I’ve always been willing to try something new.
I test things out and learn what I can. Then if needed, I am able to shift, change and adjust to whatever is necessary.
My podcast has been one of those things.
I want to speak to the audience I know- very directly. To do that, I have decided that I am renaming my podcast and changing up the format a bit so that I bring the most value to those who want to learn from it.
The next podcast from me will be called “The Work in Progress Podcast”.
It’s not just a name change – it’s an entire attitude overhaul!
It will apply the analogies of how we are all a Work in Progress at all times. It will allow us to become aware of our own work, progress, and ownership and what creates successful results – as well as what doesn’t – in business and in life.
We will look, measure, and adjust to meet our plan- just like a Work in Progress Report would do for us.
Definition- What is Construction Work in Progress?
Construction Work in Progress refers to an account that measures everything about the costs, expenses, etc., while the construction is still not completed, and the service is not put to use. This account helps management to predetermine many costs and future billings to plan all its expenses.
The advantages of a Construction Work in Progress Account are that it:
- gives a clear vision for its future costs
- helps to control unwanted costs
- measures all expenses and allows its users to prevent wasting money in various areas
- helps management to control risk factors for future events
There can be some forecasting mistakes for which there can be mixed planning for future events.
Life: A Work in Progress
We are all a Work In Progress.
Your WIP is always an asset on the books. It is a way to properly plan for what is ahead by strategically analyzing where you are, where you are going and how to best plan to efficiently get there.
It’s true and valuable in business – and it is true and valuable in life.
We need to:
- evaluate how many homes (or other assets) we have in progress at each stage of construction or production
- determine how long it will take before they service the business as a profit or revenue opportunity
- ensure we run efficiently and smoothly to plan for the costs involved ahead
It is a careful balance between managing the costs ahead to create the WIP and when it becomes revenue. It is a measure that all builders and companies must watch continually to ensure bills can be paid and profits can be expected and ensured.
Each of us has the opportunity to become aware and measure our own progress… what we have to learn, how we want to grow and put our assets to best use.
Our own WIP is an opportunity to evaluate what is ahead for us and plan for it in best way possible so that we become our own best investment to our future.
To measure and analyze our WIP, we must ask ourselves:
- Where are we wasting energy, time, resources, or money?
- When can we expect a return on what we focus our energy toward?
- Do we like that strategy – and those decisions to get there?
Our Lives and Home Building: Both Works in Progress
The following construction-related examples explain the value of a WIP Report and how they can be analogous:
- As part of the analysis and report, one might look at what is commonly called the ‘Red Flag Report’: homes that are stagnant at a stage of production and costing money. These need attention and analysis to get moving again.
- The Speed of Production and measuring production time is critical. On average, how long does it take to progress from one stage of production to the next? How do those statistics compare to previously determined expectations? If it’s taking longer than expected, an analysis for what has occurred is necessary. Was it unrealistic and not financially sound? Did something occur that requires attention and correction to get back to the plan?
Analyzing our WIP on a regular basis is critical to the financial survival of any company. When poor planning or execution occurs, the company will be unable to meet its debt requirements, demands of the investors, banks, or the stockholders. Constant analysis, focus and adjustment is critical to success.
These same questions and analogies can be applied to each of our lives.
Planning Our Own Results
Are we taking the time to plan strategically for the results we want in our lives?
Deciding on a Result we want is Step 1
Creating a strategy toward getting there is Step 2
As we implement the plan, are we watching and analyzing how it’s going and whether we are on track with our plan?
- Where are you stuck?
It’s critical to get things back on track to ensure you are using your resources wisely and strategically.
- Are you moving through the stages at the pace you had planned or expected?
Answering this is important, so you can deliberately choose whether something requires changing or adjusting.
- Are you looking at the data and analyzing the facts to gain, learn and troubleshoot?
This isn’t the time to put your head in the sand. Information and awareness are the key initiators toward change and success.
- Are you taking what you’ve learned to forecast the next plans more accurately?
Be willing to learn in order to sharpen the pencil even better for next time.
We Are Our Own Work in Progress
Now you understand the foundation for my new podcasts.
Stay tuned for new episodes that will help you stay on track and keep your WIP in check. Together, we will tackle topics and create strategies aligned with these concepts and analogies in mind.
Subscribe to the podcast on Spotify, iTunes and YouTube. Send this to a friend too!
And don’t forget to check out Strive Coaching Studio – where we keep our WIP in check each and every day!