherwise we can never grow.

Where Jo and I are now trying to add more value is developing the business in new ways.  Opportunities like developing that retail arm, pitching for a food stall at F1, bidding for a new diner, these are the things that we are now focussed on.  Can they be done not in Singapore?  To a certain extent yes, although developing a design needs some visits to the location.

As to your question of being lost, yes I have those moments.  I actually think that comes with the flexibility that this business has given me.  The tough part is not knowing if any of these opportunities that we develop will actually get us anywhere.  There is also an element of uncertainty that what we do will actually increase our profitability.  So yes I think the direction can be sharpened.  But I feel at peace with what I am doing.  I am happy to be given the opportunity to make things happen.  And by "make things happen", it could mean anything from going to Korea to creating a charity BBQ event to building a new F&B brand.  Maybe that is all that I can ask for.  Just have to make them work.

There is an article that talks about moving from different periods in our lives.  I do feel that I go from Stage 3 back to Stage 2 and back to Stage 3.  Conceptually, I think I already committed to this business with the time and investment spent.  But I also need to understand what are the odds of these new opportunities succeeding and which ones I should pursue.  http://markmanson.net/four-stages-of-life

Thanks for asking me those questions and making me think.  And thanks for the offer of talking through Christianity.  It is something that I think I will have to find my own path for.  And who knows where that path will lead!"

Pig Out!

At last I am doing something charitable!  Pig Out is the outdoor BBQ event that Jo and I are holding, to donate the proceeds back to charity, Food Bank Singapore.  Food Bank collects unused and close to expiry food items and distributes them to Singapore's needy.  Given that we are in the food business ourselves, it is good match.  An even better match is that AugustMan is looking to create a food focussed event, which means we will get publicity firepower.

With events like this, everyone wants their say in the process, so the tough part will be bringing all the different parties together with a common vision.

Thoughts on my side:
1. I am ok with Food Bank, but the reality is that any food related charity works. Perhaps the greater truth for me is that I just want to organise it, I don't really care where the money goes.  Sad but true.
2. We have to make this at least cost neutral for our company.  That means being smart about the expenditure, and probably getting more companies involved for the manpower, as that is the most expensive cost.
3. What I learned from BJ is that we should never be afraid, if not brazen, to ask for support, .  If we believe in doing this event, then others will be inspired as well.
4. Make it small enough that it will succeed, but make it ambitious enough that we fear that it may fail.  That edge is what will drive us.
5. I need to personally market.  Starting with the magazine but also spreading it to my friends.  A good test for my PR skills!
6. I need to take charge of the event and make it mine.  Yes take in the feedback, but I will make it happen!

This will be fun.  Much like how that outdoor dance party was a madhouse, I have a feeling this could turn big.  But we need to start marketing as soon as possible!

80/20 Items

Re-reading the 4 Hour Workweek, there is a section about elimination, both of the excess junk as well as the excess activities in my life.  I focussed on the junk part recently and it was amazing how much crap I do have, even in one half of an apartment.

I would consider myself a neat person, but I realise that the neatness meant the stuff was well stored.  It was still a lot of stuff that in reality meant little to me.  I have gone through toiletries, my cupboard, the outside cupboard, my documents and produced a good three garbage bags of stuff.

Some troubling items:
1. Documents meant for the business.  I am not sure what needs to be kept for this.  The better approach would be to scan everything but I am too lazy.  So I couldn't move much out of this.

2. The books that I have.  So many good ones, and ones that I continue to re-read.  Not sure what to do here.  Perhaps I get them onto Kindle.  Or maybe a better thing is to stop re-reading for re-reading's sake and read new things!

I still have a way to go, especially on the IT front.  Lots of spare cables lying around the house.  A Playstation, Xbox and old games which I never use.  A DSLR camera I hope to get some money for.  If I can sell some of these items, it will help fund a part of the Korea trip.

I am sure I can be even harsher on the requirements.  Question to ask: "does this item make me happy?"  If not, I should get rid of it!

I should do this "cleansing" more often.  It's too easy to keep unnecessary stuff.  I think if I moved out, I would keep going for a relatively small place, to make it harder to hoard.  Having kids may lead to different requirements!  Although I read that a kid has on average 200 toys but really only plays with 10?

Lynn told me that a theme of hers is "live simply".  A good theme to follow.

Publicity

Having been nominated for a magazine's "list", it has made me realise a few things:

1. I do not do much publicity for my personal brand.  Yes I have brands that I promote (Rewind, Morganfield's), but not about myself.  This is probably a function of my own perspective of being humble about these things, preferring for people to experience the brands themselves instead of knowing them through me.  With this magazine opportunity, it is good to have some more recognition, in order to gain a stronger network

2. In order to fully leverage this opportunity, I have to improve my "on screen" ability.  That means more clarity of thought during interviews and other times when I am in front of a group.  A lot of it is just slowing down the speaking, so that I can sound more measured.

Keep focus on the following:
1.  Embrace the opportunity.  Want to be involved, want to meet new people, want to learn to do it better.  Much like language learning, there is a very high likelihood of looking a bit foolish, but why not?

2. Demonstrate my values.  Answer with respect to the people around me, appreciate the good qualities that everyone has at least to some degree.  No need to display showmanship, just self-assurance. Be grateful for being in a cool event with some potentially good people.

I am looking forward to the photo shoot!  Strong jaw line!

Setting The Right Structure for Overseas

What are the key objectives when I am overseas?

I must limit the face to face interactions but also set up the necessary structure to get the right information to the right people.  Start off be limiting time in the outlet.

I must be able to batch decisions into a timeframe so that I can do a lot of work at once.  Try to avoid making on the spot decisions, instead give staff the authority to make a decision up to a certain cost.

I must not be the bottleneck for information or decisions.  Hence all reference guides and where to get items (especially IT) need to be up to date.

