As entrepreneurs and business owners, we have tasks on our list that we’d rather not do. So, we keep moving the goal post farther down the field and do almost anything we can to avoid those distasteful jobs.
Personally, I don’t like to get involved in extra paperwork or monthly expense reports. Other founders have their own least favorite activities.
But this isn’t necessarily a bad thing because there’s an obvious solution: delegation. As a matter of fact, I created a motto along these lines: I will not do the work of my smart, very talented and motivated team.
My job, after all, is to concentrate on the bigger parts of the business, like generating revenue. And while there are other such tasks that are necessary to operating a business, I might be avoiding them too because they slow me down. So, I again delegate them to the team.
I guess in a way, we’re all capable of being procrastinators.
According to a 2013 survey by salary.com, 69 percent of survey respondents said they wasted time at work on a daily basis – a 5 percent increase from the previous year. Thirty-four percent of respondents estimated they routinely wasted 30 minutes or less each day; 24 percent said they wasted between 30 and 60 minutes; and 11 percent said they wasted hours every day.
As a business owner, I could see how those numbers might send my fellow owners’ blood pressure through the roof, but my own response would be more practical: I’d pursue tools, tricks and techniques to minimise procrastination and maximize productivity.
Here are a few of those techniques:
Don’t overwhelm yourself
It’s easy to become overwhelmed by the sheer amount of work on your plate, meetings and deadlines. Lately, I’ve been focusing on launching new avenues for C-Suite TV, and it can be overwhelming sometimes.
When tasks seem insurmountable, here’s one way to lessen that burden: Get out your “to-do” list. Then, instead of writing down that big task as one huge thing, break it down. Breaking a big task into multiple line items makes it more manageable. You have your end goal, but by reducing it to its smaller components, you get a clearer picture of what you need to do.
Crossing off the smaller parts of the larger task gives you a sense of accomplishment you wouldn’t have if you tackled the massive task all at once.
Flip the script
I don’t care who you are: Whether you’re a worker, a manager or a CEO, you’re just like everyone – and we all hate doing certain tasks. So why not flip the script?
Bite the bullet, kiss the frog – whatever you want to call it: Put that task at the top of your to-do list that day. You’ll eliminate the task quickly and move on to the rest of your day. Not to mention, you’ll have a bigger sense of accomplishment knowing that you’ve steam-rolled the largest obstacle you had awaiting you.
Everyone wants to make a good impression and put his or her best foot forward at work. Procrastination comes not from the inability to get the job done, but from fear and insecurity. Being unsure how to perform a specific task makes us fear failure and being seen in a negative light by the boss.
I always tell my team that, “No one’s going to die.” What’s the worst thing that can happen if a specific task isn’t perfect? I might get mad if the task is not completed within the given deadline, but not if it merely needs to be tweaked. Many times, the worst conversations happen inside our own heads and we let that imaginary conversation rule our other decisions. That’s when we make mistakes.
If you’re worried about your work quality, allocate a set amount of time each day to complete (or revise) parts of the project. It’s possible to perfect a task without obsessing over it and losing focus. That’s when you know it’s time to let go of the project and focus on other things. Say it with me: No one will die.
Kill the squirrels (or distractions)
It’s easy to procrastinate with the million distractions we have every day. According to a survey by Stop Procrastinating, 68 percent of Americans surveyed said they’d been distracted from their work duties by checking their emails, browsing the web or engaging in social media. And that was a 9 percent increase from a year before. Of that 68 percent, 39 percent said distractions cost them a whole hour a day.
Sure, it’s tempting to constantly check your Facebook or Twitter feeds, but here’s a radical concept: Log out of your social media accounts for a few hours every day.
Instead, focus on your tasks and nothing else. Do whatever it takes to get into the “zone,” to accomplish your goal. Some people at my office use headphones to muffle outside noise. I block out time on my calendar, which my employees have access to, and dedicate that time to a specific task I need to accomplish. I may even specify “no phone calls” to ensure I stay in my zone.
Be a good time manager
To transition from procrastinator to proactive leader requires organization on your part, from your mindset to your schedule. It’s hard to be organized when you feel you’re juggling multiple things, but to succeed, you must learn to juggle. Deciding how much time to dedicate to each task makes you more efficient.
For some of us busy executives, even our down time needs to be scheduled.
Recently, I attended the Rocky Mountain Economic Summit, where I mingled with top economists, business leaders and policymakers. I had a busy schedule, interviewing a top CEO. But I also managed to schedule down time. Being from South Dakota, I enjoy the outdoors so I scheduled some fly fishing time – away from technology, emails and phone calls.
If you’re a good time manager, you’ll have time for everything, including play time. It takes some dedication and discipline, but it’s not impossible.
