Productivity is important! Let’s look at ways of improving the effectiveness of your time – because it is valuable.
What would you consider are the major resources for your business?
TIME? MONEY? PEOPLE?
Which of these do you have the most control of?
You can control people; But can you really?
You can set up the culture, you can set up the KPI’s, get them, hire them, guide them but you really can’t control people in terms of what they actually do.
You have a little bit more control over money, at least, once it has comes into your bank account. But you don’t have much control over bringing it in.
Taking about time, especially your own time, that’s the one that you really have control of.
So how much do you think your time is worth per hour?
£100, £200, £500?
For business owners and business leaders, you need to consider the value of your time! This is because you are actually creating jobs, you’re creating products, creating services, and contributing so much, which is why it is so extremely valuable.
There was a story among The Alternative Board members that one of the partners of the TAB board valued her time at somewhere around £300.
One day there was some suppliers coming to visit them, and she decided to go to the airport to pick them up. That journey would have taken about three hours, and that prompted the partner to raise to her this question;
If you value yourself at per hour at £300;
You’re gonna be spending thousand pounds to do that?
That made it click in and created the realisation for her too. So she called up the Limo service, got the suppliers picked up at the airport, and brought them in that way instead. This saved her a few hundreds of pounds, but not only that, we got a couple of hours to work on the business rather than in the business.
If that’s something that you can associate with, then I’ll share a few steps on how to achieve it.
Just a warning; it does not mean that we can do this for all tasks! We all have to do things sometimes, like sweeping the floor, putting folders together, that maybe is below our pay grade – and it does happen. That’s the real life of being a business owner.
It is a question of trying to find the right balance, and then working on that to get there.
‘ What can you do about it? How can you protect the value of your time?
STEP ONE : Decide on what your platinum activities are:
These are things like strategic planning, setting the company direction, building partnerships and of course engaging with customers.
It’s up to you to decide what your platinum activities are.
That’s very much up to you and depends on what your business is and how it operates.
STEP TWO : Write ‘To Don’t’ Lists
This might be one of the key things that you want to take away;
Take a blank piece of paper.
On top of it write “To Don’t List”
Keep the piece of paper around somewhere where you will have easy access to it, when you’re back at work. Every time you’re doing something that you think could be passed on or done by someone else more effectively, write it down. This is not a one-time effort that we are trying to execute here, but it would be more effective for you if you build it up and keep it with you.
Keep a To Don’t list, and try complete it.
Some of us, especially when we are small, and when we are starting off, is not going to find it easy to pass things off to others.
I have a pretty long “To Don’t List” and I’ve not passed all of them out yet. But what I’ve done is put it on my personal targets. This is something when I get to a point I am going to execute that. That’s one of my internal KPI’s to complete that.
So have a look at that To Don’t List and start taking things off!
STEP THREE : Decide what is your prime time?
Once you have all these things in place, you then need to look at your prime time.
How many of you are morning early morning birds? Or are you a night owl?
Your prime time could be either early in the morning. And for the night owls it’s possibly early afternoon. Simply decide what your prime time is, and then make sure you reserve that time and say I’m not doing anything else other than my platinum activities during that of day.
Note anything else you may think about doing which is not a platinum task, put it down on the “To Don’t List”. Over time, again you’re not likely to be able to do it overnight, but over time then you can start to improve on this. This is so important because it is about unlocking the value of the business.
Think about yourself and your situation and consider this: if I had these three hours that I was to shift from “To don’t list” to platinum, multiply that by your hourly rate, that becomes the value that you have now unlocked. It’s an extra unrealised value in your business currently.
That will then help drive up your business value, and so that’s your motivation.
Look at that, and get stuck in there.
The Alternative Board Milton Keynes