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Ray Dalio On How To Run A Meeting & Other Business Tactics

Reading a book is easy. It’s much harder to take what’s in the book and incorporate it into our lives. I like to tackle this problem by distilling books down to a few tactics that I can implement quickly. 1

In a previous post, I outlined 4 ways that you can make better decisions using Ray Dalio’s life principles. In this post, I’ll outline what I think are the most impactful and actionable tactics from Dalio’s work principles.

Here they are:

1) How To Run A Meeting

“Meetings are an addictive, highly self-indulgent activity that corporations and other large organizations habitually engage in only because they cannot actually masturbate.” ― Dave Barry

Dalio often describes his organization as an intellectual version of the Navy Seals, and it’s clear from his Principles that like the military, he has an affinity for structure. So it shouldn’t be surprising that he thinks the most important part of running a meeting is to be clear about who is in charge and what the meeting is supposed to achieve:

Make it clear who is directing the meeting and whom it is meant to serve. Every meeting should be aimed at achieving someone’s goals; that person is the one responsible for meeting and deciding what they want to get out of it and how they will do so. Meetings without someone clearly responsible run a high risk of being directionless and unproductive

– Principles, Work Principle 4.4 – A

Dalio’s second Principle for running effective meetings is to assign someone to keep track of both responsibilities and the conversation flow. Said person ensures that any tasks to be done are assigned to specific people and not forgotten. They also ensure that the meeting doesn’t veer too far off topic.

Be careful not to lose personal responsibility via group decision making. Too often groups will make a decision to do something without assigning personal responsibilities, so it is not clear who is supposed to follow up by doing what. Be clear in assigning personal responsibilities.

– Principles, Work Principle 4.4 – H

Watch out for “topic slip.” Topic slip is random drifting from topic to topic without achieving completion on any of them. One way to avoid it is by tracking the conversation on a whiteboard so that everyone can see where you are. (Emphasis mine)

– Principles, Work Principle 4.4 – F

Applying Dalio’s tactics may make people feel uncomfortable at first, but in the long run, it will reduce peoples anxiety about meetings because they’ll know how they’re expected to behave and that their time won’t be wasted.

2) Use Standing Meetings

Our true priorities are defined by where we spend our resources, and that most often means where we spend our precious time. Too often though the distractions of daily business pull us along low-value tangents that take ours and others time away from where it would best spent. Dalio has found that the best way to avoid these distractions is to habituate your time allocations by setting standing meetings. For instance, if your company priority is sales, you should have a weekly sales meeting.

Use standing meetings to help your organization run like a swiss clock. Regularly scheduled meetings add to overall efficiency by enduring that important interactions and to-do’s aren’t overlooked, eliminating the need for efficient coordination, and improving operations (because repetition leads to refinement). It pays to have standardized meeting agendas that ask the same feedback questions in each meeting, (such as how effective the meeting was) and nonstandard meeting agendas that include things done infrequently (such as quarterly budget reviews).

– Principles, Work Principle 13.3 – D

3) Use Daily Updates To Stay In Sync

Use daily updates as a tool for staying on top of what your people are doing and thinking. I ask each person who reports to me to take about ten to fifteen minutes to write a brief description of what they did that day, the issues pertaining to them, and their reflections. By reading these updates and triangulating them, (i.e., seeing other people’s takes on what their doing together), I can gauge how they are working together, what their moods are, and which threads I should pull on.

-Principles, Work Principle 10.6 – C

Imagine if you woke up every morning instantly knowing what everyone in your company intended to work on that day and everyone else knew the same thing. Appealing, because of how incredibly efficient that might make everything, right? And, at the same time, kind of terrifying because you don’t want everyone looking over your shoulder judging what you intend to do every day.

The latter concern was why I first resisted using daily updates. I told myself, “I’m competent. I don’t need someone looking over my shoulder to do the right thing.” But now that I’ve been using it for a few months, I’ve come to see the value in it.