Remember that the early bird gets the worm
I operate on little sleep. As any workaholic will tell you, when you go to bed at night, you can’t wait to start your day the next morning. Indeed, dawn is the most productive part of the day, according to this Wall Street Journal article. That hour of the morning brings minimal distractions, no email and hardly anyone on social media.
Apple CEO Tim Cook, starts his day at 3:45 a.m.. Richard Branson likes to “sleep in” until 5 a.m., and even my friend and fellow entrepreneur Peter Shankman gets up before it’s light out. As a business owner, entrepreneur and keynote speaker, I’ve done my fair share of early mornings; You’d be surprised how much you can get done by the time everyone else walks in the office.
The one takeaway here is that in order to make a successful transition from procrastinating to productive, you have to be disciplined, motivated and focused: disciplined enough to curb distractions, motivated enough to want to reach your end goal and focused enough to execute a plan that works for you.
We’re all different, so there’s no magic bullet solution for procrastination. But if you can build a plan that works for you, work the plan.
This article was originally posted here on Entrepreneur.com.
How to Calculate the True Monetary Value of Your Time
As an entrepreneur, your time is precious. To protect it, you must know exactly what it’s worth.
Do you know the value of your time? Ken Segall, creator of Apple’s famous ‘Think Different’ ad campaign for agency Chiat/Day, said he got thrown out of a meeting once by the founder of his agency, Jay Chiat.
“Why are you here?” he asked Segall and the art director, who’d shown up with everybody else. “We’re just responding to the invitation,” said Segall. Chiat told them to get lost. “Go create something,” he said.
Jay Chiat knew the value of his creative people’s time. He knew it wasn’t worth it for them to go into that meeting when they could be putting together the next big ad campaign. They were more valuable to the company doing the creative work that made it run than attending a meeting.
That’s what knowing the value of your time can do for you; it tells you what’s most important. Time is the one resource all of us have, but it’s also painfully finite in nature. You can’t bank it — all you can do is invest it wisely.
As an entrepreneur, if you don’t know the true monetary value of your time, how are you going to prioritise your business and your life? What does it take to find the monetary value of your time?
Invest your time
Be aware that your time is likely to appreciate in value. If you’re a founder or running a successful business, your time’s value will increase as your business does. Sooner or later, the monetary value of your time is going to surpass the importance of money. It’ll be more important for you to invest your time in moving the business forward because your time is going to be worth more. So, invest your time on process early, lest you spend it later putting out fires.
Crunch the numbers
Entrepreneur James Clear decided to approach this problem systematically — he talked to everyone from poker players to executive coaches to figure out what the optimal method of measuring his time’s value was.
Then, he sat down and tracked every hour for three months. The upshot of that time investment was a very clear process that you can use to lay out what your time is worth.
First, figure out the amount of time you spend to earn money. That’s not just time spent working. Are you commuting? That’s time you’re using towards work that’s not going elsewhere. School? That counts. Drop the kids off at school? Add it on.
If it’s related to the time you spend earning money, add it on. Clear’s estimate guesses that most full-time employees and entrepreneurs spend around 2 500 hours a year on this (his exact estimate for himself came out to 2 742).
Then, figure out how much you earn in take-home pay per year. That calculation should be pretty simple, though if you’re a business owner, it’ll be a little more complex as you figure out taxes and withholding.
Divide your total earnings by the hours you spend to earn it. That’s your time’s value.
Surprised? It’s probably lower than you expected, especially if you calculated the extra hours devoted to things like dropping of kids at school or commuting accurately. We don’t often think of our work value in terms of total hours spent.
Create a system of checks and balances
You don’t want to just rely on that, though. Maybe you’re being underpaid (or underpaying yourself, if you’re an entrepreneur — don’t laugh, it’s more common than you think). Maybe another factor is throwing it off, or your math has an error.
Consider a few other factors:
- What do other people make to do your job?
- What would you pay someone else to do your job?
- What could you make on the open market if you were to go find another job?
Run those numbers against each other to determine an average. For entrepreneurs, this changes everything. Once you understand this number, it’ll change the way you approach everything in your business and your life.
Know what your own time is worth. Remind yourself of it constantly. If you do, you’ll find yourself more productive, more efficient, more satisfied, and more successful.
So, what are you waiting for? Invest wisely.
(Infographic) 9 Productivity Mistakes You’re Making In The First 10 Minutes Of Your Day
From setting goals to drinking coffee, these bad morning habits might surprise you.
There are a number of things you’re probably doing every morning that are actually hindering your productivity.
If you’re an avid coffee drinker, you might be surprised to find out that drinking coffee between 8 and 10 a.m can make you more stressed throughout the day. That’s because caffeine early in the morning interferes with the time that the stress hormone, cortisol, is peaking in your body. It’s best to get your fix between 10 a.m. and 2 p.m.
