June 2, 2010, 5:56 am

Returning From Our Company Weekend

by: The Financial Blogger    Category: Business,Make Money Online
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A few weeks ago, I told my wife that I was leaving for a full weekend business trip in Quebec City to work on our online company. This was our first “official” meeting where we would discuss exclusively about where our company is and where it is heading.

My wife, along with other friends, had a good laugh when I told them that we would be driving about 2 and a half hours to sit down in a café with our laptops. “Can’t you just do the same thing in Montreal and not leave for 2 days?” they asked me. They were also not so convinced that we were going to “work” the whole weekend.

You need to get away from your own world

The thing with strategic planning (to this extent) is that you need to escape from your world to make sure that you are not distracted by anything else. The time we spent in my car going to Quebec City was the perfect opportunity to slowly re-connect with all the matters to be discussed regarding our business. This was the time to also talk about all the other things that my friend and I had to discuss that had nothing to do with making money online.

Once we arrived in Quebec City, we were fully motivated and focused on what we had to do. What started 3 years ago as a hobby is now part of our daily lives, our monthly budget, our net worth growth and (ultimately) part of our retirement plan. This is why we need to spend more time and energy on it to make sure it keeps growing.

Working full-time, no interruptions

From 10am till 6pm, we were able to work full time with no breaks (not even to eat since we were eating at the café where we were working). This was really intense and we covered several major points:

-         how much the company is worth

-         our insurance coverage needs

-         what needs to be included in the shareholders’ agreement

-         design a contingency plan

-         developing our strategy for each blog

-         the launching of 2 new blogs (to be announced soon!)

-         finding help (writers, virtual assistant, web design, etc.)

-         talking about products (yup, we might launch products later on)

-         reviewing our operating costs and cash entries

-         exploring new opportunities

-         looking to buy another blog (anyone interested in selling?)

After 6pm, we changed locations to have a beer on the terrace but we kept talking about the company for another good 2 hours. I was completely burnt after that hard day of working but my head and my heart were full of excitement.

Don’t see it as an expense, see it as an investment

My friend said something quite smart the next morning: “the cost of this meeting about 1% of our annual revenues. If we can improve our income by at least 2%, this cost will be covered”. The fact is, in the internet world, the 2% growth will probably happen in the next month.

So we didn’t spend money or time during this weekend, we simply made a major investment in our company. I just can’t wait to share more of our projects with you guys!

image source : Joe Shlabotnik

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Comments

wow, that sounds incredibly inspiring and to be honest, I think it’s very important. I had read that guys like Steve Jobs and Bill Gates have organized such weekends to “think big” instead of getting killed in the day-to-day operations. What triggered doing such a meeting? Why now? How did you make sure it would be efficient?

That is brilliant!! I agree, don’t think enough people take the time, but that is probably true in much bigger companies too….! So what is the next step then? Can’t wait to read more:)

by: The Financial Blogger | June 2nd, 2010 (11:42 am)

@ IS,
After the sale of GLBL, we had to take some time to determine what was our priorities and which projects we wanted to launch first. This is why we have decided to go for a weekend.

We planned our meeting about a month in advance to make sure all ideas were brought in and organized is subcategories. This way, we were much more efficient during our weekend.

@BMSP
You’ll see soon enough about our next steps ;-) The very first one will be the TFB newsletter that has been defined more clearly and will be sent regularly from now on.

[...] Blogger went to Quebec City for a weekend of “business”.  I’d like to know how to get my wife to agree to look after the kids for a whole weekend, [...]

We are going to have our annual meeting soon where I work, and I always appreciate this full day of discussions, planning and trying to improve what we do. And every year we do it near Quebec ;-) I come from there so… part of enjoyment is this feeling of coming «home» :-)

I think that these kind of meetings are not just important. It is mandatory to take time to think about your plans, how you will realize them and when you want to reach your goals.

We can see that you enjoyed your time there and that you are satisfied of all the work you did with others shareholders. :-) Who said that meetings were all boring and unusefull? ;-)

@ mama zen,

Do you work for a big company? It’s nice to see that some corporation understand the need to both plan and have fun during such weekends!

yeahhh that’s really inspiring!! I’m sure after this week-end getaway, you and your friend feel upbeat and more motivated!!! Looking forward to hear about your 2 new blogs!!

I do :-) I am not ure if other department do this kind of meetings yearly… but I work in a very unique department… ;-)

by: The Financial Blogger | June 9th, 2010 (7:14 pm)

@ Mama Zen,

which kind of department is that? the Entertainment Department?