7 Time Management Secrets that Can Make You Wealthy
by Howard Shore, Date: Nov 12, 2009
Do you want to increase your earnings by 50% or more? Who wouldn’t? The challenge is how to do that and work less at the same time. Many of the ultra-wealthy in our country have figured out how to do just that. After all, the person now earning $20 million a year probably earned $200,000 or less at an earlier point in his/her career. That same person is not working a 100 times harder today. That person has learned to maximize their own productivity and to help others in their teams do the same.
There are 7 secrets to time management that can make you wealthy:
- Top 5 Organizational Priorities – The management team needs to agree on the top 5 most important things that must be done in the next 12 months and the next 90 days in order to achieve its goals. These goals need to be put in rank order and communicated regularly to everyone.
- Top 5 Personal Priorities – Each individual needs to identify their top 5 priorities as they relate to the organization’s top 5 priorities for the next 90 days and put them in rank order. The status of the priorities should be reported back on a weekly basis.
- Daily Task List – Each individual should have a daily task list that should be prioritized into to 2 categories: “must do” and “should do.” The “must do” category should have no more than 5 items. To make sure the “must do” items can be realistically done that day, a person should estimate the time it will take to complete each task. Add up the time for all the “must do” tasks and all the time scheduled on the calendar. If that time exceeds 80% of the available day then it is unlikely that all of the task will be accomplished, since e-mail, phone calls and unscheduled interruptions must be taken into account in the schedule. The task list should also be compared to the individual’s “Top 5” personal priorities list to make sure that they are making steady progress and not wasting energy and time on the wrong activities.
- Create Weekly Goals – At the beginning of the week, decide what it is you want to accomplish by the end of the week. Determine what tasks will be necessary to complete these steps and delegate as necessary. Put an estimated time next to each task you will need to complete and block out time on your calendar to complete each task.
- Control Interruptions – While open door policies and responsiveness to customers are good qualities, they can backfire on you. Research tells us that every time you get interrupted, it takes 20 minutes to get back to full concentration. Allowing people to come in at any time, constantly looking at e-mail and BlackBerry, answering the phone whenever it rings, and other common habits cause executives to use 3 to 5 times more time to re-create their original levels of activity. You should create time windows where you are going to accept interruptions. Look at your schedule and identify good break points in your day in which to answer e-mail, return phone calls, and have unscheduled meetings. By getting into the habit of having discipline in these areas. you will create discipline in others. Now they will have to consolidate their questions and condense them into 5 minutes. If they need longer ask them to schedule a regular meeting.
- Touch it Once – Whether it is a hard copy document or e-mail, people are touching things 3 and 4 times before they do something about them. This is tremendously inefficient. The rule should be “do it”, “dump it,” “delegate it.” or “file it.” The goal at the end of the day should be to have no piles on your desk and nothing in your in box. If you accomplish this you will save a lot of time in the long run.
- Closed Time Management System – Whatever time management system you use, it must be closed. In other words, the same system must take into account your goals, time, tasks, and notes. If your keep these items in different systems you will likely have alignment problems, and important items will slip through the cracks.
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