When you get into the office and try to jump right into the top of your to-do list, you might find yourself confused and not very productive. When you don’t let your brain empty and refresh before starting a project or task, it loses a sense of control, becomes overwhelmed and ultimately, makes you less productive. Something else to avoid is checking email or social media right when you wake up. Typically, after checking your inbox, it takes a person at least 25 minutes to get back into a productive state. If you start your day off reading and responding to email after email, it will take you a long time to get back on track.
Another surprising mistake is setting self-imposed goals. Setting goals and deadlines for yourself might seem like an obvious productivity hack, but it turns out, that’s not the case. Instead, share your deadlines with others and you’ll feel more pressure and responsibility to get things done.
Check out resume.io’s infographic below for more productivity mistakes you’re likely making in the first 10 minutes of your day.
This article was originally posted here on Entrepreneur.com.
Workflow And Business Efficiency – 5 Strategies You Ignore At Your Peril
Emails alone don’t cut it as an efficient way to communicate with team members. You’re not still depending on email, are you?
An inefficient business can cost you a lot more than just growth – it can affect your revenue, too. According to a report by IDC, your business runs the risk of losing 20 to 30 percent of your revenue due to inefficient systems.
Unfortunately, many companies still struggle to implement the right systems to improve their workflow. Others have it worse, because they have no systems. In those situations, projects take ages to be completed, more time is spent on menial tasks and teams never seem to get enough done during work hours.
If that describes your company, your company’s profits may start to plummet, too.
Every successful business, then, has clearly defined systems to help the business run like clockwork. Improved workflow, better management and business efficiency save time, increase the bottom line and ensure a higher profit margin.
In fact, in an article on ContractZen, Tim Cummins, president of the International Association for Contract & Commercial Management, wrote that, “The average corporation could boost its bottom line by almost 10 percent if it invested in improving the quality of contracting.
For many companies – especially those in more complex, project-based industries – the prize could be much higher – perhaps as much as 15 percent.”
Related: Become A Life-Hacker
Unfortunately, some companies fail to provide systems that put users first, taking a negative toll on those companies’ workflow and efficiency. The good news is that they’re only five strategies away from turning this around:
1. Automate all you can
From email lists, bookkeeping, invoicing and contract management, to social media posts and payrolls, almost everything can be automated. For a business that aims to be more efficient, automation is a must.
Automation doesn’t just save you time, it can be the one strategy that can guarantee explosive growth and higher conversion rates. According to this Lead Generation Marketing Effectiveness study, 63 percent of companies polled that were outgrowing their competitors said they had automated their marketing.
Automating monotonous tasks that have to be repeated several times during the day helps you be more productive in tasks that require your personal attention.
2. Invest in customer-relationship management software
It’s not uncommon to find businesses that are barely able to keep up with their leads. Some waste hours hunting the low-quality leads instead of focusing their energy on those ready to buy. Here, a customer relationship management (CRM) solution linked to these businesspeople’s network phone system is a great way to enhance customer communications.
Customers value businesses that provide excellent customer service. A CRM solution increases the ability to keep track of customer information, monitor leads and provide efficient delivery. Businesses can provide for their customers’ needs faster and make effective business decisions. With CRM, businesses can also keep their focus on quality leads that will drastically improve conversion rates.
3. Set up a task-management system
Emails alone don’t cut it as an efficient way to communicate with team members. Email makes it difficult to carry everyone along. However, setting up task-management software like Slack, Trello or Asana makes it much easier to have everyone’s tasks in one place and ensure that everyone is carried along in the project.
Task-management software helps members of a team track their progress and ensure that everyone is working on their tasks.
4. Sync your calendar with that of everyone else on your team
How many times have you had to reschedule appointments because you didn’t know you had other meetings lined up for the day?
Aside from leaving negative impression in clients’ mind, this error makes you less productive. Having to go back and forth until you have settled on an appropriate date can be cumbersome especially when different time zones are involved. So, do this instead: Sync your personal calendar with your work calendar, and make sure that everyone in your team is synced to the latter, too.
This will ensure sure that everybody is “on the same page” in terms of appointments and deadlines. Google Calendar can help you do just that. Once everyone is synced up, any change in the calendar will be seen by everyone so they can manage their own appointments.
5. Block out chunks of time
Constant interruptions hamper your workflow. Imagine having to deal with turning over a project on a deadline while you’re stuck in a series of meetings throughout the day. It can get very difficult to focus on completing your most urgent tasks.
Block out chunks of time on your calendar for uninterrupted work. It’s better to schedule a series of meetings in one day than to spread them throughout the week.
If you’re creating content, block out one day to create all the content you’ll use for the week. That way your business will run more efficiently.
Related: 3 Reasons You Should Embrace Change
Wrapping it up
With the right strategies, you can turn your business around to make it efficient and lucrative. Automating your processes, setting up the right software and remaining focused on the tasks at hand will go a long way to help you do this. But just as with every good strategy, you need to remain consistent and give it time to do its magic.
This article was originally posted here on Entrepreneur.com.