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Vol. 5 No. 5, September/October 2003 IN THIS ISSUE =================================================== =================================================== ACTION STEPS: =================================================== How to Get the Most out of Every 24-Hour Day Here's how to stretch the time rubber band: Record Your Time Before you can make more time, you must first figure out how you are currently spending it by keeping a time log for at least three to five days. Do this as soon as possible after you have completed a particular task. An easy way to do this is to record your activities on your calendar-electronic or paper, in half-hour increments. Analyze Your Time Expenditures Now ask several questions. The first and most important: What would happen if I did not do this task or activity at all? If the answer is nothing, stop doing it! (Just this one step will save you lots of time!) If not sure, figure out how what you are currently doing originated. Then go back and find out whether the originator wants you to continue, or if it is still required in a current regulation. Note the words are required and current, not nice to have or because we always have done it that way, or even it is in one of our standard operating procedures. If you can't figure out how the practice originated, and you don't see any positive impact on the bottom line, quit doing it. If it is really important, someone will ask about it. Look for Time Patterns Next look for patterns in your use of time so that you can chunk your time. Let's assume that your 3-5 day time record reveals that you are faced with constant interruptions from e-mail, telephone, employees and a wide variety of administrative functions. Combine these. For example, only talk to vendors and answer e-mails and other routine calls during specified times of the day. To deal with constant interruptions consider abolishing the sacrosanct open door policy. (Yes, you read right!) Instead, schedule a large chunk of time to practice management by walking around (MBWA). Handle all other meetings by appointment only. Similarly, routine admin functions should be handled only during a certain period of the day, ideally when you tend to be least productive. Obviously you must still take care of the true emergencies, which should be analyzed, especially the recurrent ones. The reason is that frequent crises are an indication of sloppy management. Processes must be put into place to remedy or routinize them so that someone other than you can handle them. (See the previous issue of this eNewsletter.) Take Advantage of the 80-20 Rule Your next step is to categorize your time to figure out whether you spend most of your time on trivial tasks-the "irrelevant many"-or on the important biggies-the "critical few." The Pareto principle, better known as the 80-20 rule, maintains that 80 percent of the important results are accomplished in 20 percent of the time. This phenomenon exists because work falls into two major categories, the critical few and the irrelevant many. The irrelevant many include all the mundane things such as filling out forms, attending meetings, answering e-mails and so on which will devour about 80 percent of your time. The time that you have left, about 20 percent, can be devoted to the critical few. These will determine whether your company will be a leader in the industry and whether you will be promoted or get a bonus. They include such things as taking care of customers, interviewing, cost-cutting, system development, etc. I call these winning results areas (WRAs). When you allocate more time to the critical few, you will realize massive productivity increases. For example, by allocating just one percent more of your time to the critical few, you will realize an increase of four percent in the WRAs. That represents a 400 percent return on your time investment. Bingo! Now let's go back to your time record to figure out how you can allocate more time to the high pay-off WRAs. Tasks that are of short duration and simple should be delegated or done really fast because, no matter how well you do them, they will only have a 20 percent pay-off. Tasks that of short duration but are important and/or complex are probably "critical few" type items. Consider delegating these to team members you can count on or do them yourself. Be sure to group them, so that you can do more than one while you are in this thinking mode. Tasks that you are currently doing that take a long time and are complex are likely to have a 400 percent payoff. Allocate as much time as possible to these, and if you have more than you can handle, prioritize them. To increase your effectiveness, set aside na large chunk of time and a time island--a time and place where you will not be disturbed, except for true emergencies. Work on these during a time of the day when you are at your best. Subdivide each project into smaller self-contained components and work on one component at a time until it is done so that you have a sense of accomplishment. Remember, these are worthy of your undivided attention because they will take you and your organization to the next level. Be sure to read the next issue of this eNewsletter where you will learn the magic of goal setting and discover powerful steps that will enable you to make lots more discretionary time. For in-depth help, get yourself a copy of "Time Management: How
to Stretch the Time Rubber Band" by yours truly. It's approved
for 4 CPEUs. Details at www.WolfRinke.com/CECredits.html. =================================================== =================================================== =================================================== =================================================== Why is it that we have money to reconstruct Iraq but not our own electric
power grid? =================================================== ===================================================
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