For me specifically, it’s as simple as sending my colleague a list of things I intend to work on each day. And in addition to it being a useful communication tool, it helps me organize my day and prioritize what I need to work on first. By contrast, my old habit of jumping into my email first-thing would lead me down a rabbit hole that didn’t necessarily reflect my priorities.

4) Use Process Flow Diagrams

Dalio’s ideal is a company that runs like a machine. At its core, a machine is a set of processes. Using process flow diagrams can help you visualize the different processes that make up your organization. These visuals help managers understand how resources will be allocated and interact with each other. But more importantly, they help ensure that everyone understands how the organization is expected to run and their role within it.

Understand that a great manager is essentially an organizational engineer. Great managers are not philosophers, entertainers, doers or artists. They are engineers. They see their organizations as machines and work assiduously to maintain and improve them. They create process flow diagrams to show how the machine works and to evaluate its design. They build metrics to light up how well each of the individual parts of the machine (most importantly, the people) and the machine as a whole are working. And they tinker constantly with its designs and its people to make both better.

– Principles, Work Principles, 10.1 – B

Process Flow Diagrams. Just as an engineer uses flowcharts to understand the workflow of what they’re designing, a manager needs a Process Flow Diagram to help visualize the organization as a machine. It might have references to an organizational chart that shows who reports to whom, or the org chart might supplement the Process Flow Diagram (PFD). Ideally the PFD is made in a way that allows you to both see things simply at a high level and drop down to low level. 

– Principles, Appendix

Since reading Principles, I’ve used process flow diagrams to visualize a number of personal and professional activities. I find that creating visual representations allows people to communicate more effectively about complex processes then they could otherwise.

Here’s an example of how process diagrams can help you visualize things. This was made using Lucid Chart:

 

 

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If you enjoyed this post, check out these other posts on Ray Dalio’s Principles:

Ray Dalio’s Principles – 4 Steps To Better Decisions

Ray Dalio’s Secret Sauce – The Truth Machine & The Good Life 

  1. The difference between tactics and strategy is strategy tells you what you should do, tactics tells you what to do. In other words, a strategy is the more general goal and tactics are the things you do to make that goal happen.


My Favorite Tools For Escaping Social Media and Taking Back Attention

Social media is addictive. That it’s addictive is not an accident: Social media is built to be addictive. In the same way casinos design slot machines, the companies behind services like Facebook, Tinder, SnapChat, and BuzzFeed spend billions of dollars researching how to maximize your time spent on and continued use of their products. After all, more time on their sites = more advertisements served = more profits – it’s just good business.

But what’s good for Mark Zuckerberg’s net worth is not what is good for our lives. Social media habits can rob us of our ability to concentrate, to get sh*t done and even disrupt our relationships.

The good news is there are new tools that can help you take control of both how you use social media and your ability to focus. After a few weeks of experimenting with a number of these tools, I’ve achieved a level of social media use that lets me get the most out of what good these services do offer while maintaining control over my attention during the most productive hours of my day.

Here’s what I’m using:

Freedom App (Paid) 

An app called Freedom is the best tool I’ve found for taking control of media use and attention. Using VPN technology, Freedom allows you to control when and what you can access, across all your devices. Freedom lets you to block not only apps like Facebook, Instagram and Snapchat but also specific websites, as well.

What really makes Freedom powerful is the level of control it gives you. It allows you to create customized lists of blocked services and then associate those lists with schedules that can be specified to times of day, days of the week and different devices.

For example, I created the above Blocklist titled “SansGmail” to block a number of social media services. I then associated that Blocklist with the below schedule to restrict those services from  6:30am to 8:00pm, Monday through Saturday, just on my phone.