I should give Mary the ability to sign cheques up to $5K, so that suppliers and minor cheques can be processed easily.  She should get GIRO access?

I must be prepared to let go, and even be prepared for no income from the business.  Just because this is my current income does not have to make it the only one.

I must still be able to watch the business.  Focus on the P&L, Monthly Reports, COGS, Sales Mix.

Do not work for work's sake.  Find things to do outside of the business.  Consider new business ideas, new directions.

We must be financially solid before I leave, so that we can pay our suppliers properly.  On the flip side, we should push for more 60 day credit terms.

Thinking Straight

I have to think more on the different perspectives of the business, instead of focusing too much on just solving one problem.
I also have to stop just taking the information from my RGMs and regurgitating, and put some thought behind what they say to see if it will be applicable.

I think I still have a tendency to trust too much what other people say.  That includes both RGMs and Jo, actually.  So before I make a decision, take a step away from myself and ask "would I tell Kev this is a good decision?"

In the situation that happened today, I think I am not that good when the arguments are not my own.  If I am representing someone else, then my arguments are not cohesive and thought through.
The problem with this specific issue is that I think one of my RGMs is tuning out or actually acting negatively to any idea that comes from the boss.  Which is no good, as it means that even good ideas or thinking are negatively viewed.  In this instance I think I was trying to help out the situation by attempting to mediate, but in reality I just myself look like I hadn't thought the issue through.

Going forward, three things:
1. Do not get involved in a dispute unless I understand both sides of the equation.
2. Do not try to represent other people's views.  Encourage them to express their own view instead to the people directly.  It is very hard to represent properly.
3. Think as an outsider:  "does this improve the business/guest experience?" vs "what is the operational cost to do this?" and then make the decision based on that.

Ready for Korea

Korea is becoming more definite, say Aug to end Nov.  I can feel it, even with additional opportunities, I am not that keen to explore.  What I do need to work out is some structure to how to manage the business when I am overseas.  I will need to introduce some more documentation on troubleshooting for things.  This is what I provide to people at the moment, and it's easy for them to call me and I will sort it out.  Especially the IT support component.  I will write up all the information, and then have a standby IT support person as required.

I am not sure how the people in my team feel about it.  It was funny, they were joking yesterday about when to visit that I should have a spare room for them to stay in.  So to a certain extent they have come to a realisation that it will happen and are adjusting.  Key would be making sure that Mary is sorted out, and that she is emotionally to take more ownership of the corporate team.  I think she is mature enough, and Jo definitely trusts her, so I think it will be ok.  I am very lucky to have a person like her around, who is committed to this company.

I will also keep away from the outlets a bit this month, to see how it is without me there and if it can still function.  To be honest, the outlets do function already, it is just a matter of how good or how bad.

With Jo, I am not sure how he feels about it.  I think he accepts it, but I am sure he is not super happy about it.  We still have not discussed the pay situation when I am away, although it is realistically only 3 months.  It will mean that I will be unable to help with any new outlet that we get this year.  But looking at our finances we are not in that good a position to expand another outlet, unless we get heavy external funding.

I believe this adventure is worth it.  Worth it just because I want to do it, and that's all the reason that is required.

The other part of this is to be realistic/clear on what I will end up with at the end of 4 months.  I think I will still be a very basic speaker.  But if I am able to get around Korea by myself I will be super super happy!  In that case then the key is to get useful information as quickly as possible so I have the confidence to keep talking.

Two paraphase some guy on a forum I was reading:

Do academic study for a year, then after attaining upper-intermediate proficiency, mainstream yourself. Sign up for hagwon classes in cooking, art, technology etc. alongside Koreans. Join clubs. Sign up for Korean online games. Rent an apartment with Koreans. Get a job that isn't teaching English, like at a restaurant or a 7-Eleven. Scheduling yourself with tons of immersion activities is probably more useful after the initial year of study than another year of dry study.

Directness

So I see this girl at a club.  A bit of eye contact, a bit of a smile.
I was (as usual!) dancing by myself.  She ends up dancing next to me.  More smiling, more dancing.
The following conversation occurs:
K: "Hi, what's your name?"
Girl: "Hi I'm Chrstine."
K: "I'm Kev, nice to meet you."
Girl: "So am I hot?"

What?? To be honest, it was so out of the blue that I was a bit shocked.

K: "hahahaha, Ok lah!"
Girl: (turns away)...

Yes, it was in reality the worst of all answers that I could have said.  There is a concept of honest vulnerability that is not as much "game" but rather just being yourself, and be willing to own up to your thoughts and actions.  Thinking this through a bit more, I need to embrace that honesty more.  Truthfully she was hot, and I thought she was hot as well.  Yes, she was fishing for a compliment.  But fine, I will give that compliment, and I should not care about how she takes it, because the compliment is what I feel at that time, without reservation.

So I think the best answer would have been:
K: "Yes you are, but why do you ask?"

Practising Negotiation #2

A surprising shift in the negotiation process for OC.

What they had previously said as "cannot ever happened", they are willing to accommodate now, with only a minor change.  I must now remember this:  "never accept a 'no' from a person that cannot say 'yes'".  Only then will I be able to negotiate successfully.

Perhaps the other takeaway is to only get involved in negotiations where I really want to drive an good outcome, but if it doesn't happen then it is ok.  If I don't care enough for a deal, I give away too much.    But if I care too much about a deal, then again I give away too much to make it happen.

Two ways to do this:
1. Negotiate as though it is on behalf of someone else, but with some stake in the outcome.
2. Always be looking for an alternative.  Funny enough, the alternative to this deal is not another location but the ability to go to Korea!

It was good to re-read the "Bargaining for Advantage" book.  It is key to keeping high goals in any negotiation.