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Time is A Key Success Metric
While time is a key success metric, I’m always amazed at how many executives don’t manage it as such. In fact, time is a precious and finite commodity and professionals who manage it wisely are the ones who achieve the best results. Show me an executive who doesn’t make the most of his time and I’ll show you an executive who will likely be replaced by one who can. In today’s blog post I will examine the value of time.
Proper understanding of how to use time directly affects income… Let me give you a personal example. I had my first six-figure year when I was 24 (stop laughing…I know it was a long time ago) and I still remember the formula that got me to that number. $100,000 per year equals $8,333 per month, $2,083 per week, $416 per day, and $52 per hour. I took these metrics and then applied them to my business development model to determine on average how many calls I had to make to generate an appointment, how many presentations I had to make to acquire a new client, and then weighted that against my average. the client performed in terms of revenue to determine what my production bottleneck was. I simply broke down my revenue goal into bite-sized metrics and managed my time accordingly. It was understanding how to use the time that made the difference and that hasn’t changed over the years.
Whether you are a sales person, professional advisor, entrepreneur or executive you only have 24 hours in a day which consists of 1440 minutes and when it is reduced to a ridiculous 86,400 seconds. If you want to earn more, you have to make the most of the time you have at your disposal. I make much more today than I did as a young professional, but I actually work fewer hours because I’ve learned to use my time. So my question is this… How well do you use your 86,400 seconds?
Have you ever heard someone say they wish there was more time in a day? Well, the secret is that you can actually increase the amount of time in a day if you know how. Some people use only part of a full day, while others use the whole day and those who are more productive use multiples of a day… Multiples of a day you ask? In my world there is much more than 24 hours in a day… By making good use of personal time, leveraging staff, technology, outsourcing across time zones, improving the quality of the clientele I serve, ensuring to offer HUGE customers. Return on investment and a number of other factors, I estimate that I am able to average about 12 days of work in a single 24 hour period, while I rarely work more than an average work week personally.
In two previous posts titled: “How Productive Are You?” and “The Power of Focus” I offered insights on how to get the most out of your day. Understanding that time itself is a key success metric is the first step. You can manage your time or let time manage you. Once you learn how to manage your time, you can reach a point where you can start leveraging your time in multiple ways. The first step in learning how to manage your time is to maximize personal time by avoiding the most common time wasters in the workplace. According to Swingline, the following items represent the top 10 time wasters:
1. Changing priorities;
2. Telephone interruptions;
3. Lack of direction;
4. Trying too hard;
5. Inbound visitors;
6. Ineffective delegation;
7. Lack of organization;
9. Inability to say “No” and;
Weather can be your best friend or your worst nightmare. Executives who understand how to use time to their advantage achieve great things, and those who let time slip through their fingers do not. The game is learning how to earn more through leverage while reducing your personal time investment.
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