You've heard the expression “time is money.”
That may not ring true when you're first starting out in business -- when cash is your number one objective. But once your business becomes solid, your life becomes more complicated. Then, time becomes your most important commodity -- trust me. I've learned that while I can earn more money, I can’t earn back that lost time.
Peter Drucker said, “Time is the scarcest resource, and unless it can be managed, nothing else can be managed.” But how can anyone successfully manage this finite resource?
Time management is a challenge for most people. The research firm McKinsey & Company conducted a global study of 1,500 executives asking how they spend their time. In “Making Time Management the Organization’s Priority,” only 9 percent of the respondents indicated that they were highly satisfied with the way they allocated their time. The rest of the executives identified in the study spent a disproportionate amount of time responding to emails and meeting invitations, fielding phone calls, putting out fires, and handling minutiae. Often they were focusing on what they thought was the right thing at the expense of some other important area.
However, the 9 percent group -- the group that was highly satisfied -- seemed to understand how to manage their most important resource. The members of this group developed a system to deflect less important demands and identified areas that rightly deserve more of their time.
Likewise, I have learned that my time is finite. If I let everyone have an equal slice of my day, I won't be able to accomplish my goals. However, I can guard my time going forward. Here’s how.
Not All Demands Are Created Equal
Ever seen this illustration of time management? Think of an empty container and a pile of rocks, large and small. The empty container represents one day in your life. The rocks symbolize the various demands on your day. All the rocks are supposed to fit in the container if you arrange them properly. But if you pile them into the container in no particular order, it doesn’t work -- large and small rocks are spilling out over the top. How can you make everything fit?
There’s only one way: put all the big rocks into the container first, and let the small rocks fill in around. The big rocks, of course, represent the most important things in your life, and the small ones are the little extras, the things you do if you have the time. Or not.
How does this apply to business? I’ve learned that the people demanding my time during the workday are not equal, and don’t get my equal attention. So, if the container is my day, and the rocks are the people who want my time, here’s who gets first priority:
Family. My family knows better than to bug me about trivial matters during the workday, but if they need me, I'll drop what I'm doing and focus on them. After all, they’re the reason I’m in business to begin with. Without them, I wouldn't have much of a life at all.
Employees. My door is open to my employees, and I'll give them as much time as they need. Without my co-workers, (whom I consider to be my friends) I wouldn't have a business to run.
Customers. Again, without my customers, where would I be? I need to take the time to listen to their needs and their concerns. I can learn valuable lessons from them.
Consultants. I depend on various consultants to help me run my business. So if my accountant or my banker needs to speak with me, I'd better give him my full attention!
Those people are my top priorities during the workday. Then come the smaller rocks -- others demanding my attention. Some will fit in my day, but some won't (and I don't feel guilty about that.)
Vendors and suppliers. I do have to purchase items to keep my business running. I’m courteous to suppliers, but I spend as little time with them as possible. (And they don’t really need to talk to me anyways. I've delegated these tasks to co-workers, who have all the info they need!)
People who want me to partner with them. Most often, I refuse requests to partner with others. I may very well be losing out on money-making opportunities, but I prefer to keep the focus on the products that I’m offering and keep confusion to a minimum for my customers.
Requests for my volunteer time. For some people, this may represent a bigger rock, and I believe it’s important to give back in whatever way we can. My wife and I do give generously to faith-based charities, but I'll be the first to say that she does the lion’s share of volunteering in the family. I rarely give away my time for volunteer requests, and only when I feel strongly compelled to support a worthy cause.
Unsolicited salespeople. If you're in business, someone is going to to try to sell you something. It’s a given. In the past, I responded to emails and other sales pitches with a no-thank you, but now I don't have the time for that. I just get too many requests (and I never asked them to pester me in the first place.)
When you're in business, you must figure out how to order your workday -- which “rocks” represent your biggest priorities. Just remember, if you treat each demand on your time as equally important, you will lose control of the 24 hours you are given. Take my advice and protect your time!
