Time is an entrepreneur’s rarest commodity. There is always something that we should be doing conflicting with whatever it is we are doing. There is simply not enough time to get through the myriad of things requiring and demanding our attention.
And that is why Mega-Productivity is a skill that all entrepreneurs and business owners must acquire if they are to be successful. And that success extends across business and across life. After all, even if our businesses are tremendously successful, they become meaningless when our personal lives lie in tatters.
The challenge with most people is that they are extraordinarily busy. But, when you ask them what they are achieving that really matters, it is precious little. If business is all about ROI or return on investment, time is all about ROE – return on energy. Because time is such a precious commodity, we must ensure that every one of the 1440 minutes we experience each day gives us a return.
1. Establish what you want
Zig Ziglar said “Aim at nothing and you’ll hit it every time”.
So, unless you know exactly what it is you desire for your life and business, you are likely to pursue anything shiny, and waste a lot of time in the process.
You have to figure out what, when you are 90 and sitting in your rocking chair reflecting back on a life well lived, will stand out for you as the things you are most proud of.
The temptation is to select what you think you can achieve. That’s great! But also include the goals that may be a little tougher to get to. You may not know quite how to get there – yet – but unless you start taking some action towards their achievement, they will forever and always remain merely a dream.
Once you have identified the overall goals and dreams, you must prioritise them. Number them in order of priority. Be cautious here to think through your list of priorities carefully. Remember that you can only juggle so many balls, and whilst, when dropped, some will bounce, some balls will break. Make sure that your choice is made with full awareness of the consequences, and the time that you have available.
2. Write a list of how you intend to get there
This is a process whereby you detail the action steps you’ll need to take in order to achieve your overall personal goals and business objectives. Start with the goal that you labelled as number 1, and work through each until you have created action steps for all.
If you have set a goal that is particularly challenging, you may not know the steps that you need to take beyond perhaps the first ten. That’s OK for now. Once those first ten steps have been taken, the next ten will reveal themselves. At that point, write those ten steps down in a list, and keep repeating the process.
3. Use your most productive time productively
Most people wake up in the morning, and hit the office only to focus on the 100 e-mails that have arrived in their Inbox overnight. If you are energised and focused in the morning, your time could be far better utilised.
Identify when you are most productive during the day, and block that time off to get one of your priority tasks completed. I always do my most important tasks first thing in the morning.
The reason is that unless I complete them first, I get caught up in the demands of the day and find myself out of time and out of energy. If you run this risk, then commit to completing your number one important (not urgent) task first thing each day. Do not move onto anything else unless and until that priority task has been completed.
4. Leverage the productivity curve
We have all had experience with the productivity curve, even if we are not directly aware of it. It goes like this: When we start something, it takes us a while to get traction.
We need to figure out what we intend to do, and how to do it. We waste quite a bit of time being unproductive in this phase. It is only after some focused effort that we start having an impact and moving forward in an upward direction.
If we give ourselves a sufficient amount of uninterrupted and focused time, we can start achieving Mega-Productivity, and get into ‘the zone’.
However, precious few of us get to this point when we are in our work environment. When we are just at the point of starting to gain productivity, we are called to our next meeting, are distracted by an incoming e-mail or message, or by a member of our team.
After we have dealt with the distraction, and return to our work, we revert back to the point of negative productivity. We need to figure out what we’ve done, what we still need to do, and get our train of thought together before we can move forward once again.
You can imagine that many small interruptions have the result of us losing massive productivity. Something that may have taken us 30 minutes to complete ends up taking ten times as long. And given repeated interruptions, that’s no exaggeration.
You have to create the habit of booking out blocks of time in your diary – time that is long enough for you to achieve the focus that drives Mega-Productivity, and enables you to complete your most important tasks without interruption. This is an absolute essential step in accelerating your achievement of your goals.
5. Get your e-mails under control
E-mails are a killer of productivity. If you are not careful, you can spend an entire day on e-mail, and not complete a single important task.
Identify two times in the day when your energy is low. Book a 30 or 60 minute slot in the morning, and again in the afternoon.
Dedicate that time to reading, responding and completing your e-mails. Do not look at e-mails at any other time. If there is something of significant importance, you can be assured that someone will actually phone you.
When it comes to working through your e-mails, apply ‘one touch management’. The temptation is to open an e-mail, read it, and think – I’ll get back to this one. That’s a productivity no-no.
You’ve just invested a minute or two reading this e-mail, so deal with it in its entirety now. Do whatever needs to be done now to complete the task at hand.
7. Mega-Productivity is a mindset
Consider that if you invest R1 every day for the rest of your life, what an incredible investment you’ll have as a result of the cumulative interest you’ll earn. This is in fact what you are doing in your life and your business. Whatever actions you undertake today must repay you in return on energy tomorrow, and next year.
Consider therefore the implications of leaving a Must Do task incomplete. You can never re-earn the cumulative interest you’ve lost. Adopt that mindset for every important task you have listed. Make completing your Must Do and Important to do list a habit. Your life will change as a result.
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.