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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.

Tough conversations: Just do it!

Your palms are sweaty; you’re rehearsing what you’re going to say over and over in your head. Yep: You’ve got a conversation in front of you that you need to get out of the way.

You’re probably avoiding the conversation or already tried, failed, and are reluctant to try again. It’s easier to stay quiet than bring up a possibly confrontational talk, isn’t it? And as much as we wish they would, they just don’t go away; they often grow, fester, or worse- lead to broken relationships, resentment, and in some cases as dramatic as human disasters.

By definition, a tough conversation is one where the situation affects all parties and involves high levels of emotion, high degrees of risk, and important outcomes for all those involved. Maybe in your case a tough conversation is with your teenager, or with your under-performing team at work. They come in all shapes and sizes.

Today we’re outlining three proven strategies to help you improve your communication skills, and that will equip you when it comes to having positive and productive tough conversations.

When you think about these conversations, it’s no wonder they are so often avoided! But, we all know that the risks of not having these types of conversations often outweigh the risks of having them. So, the question becomes: How can I better prepare myself to be successful?

Try these proven efforts before diving into that tough conversation:

1)      Get yourself right – It’s important that before you conduct a tough conversation you get yourself right. This means learning ways to calm your emotions because we all know that when we’re emotional, we’re not able to reason and make good sound decisions. A couple strategies that I’ve found include going for a walk, or taking deep breaths. Another way to get yourself right is to be aware of your own beliefs and thoughts going through your mind. We all create our own “stories,” but whether they are reality-based or just head trash is something of which to be aware. It’s important that you get centered before launching into a tough conversation.

2)      Check your motive -Motives define your desired outcomes, and are your reason behind your actions. For example, you have a team member who is not performing to your team’s expectations; you’re the team leader and you need to provide feedback and address the issue.  If your motive to criticize and belittle your team member into submission, your conversation will progress differently than if your motive is to provide direct and honest feedback on a performance issue that is impacting the team. So, ask yourself: “What is my motive?”

3)      Speak with intention – When you prepare for a tough conversation, make sure you know what you are going to say and how you are going to say it. What works great is to use “I” statements vs. “you” statements, and avoid placing blame, which will put the other person on the defense almost immediately. ‘You’ statements without the ‘I’ tend to elicit defensive responses, which are not what you want. Here is a quick example: “When you said [insert statement], I felt [insert feeling]”; or “I get frustrated when you [insert behavior].” You want to keep the communication lines open, not shut them down.

So here’s my question: Since “getting yourself right” is such an important strategy, what have you done to get yourself right?  I’d love to hear from you!