Publisher's Page

THE HVACR MANAGEMENT MAGAZINE

TERRY Tanker Publisher ttanker@hvacrbusiness.com

HEATHER Langone Managing Editor hlangone@hvacrbusiness.com MEGAN LaSalla Art Director mlasalla@hvacrbusiness.com

BRUCE Sprague Circulation Manager bs200264@sbcglobal.net BARBARA Kerr VP Operations bkerr@hvacrbusiness.com ADVERTISING STAFF ERIC Hagerman National Sales Manager Tel 216-409-3246 ehagerman@hvacrbusiness.com TERRY Tanker Publisher Tel 440-731-8600 ttanker@hvacrbusiness.com

HVACR Business, founded January 1981, is a monthly national trade magazine serving contractors, mechanical engineers, manufacturers, manufacturer representatives, wholesalers, distributors, trade associations, and others in the heating, ventilating, air conditioning and refrigeration (HVACR) industry primarily in the U.S. The editorial focus and mission of HVACR Business is to provide business owners and managers with the very best business management concepts available. Critical topics covered include leadership, management, strategy, finance, sales, marketing, training, education, staffing, operations, human resources, legal issues, customer service and more. We are dedicated to helping contractors master these key management skills and provide them with the resources necessary to build strong, profitable companies. Every effort is made to provide accurate information, however, the publisher assumes no responsibility for accuracy of submitted advertising and editorial information. Copyright©2022 by JFT Properties LLC. No part of this publication may be reproduced or retransmitted in any form or by any means, including, but not limited to, electronic, mechanical, photocopying, recording or any information storage retrieval system, without the prior written permission of the publisher. Unauthorized copying may subject violators to criminal penalties as well as liabilities for substantial monetary damages up to $100,000 per infringement, costs and attorneys’ fees. This publication should not be utilized as a substitute for professional advice in specific situations. If legal, medical, accounting, financial, consulting, coaching or other professional advice is required, the services of the appropriate professional should be sought. Neither the authors nor the publisher may be held liable in any way for any interpretation or use of the information in this publication. The authors will make recommendations for solutions for you to explore. Any recommendation is always based on the authors’ research and experience. The information contained herein is accurate to the best of the publisher’s and authors’ knowledge; however, the publisher and authors can accept no responsibility for the accuracy or completeness of such information or for loss or damage caused by any use thereof. Subscription Rates: Free and controlled circulation to qualified subscribers. Non-qualified persons may subscribe at the following rates: U.S. and possessions: 1 year $48; 2 years $75; 3 years $96; Canadian and foreign, 1-year $108 U.S. funds only. Single copies $8. Subscriptions are prepaid, and check or money orders only. Subscriber Services: To order a subscription or change your address, write to HVACR Business, 31674 Center Ridge Road, Suite 104, North Ridgeville, OH 44039 or call (440) 731-8600; or visit our Web site at www.hvacrbusiness.com. For questions regarding your subscription, please contact bkerr@hvacrbusiness.com. HVACR Business (ISSN 2153-2877) Copyright ©2022 is published monthly by JFT Properties LLC,31674 Center Ridge Road, Suite 104, North Ridgeville, OH 44039, Phone: 440731-8600. Periodicals postage is paid at North Ridgeville, OH and additional mailing offices. (USPS 025-431) POSTMASTER: Send address changes to HVACR Business, 31674 Center Ridge Road, Suite 104, North Ridgeville, OH 44039.

31674 Center Ridge Road, Suite 104 North Ridgeville, OH 44039 Tel: (440) 731-8600 Web site: www.hvacrbusiness.com (ISSN: 2153-2877) www.hvacrbusiness.comwww.HVACRBUSINESS.comwww.hvacrbusiness.com

BY TERRY TANKER PUBLISHER’S PAGE

Must-Do, Need to Do, Nice to Do

The business climate around the world is complicated. For the past two and a half years, employers have struggled to fill positions and still do. Today owners face additional challenges including inflation, $5 gas, rising interest rates, political turmoil, the war in Ukraine, and much more.

Owning and leading a company has never been easy. And, as the old saying goes, “If it was easy anyone could do it.” But that’s just it, not everyone can. This job is only for unique individuals who can tolerate risk, are adaptable, communicate well, lead others, are organized, and much more.

Adopting a disciplined practical approach to managing your business that revolves around the leadership you provide, is essential. There is a principle referred to as the 80/20 rule, which, in its simplest form, states that 80 percent of your results are gained through 20 percent of your efforts. If you can identify the 20 percent of your task list that’s most important now, you can concentrate on areas that will bring you the greatest gains.

HIGHLY EFFECTIVE TASK MANAGEMENT

Years ago, when we started HVACR Business, my good friend Ron Smith (who was an editorial advisory board member at the time) offered a suggestion. He recognized that I was struggling to manage all the different aspects of a startup and gave me a straightforward method that would help me differentiate between those things that are urgent and need immediate attention versus those items that are important but don’t need immediate action. And it helped me.

Making use of this simple technique may help you more effectively lead your company in the coming months. Many managers find it difficult to communicate important business goals in real-time, so you may consider sending your finished outline to staff members.

WHAT ARE MUST-DO TASKS?

Items in this circle are critical and need your attention today. The items in this circle are the key to running efficiently and profitably. Look at your financial statements every day. This group includes P&Ls, balance sheets, daily/ weekly sales, accounts receivable, and your budget versus actual numbers. Also, make sure to bill after the job, don’t wait a week or more to bill customers

Understanding the difference or collect COD. Review accounts payable and your bank statements. between critical and non-critical Spend ninety minutes a day on your task management financial review, it really shouldn’t take you any longer than that. Additionally, you should be working on recruitment and retention every day. Long term, this is the only solution for hiring and retaining talent for your business – it takes work.

WHAT ARE NEED-TO-DO TASKS?

Items in this circle are on the shortterm horizon and should be moved to your Must-Do circle within a week. Formally communicate weekly with your management team to review progress on “need to do” tasks. (Ruth King has been kind enough to provide a weekly communications meeting template. If you’d like it, please go to our download center). Work on the marketing and advertising that drives phones to ring. Track what works and what does not. Where are your leads coming from? Are you profiting from the dollars you are spending?

WHAT NICE-TO-DO TASKS?

Items on this list are long-range, at least a month out or more. Don’t fool yourself, if items aren’t critical, then they belong in this circle. Some of these tasks may include active referral programs, contests for enrolling maintenance plans, or other things on which you would like “buy-in” from team members, as well as visiting customers/field employees on the job.

EFFECTIVE TASK MANAGEMENT LEADS TO INCREASED PRODUCTIVITY

This type of effective task management is not about adding more tasks, but instead, it is the practice of giving tasks value and ranking them from most critical to elective. If you can adopt this daily practice and encourage your employees to manage projects the same way, eventually your team will emerge more empowered and productive. Once you make a habit of ranking tasks, you can decide whether to assign the task a critical value and get it done immediately or as a study in Harvard Business Review1 says, decide instead to, “drop, delegate, or redesign” the project. Either way, this method of task management empowers you and your team and eliminates a company culture where panic and procrastination are the main motivating factors. 1Make Time for the Work That Matters (hbr.org)