How to Double Your Salary Today! (Part 1)
Image sourced by Suganth @suganth
In 1994, I worked at Citibank. On Valentine’s Day, my boss Jim B. and I had a sales call at a chemical company located in New Jersey. Jim lived in Connecticut and I lived in White Plains, New York. My house was in between. Jim picked me up in the morning; we drove to the customer’s offices and he dropped me off on his way home.
Wouldn’t you know it. . .
When he pulled into my driveway, he stopped, to give me a ‘little lecture’ – also known as a ‘wakeup call’.
At the time, I had been working on three loan financing transactions.
But to be candid with you, I was frustrated – probably about my year-end bonus – so I wasn’t 100% focused on logging my best performance.
Jim turned to look me in the eyes and asked, “Tell me the top three projects you’re working on. And the top three open issues and what you are doing to close each issue.”
[And proceed towards closing the deal.].
I actually knew the answers but wasn’t composed enough to reply. Given Jim’s ‘attack’, my thoughts were jumbled.
I was so flustered, I clammed up!
I was dying to slither out the crease in the window. But escape was Not on the menu.
Actually, Jim did me a Big Favor. He gave me the tools that I needed to open the roadway to success!
First, he gave me a wakeup call. In other words, step up my game! Or find a new one. . .
In other words, my demeanor was less than satisfactory. He expected more – more focus, more proactive thinking and behavior, more of a ‘take charge’ and ‘get it done’ attitude, overall better performance and boost my productivity.
I had the skills, knowledge and experience but needed to add in the drive, the sizzle.
And focus on generating results and stop focusing on the money (my year-end bonus).
Second, he gave me the power tool that paved the way for my more than doubling my salary and getting promoted three times.
What’s more, I gained control over my life because Jim gave me a straightforward, easy way to organize my top tasks, projects, workday and mind, effortlessly and increase my productivity.
He Actually Changed my Life!
I’m eternally grateful.
Perhaps this technique will change Your life too:
List the Top 3 projects you’re working on that require your immediate attention!
1. Prioritize your open items and tasks – action steps – into Three's:
1. _______________________________________.
2. _______________________________________.
3. _______________________________________.
As simple as that.
Thinking in threes, even I could handle. I’m sure you can too.
Sets of three help you focus on the most pressing projects and the most important tasks.
This gives you a framework to catalog your projects and the corresponding open items, the problems and issues that stand in your way – between where you are standing today and your goals and objectives – finishing the job at hand.
In my case, my goal and objective was to close three loan financing transactions by Xmas.
In one financing transaction, we were arranging a $100 million loan to finance two new cargo ships for ‘ABC Shipping Company’.
The specific open items in the transaction don’t really matter for our purposes, BUT I am including them to illustrate the point and Highlight the Importance of Being Specific and Paying Attention to Detail:
We had a glitch regarding the security interest in the ships (a security interest is designed to protect the lenders in the event the borrower doesn’t pay their debt service and goes into default);
We had two open (unreconciled) loan covenants in the loan agreement. ABC and the lender group were still negotiating the terms and conditions; and,
The lead lender in the syndicate had committed to lend only $75 million of the $100 million. While we were in talks with five other lenders, none had obtained final credit approval from their credit committee.
We had more work to do.
If we didn’t find lenders to fund the incremental $25 million, we couldn’t close the loan financing and the bank wouldn’t earn its advisory fee.
Ultimately, we closed the $100 million loan financing transaction and the two other loan financing transactions as well.
2. For Each project you’re working on, figure out Your Top 3 Need-To-Knows to Succeed Today to Get promoted and double Your salary!
What information do you need to enable you to make the best decisions(s) and get the job done?
What resources do you need to advance, solve your issues and close your open items?
Who can you ask to give you advice and input?
Make a list of all the possible solutions. Order the best solution first, second, third, etc. Or number them in the order you plan to implement them. Reorder them to optimize your plan (results).
Weigh the pros and cons of each potential action step (solution).
For each possible solution, run this analysis:
What if?
If we do ‘this’, then what?
Select the best or optimal solution(s).
Implement in order of priority.
Monitor your result(s).
Modify your plan and action steps.
* * * * * * * * * * * * *
A set of three items is very manageable ─ large enough to make a difference yet easy enough to get your arms around and make meaningful progress towards achieving your goals and objectives.
By committing to tackle Your Three Top Projects only right now, you force yourself to prioritize your tasks, maintain your focus and develop solutions.
And set aside or defer anything that’s less important or has a lower priority.
You can add additional questions, issues and action steps as you go, as things evolve and as you solve some of the issues.
This practice is bound to double or triple your productivity, accomplish more and achieve better results.
Use these handy questions to guide your way:
– What are your top three open projects or key tasks?
– What are the top three open issues on each project or task?
– What steps are you taking to solve the issues?
– What is the best thing you can do next to solve the open issues?
Three by three by three or 3 x 3 x 3 delivers a handy framework for increasing your productivity and effectiveness. And successfully completing your projects.
Because you can organize your mind; focus your efforts; and get things done.
Getting things done – really the right things – generates positive results and value.
And this leads to greater success! Including doubling your salary and getting a raise and a promotion!
Thank You Jim B.!
My Budget and Grow Rich® friends, Get to It Now!
Let me know how it goes.
See you next week,
Arthur V.
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Oh and btw, at my last job wouldn’t you know it that my office was located between the front door and the CEO’s office. Every day, he walked by and asked me what I was working on. . . Rest assured, I was ready with my Top 3 Need to Knows. Whenever I heard the CEO coming my way, I got ready to rattle off the names of my open projects and their status. Bingo!
You can do this too. Get started now.
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