Simple time management tips for big results
What is the 80/20 rule?
The 80/20 rule refers to the theory that 20% of what you do generates 80% of the results. The evidence of the 80/20 rule’s success can be easily seen using a tried-and-true time management tool: the simple act of making a daily task list. You may already do this, but the real trick is in applying the 80/20 rule to your everyday list to alleviate two of the most common problems entrepreneurs and business owners encounter: 1) Putting too much on the list and 2) Failing to prioritize.
The curse of ambition
Many of The Alternative Board – Denver West members and my executive clients are successful entrepreneurs. The entrepreneurial spirit is a funny thing. It infuses our brains with 100 different ideas a minute, while simultaneously driving our passion to do more, more, more. This often results in what I like to call the curse of ambition. Entrepreneurs create daily task lists that are unrealistically long, which ends up making them disappointed in themselves for not finishing everything instead of feeling pleased with the day’s accomplishments. Your daily task list should serve as a way to harness that ambition to help you achieve tangible results through smaller tasks. Big ideas are great, but they must be broken down into bite-sized steps in order for the ambitious entrepreneur to make progress.
Make your priorities count
You’ve heard this one plenty of times, but failing to prioritize is easy to do when everything seems important! Defining the difference between “urgent” and “important” can help you separate your list accordingly. If there are urgent tasks that must be done right away, put them at the top of your list, and do them (or have someone help you do them) immediately. However, this should not mean that your longer-term to-do items fall off your list completely. If you notice that 20% of your day will be spent addressing urgent tasks, then break down the larger tasks into smaller items so you can accomplish at least one of them in a workday. Most importantly, when prioritizing your list of to-dos, look at the 20% of tasks that will have an 80% chance of improving your profitability. This could include anything from calling a potential new client or taking time to review projections for next quarter. The goal of prioritization is to ensure you are spending your valuable time on tasks that will deliver bottom line results for your company. Everything else should be delegated.
Tips for everyday productivity
1) Apply the 80/20 rule: When you make your list for tomorrow, think in terms of 80/20. Write your list as you would normally do, then add the approximate time each task will take, padding each estimate by 20%. Then, reduce your list by 20% in terms of hours to be spent by prioritizing your tasks.
2) Prioritize based on value: With an eye toward ROI, tackle your to-do list. Give yourself the most important tasks that will grow your business.
3) Delegate: It’s not always easy, but it is necessary. Delegate the tasks that you should not be spending your time on. We know that details count, but give yourself the right to have executive approval rather than being 100% hands-on.
4) Small tasks equal big results: As author Napoleon Hill once said, “If you can’t do great things, do small things in a great way.” You should leave the office each day feeling satisfied that you are making moves toward a greater goal.
If you found this article to be enlightening or refreshing, I welcome your feedback! Give me a call or drop me a note. I’d love to talk to you more about how small changes can make a big difference in the success of your business.
By Blair Koch
