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3D Budgeting

Lesson 15 from: Courage, Creativity and the Power of Change

Beth Comstock

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Lesson Info

15. 3D Budgeting

In this lesson, Beth expands upon finding your 10% and introduces 3D budgeting: budgeting your time and resources for the now, the next and the new. She shares an exercise to examine and navigate your constraints.
Next Lesson: Fail Forward

Lesson Info

3D Budgeting

one of the things I found really helpful was this framework. It's kind of classic business school thinking, but I found it really helpful for me professionally and even personally. I call it three D budgeting, but it's a way to Kelsey's question earlier to say about how do I think about organizing my time, my people, my money where 70% of your time people money goes to the now. The core stuff I know works is predictable. 20% is toe. What's next? You have your own time horizon. For many companies, maybe it's 18. Defy 18 months to five years could be longer. And then that 10% which you'll see a theme here are keep coming back to this 10% a 10% for what's new. I mean, for what's new, these air different people. These are people who are seating things that they're OK with. Not having the answer. They very entrepreneurial. These people are less entrepreneurial, or at least that this stage of what the job they're working on, their there needed to be less entrepreneurial. No, I love this as a...

tool for my personal life. I like to think about how I spend my time, I take that big sort of 30% and say, Am I kind of devoting a 30% of my time? My resource is my budget to what's next to new. When I ran a compass of a business and a team we always had between and 15% of our time. Our budget and people's time focused on an innovation track. So, yes, I agree with the CEO. You said, I think you need to at least two lanes to speeds in your organization and your organization could be the TT, you and a person on your team. It could be a multimillion dollar company. You always needing to see what's new and next. It's different questions. Thes air, repeatable, more knowable. This is often you're just trying to figure out. Do we know what problem we're trying to solve? Do we know if we can do it repeatedly? Profitably? And so that idea of even as we were talking earlier with Trina about reinventing yourself, um, in retirement or into a new career? Maybe you're testing. Maybe as a consultant, you're taking on a couple of pilot projects. Maybe you have a side hustle in your job. You're doing another a side gig in your job and you're trying to figure out Hey, I'm working today as a designer, but I think I'd like to be, um I think I'd like to be, ah, in machine learning or something. Well, I'm going to go take a coding class. I'm going to go do a project that does this. It's a way to start to see for yourself and create kind of a necks Perrin Mental Lane. Um, and it's a way to take those constraints and create some kind of constrained system. So you don't just put the wrong money and people at the wrong phase I saw so many times and companies, whereas they said we just premature scale things. We put the wrong amount of money at something and the wrong people at NBC when we'll finally figured out with Fox how to launch Ululu, it was one because we had failed both of us. Fox had launched it, had acquired and failed with my space we had acquired and failed with at NBC with IVillage, which was the women's community, and so together we came and said, like we're gonna lose at this streaming video if we don't create something together. And we created a separate lane together, a challenger brand with an outside entrepreneur, a separate set of funding a team that had a totally different model. A way to create a future track that that created ah, streaming video future for that for that company. And for that for that team. So a way to think about it both professionally and personally. So a quick exercise. So how do you think about these power of constraints? Really? How much budget do you really need back to that, Constance, in the what ifs? What if money isn't really a problem? So enough to just test the idea to have a hypothesis. Can you test it? You've got your list of things you're sketching my type of list of scared things. Too scared to try and why? Well, how fast can you test one of those concepts? So just one you contest. I'm not. You don't have to build the whole thing. Yeah, you're not. You don't have to go to the moon. Can you just see if you can get to Arizona and out of the desert before you try to go to the moon. Another way to ask is, Uh, Who else has done the work? Am I going to create something that someone else has already done? Can I partner with somebody else? Can I learn from someone else? Maybe there's someone down the hall, another group that's done that and then sort of what's what's holding me back in terms of the constraint.

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Ratings and Reviews

Julie Hankes

Wow, this class was such a privilege to be a part of! There are so many gems in here, but what I loved most, is that she opened my thinking even bigger and offered me tricks and tips to facilitate that for myself and others long into the future. This is a tremendous gift as I'm already pretty outside of the box (i.e. I just took a client kayaking and then out in a seaplane yesterday for a visioning session) and creative in my work, so yes, what a gift! She also profoundly underscores the vital role the creative/imaginary mindset plays in the role of innovation and greeting our world's most wild challenges and opportunities. What a joy, have shared her work with many since this class took place. Thank you Beth for your courageous offering of imagination and championing it's vital role in our everyday work place and in our world's next steps into a more thriving, creative and innovative future!

Arthur Yakumo

I really enjoy this class. If you want a mind shift, having difficult seeing opportunities in front of you, especially living and working in a corporate job, this class is for you. Working for a fortune 500 job, I see how work is constantly changing, I didn't see the opportunities and how we can influence the change or be part of the change. This class helps you see and be part of the changing job revolution.

Christine Denker

If you want a mind shift to create change for yourself or your organization, then this class is a no-brainer! As a middle school English Language Arts teacher, I thought about how I could apply the concepts Beth teaches to my students who I have the privilege of interacting with daily. As a writer, I thought about how much I'm holding myself back and how I need to give myself permission to try new things knowing I'm going to fail and it's okay to do so. I really appreciated this course and had several takeaways that I can't wait to implement.

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