 

By scheduling blocked-out times in advance Freedom allows you to stop relying on your finite supply of willpower to change. I made progress changing my social media use before using Freedom, but this app is what has allowed me to automate those changes to the point that they now feel like a habit

Strict Workflow Chrome Extension (Free)

The Strict Workflow chrome extension is a simple but effective tool for re-training yourself to focus and avoid mindless content while working. The app inserts a timer icon into your browser that will block any websites you specify for a set amount of “work time”, followed by an interval of “break time”, when nothing is blocked. For example, you would set the timer to block Facebook, Twitter and other news sites for a 45 minute work interval, followed by a 15 minute break interval.

After just a few months of using this extension, my ability to concentrate has improved dramatically. That said, at least once a week I still find myself reflexively going to Facebook or Bloomberg and I’m happy that all I have to do is press the timer to cut me off and keep me focused.

Turn Off Notifications (Free)

For anyone who wants to decrease their social media use turning off all notifications is an easy first step. Let’s face it, there’s no reason for your phone to buzz every time someone likes the latest photo of your lunch.

Similarly, moving social media apps from the first page into the depths of your phone can make it easier for you to resist the urge to sign into these services. If nothing else, having to swipe or click through numerous screens will make you more aware of how often, and how much time you spend reaching for social media dopamine hits.

Deleting Apps Method (Free)

Ok kids… time to turn off the Instagram……

Do you remember when your parents would tell you to turn off the TV for the night? I do. And I’ve adopted a similar strategy for tuning out habit forming apps like Instagram. I delete the app every evening, reinstalling it during my approved viewing hours at night, then delete it again before going to sleep.

I started doing this because I became so disgusted at how reflexively I checked Instagram. I realized that just seeing the Instagram app on my screen increased the likelihood that I’d try to open it, whether it was blocked or not.   

Airplane Mode (Free)

When I first started to take control of my ability to focus I used a combination of the Strict Workflow app and my phones airplane mode. Many people will balk at the idea of being completely cut off from their cell-phones. But if you do any kind of thoughtful work it’s more important for your career that you find a way to keep your attention on producing quality then it is to take every call the instant it arrives.

Placing your phone on airplane mode and setting a timer for 30 minutes is a great way to begin practicing attention and deep work habits.

One Day At A Time  

Habits are hard to change. It’s a rare person who can go to sleep one night saying they are going to be different and jump out of bed the next morning a changed man or woman. In reality we change incrementally: Bad habit’s don’t just stop, instead they are modified or replaced with more benign ones – one day at time.

I wrote this post because using these tools to change my social media use and take back my attention has changed my life. Being free of the mindless urge to look at Facebook, Twitter or Instagram is like having a whole other compartment of your brain freed up. I couldn’t be happier with the results and I think you will be too.

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So… have you tried to quit or change your social media use? If so please share your experience in the comments.

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The Secret To Finding Work You Love – The ABP Criterion

Finding work we consider meaningful and enjoyable, in short, work we love, is one of the most important and difficult challenges we face. Important, because the majority of our waking lives are spent at work, and difficult because of the complete lack of attention devoted to the question by our educational system.

Indeed, given how much of our lives are spent working, consider how strange it is that you are infinitely more likely to spend a semester taking calculus, greek, or acting than you are seriously addressing how to go about finding what meaningful work means for you. In this absence of any coherent framework for addressing the problem, it’s no wonder that many people feel lost and depressed as they struggle to find the answer on their own.

The good news is that intelligent people have given the matter some serious thought, and there are tools you can use to dramatically increase your odds of success.  Among the most powerful of these tools is a three word decision rule that, if used consistently, will naturally guide you towards work you truly love.1

The rule goes like this:

A always

B be

P producing

And that’s it; Always Be Producing or ABP for short, is simply a way of saying that the true test of whether you’re making progress towards doing work you love is whether you’re producing.

For example, say you think you’d love to work as a Hollywood screenwriter.  The Always be Producing (ABP) rule asks, are you consistently producing (or trying) to turn out screenplays? Or, if say you want to be fashion designer, are you expending time and effort towards creating production quality designs?

