The ROI of time: 3 ways to maximize it!
The other night I was watching my favorite reality show “Shark Tank” when Mark Cuban pondered whether or not to invest in a new entrepreneurial venture. When he finally responded “I’m out,” Mark clarified that he really didn’t know much about the product space and that his primary resource was his time, and he really didn’t see that his investment of money and time would realize a solid ROI.
I’ve thought about Mark’s comment multiple times this past week and have been more focused on assessing whether my time is getting a good ROI. Honestly, I was surprised at how many times I stopped and redirected my time and energy toward something that was adding value to StarQuest, our team, and my priorities.
It’s easy to get derailed on our time. Some would say that our culture is addicted to busyness, and it’s only getting worse. There are a lot of distractions in our daily lives (e.g., emails, meetings, problems), with plenty of opportunities to invest our time in places that really don’t generate a good ROI. Furthermore, what happens when we busy ourselves is we get tired, less focused and then are unable to be effective on the things that matter.
So here’s what I’ve learned to help me stay productive and maximize the ROI on my time:
1.) Be clear on where you add value. What are you good at and what are your strengths? Mark Cuban is very clear on where he adds value and he sticks to that rule. If you’re not adding value, then you may want to evaluate whether you’re the best person to get the job done and perhaps delegate.
2.) Be conscious of where your time is going. Raise the yellow flag when you find yourself doing things that you like, but do not necessarily add value to your company, your team and/or priorities. It’s easy to get sucked into “stuff” that really doesn’t maximize your value. Trust me, this is an area that I have to constantly monitor and assess.
3.) Clarify your priorities and plan daily. I recently heard of a study that said the majority of executives don’t get to their important tasks until the afternoon primirarly because they get derailed early in the day on the unimportant, urgent tasks. Keeping your priorities clear and planning daily will help you stay focused on the tasks that maximize your value and ROI.
Carl Sandberg once said, “Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.”
What are some practices, disciplines, tools that you’ve used to maximize the ROI on your time? Also, what is the hardest thing about maximizing your team’s ROI on their time? Please share your comments with us.
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Accurate observations. Two comments: 1) re:point #3, adding to the study the fact that many studies on when we’re most productive is early in the day. So those important priorities that are getting pushed into the afternoon are when we are less productive; 2) re: point #1 about adding value: “Try not to be a person of success, but a person of value” (Einstein) not only helps focus on your strengths, but also your skills value to your employer.