I comes as no surprise that we all have scarce resources. Even the US Federal Government has scarce resources as we certainly know. While Bill Gates or Warren Buffett have huge sums of money available to them, they, like we, have exactly the same amount of one scarce resource; time. Every week, we all have 168 hours to spend as we see fit. If you are very rich, you can have legions of assistants to off load things that take your time, but for the most part, they have the same amount of time that the poorest have. This is precisely why Steve and I started this Opportunity Quandary blog; to assist those who were chasing too many business opportunities, and squandering their scarce time and other resources in their business. Bill and Warren, based on their success, prioritized correctly and in the process gained a lot of wealth. Today’s blog is a personal checkup for the individual, although it will also help your company. How are you spending your scarce resources of time and money? Perhaps it is time to take stock in that and see where your resources go. Your company CFO, controller or accountant accurately details how your money is spent in your company. Therefore, this blog article is focused just on the aspect of time. Do you know how you are spending your time?
Here is an exercise for you. Take a week and log how you are spending your time. Log all of the 168 hours. How much time do you spend in company meetings, sleeping, eating, traveling, emailing, listening to music, with your family, delegating, exercising, dressing….. well, you get the idea. Everyone’s list will be different. Come up with a list that is actionable by you. Do you multitask? Most of us do these days, in an attempt to stretch those 168 hours. Go ahead and make an honest assessment of how well you do those simultaneous tasks. Current research as reported in Scientific American, indicates that the mind can often manage two tasks simultaneously, but not three. So if you listen to music while reading your email, go ahead and list those two separately.
After a week, look at how you are spending your time. Are you spending your time wisely? Look and see if there are ways you can revise the way you spend your time to make your week more productive. Are you accomplishing what you need to do? If not, where can you make changes in your time allocation to make your goals easier or faster to accomplish?
And if you have now freed some extra time, we’d love to hear from you on what you learned and how you improved. Feel free to leave us a comment or two about that.