The ABP rule states that if the answer to those questions not an unequivocal yes – if you’re not consistently producing – then you’re not doing what it takes to find work that you love.

Using the ABP criterion is that simple. The next time you start daydreaming about work you think you’d love, ask yourself why you’re not already doing it or better yet, just get started.

How ABP Works — Avoiding Psychological Traps

The ABP rule works in large part because it helps you avoid and overcome some common psychological tendencies or “traps”. Traps are detours that take us off the path of discovering what we truly love.

First among these is our tendency to assume the work we love is simply to create the things we like to consume. This a potent misconception because like any good lie it contains a grain of truth.

For example, the fact that you enjoy watching films seems to lend credence to the notion that you should be working in the film industry. The truth is that while it may in fact be an indicator that you could have a fulfilling career in the film business, enjoying films is actually a very weak predictor of what work you’ll love. This is because the experience of actually working to produce something is almost always materially different than you imagine it will be when you consume the end-product.

Take music for example. Many people love consuming it so much that it seems natural that they would love to work on creating music as work. But the act and experience of creating music is much more like sifting through and struggling with bad music than it is like consuming good music. Similarly, while an appreciation of good food is probably necessary for being a competent chef, the act of producing good food involves struggling to control the textures and flavors of ingredients under extreme pressure and is nothing like the act of eating at your favorite restaurant.

The ABP rule overcomes this psychological trap by forcing us to confront the fact that the reality of production is very different than we presume. Thus ABP keeps you from naively assuming the things you love to consume, are the things you’d love to make.

A related but distinct flavor of self delusion is our tendency to think that consuming things related to work we’d like to do is is getting us closer to doing work that we love. This trap is insidious because it feeds off our own good intentions. Our thinking often progresses along the lines of: we want to make progress towards finding work that we love, and what better way to do that than by immersing ourselves in the content of our respective passions?

As an example of this, consider the case of an aspiring film-maker who every night upon finishing her 9–5, plops down on the couch to expand her knowledge of critically acclaimed cinema. It is tempting to assume that the time she spends increasing her familiarity with great films is getting her closer to being a film-maker. But this is a dangerous misconception.

Dangerous because the superficial similarity of what we like to consume, to what we want to work on can lead us to spend time on activities that are effectively opiates. Meaning activities that make us feel like we’re making progress, when we are actually just avoiding the sometimes difficult reality of what’s required to discover where our true passion lies. The ABP rule overcomes this by rightly asserting that instead of sitting on the couch, the aspiring film-maker would be much better served by attempting even a terrible amateur film project.

Finally, there is the trap of assuming we’ve put in enough work and stopping. Especially because work that we love can sometimes feel unexpectedly like work, it’s tempting to assume that one act of creation should be enough and with one project under our belt, all we need to do is wait for the tide to roll in.

Imagine for instance an aspiring writer, he’s set his jaw and summoned the discipline, and clarity of vision necessary to complete a first book. Maybe he even finds a publisher for the book but it fails to take off in the way he expected, and in frustration he concludes that by writing this book he’s proved he wants to be a writer but in this unfair world he just can’t. The world can definitely be unfair. But according to the ABP rule, his conclusion is false; the only way to honestly say you still want to be a writer is to keep producing.

To be clear, the ABP rule isn’t saying you can’t give up. It’s just saying that you can’t delude yourself by blithely assuming that you want to be a writer or anything else, unless you’re actively trying to produce. It’s ok to change your mind about what you want to work on, the world changes, people change. The ABP rule just keeps you from lying to yourself about when you do.

Good decisions come from confronting reality. The ABP criterion is incredibly powerful because it is at it’s core a test of whether or not you’re willing to do just that. ABP works because the demands of production, consistent production, are like a knife that cuts through the veil of bullshit we use to protect our egos. Protect them from the fact that like most worthwhile things, finding what we love may not be easy, may not come quickly, may not be what we expected.




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