Make the most of your limited time with this helpful tool
We have all felt overwhelmed at one time or another by hectic work schedules, family responsibilities, and social engagements. However, once we learn to manage our time wisely, we can reduce – or even eliminate – much of the day-to-day chaos.
We have learned that most people do not prioritize their activities in terms of critical deadlines, value, routine tasks, fun/relaxation time, etc. This can lead to the dual problem of not having enough time for yourself or for planning your business. Plus, it can take a toll on your physical health and your ability to concentrate on your work and enjoy time with your family.
Make sure you have time for the important things by keeping your schedule focused on the daily tasks that will help you reach your goals. Kreischer Miller’s Time Management Diagnostic is a useful tool that will help you reflect on the way you currently invest your time and how to maximize your return on that investment.
The process involves the following steps:
- Using the attached worksheet, fill in 15 business-related functions you perform during a routine week. You cannot add additional rows, so you may be required to group similar items or tasks (e.g. administrative duties) to limit the total number of rows to 15.
- Estimate the average time you spend per week on each of the functions listed. For those you tasks you perform on a monthly basis, allocate 25 percent of the total for the week. For example, if you spend 16 hours each month on your month-end closing process, then put four hours in the time spent per week column.
- Sum the time spent per week column. The total must equal 40 hours, even if you invest more hours in a standard week.
- For each function, indicate whether it:
- Is a requirement of your role
- Could be delegated to someone else
- Adds value to the business within the context of your role
- Assess how you are spending your time on a weekly basis. In our experience, only 20 percent of time is typically spent on “value added” activities. Formulate a plan to eliminate the time spent on issues that are not part of your core responsibilities or offer little value.
Our diagnostic will help you design an action plan to allocate a greater percentage of your time to value creation and reduce time spent on activities that steer you away from your goals.
For questions about how to use this diagnostic or assistance with evaluating the results, please contact Robert S. Olszewski, Director and a specialist with the Center for Private Company Excellence, at 215.441.4600 or Email.