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10,000 Bitcoins Could Buy Two Pizzas in 2010: You Can Never Taste the True Value If You Give up Too Early

10,000 Bitcoins Could Buy Two Pizzas in 2010: You Can Never Taste the True Value If You Give up Too Early

Sir Thomas Allen, the performer who inspired the Billy Elliot story, is an opera singer who is famous for his outstanding vocal and acting prowess on the operatic stage. He was born in a working-class mining town in north-east England, where most people grew up to become a miner or involve in heavy industry at that time. Growing up in a community where a career in the arts was not looked upon, he had to deal with peer pressure and criticisms from neighbors. He could have just given up and led the same career like others did, but he worked even harder to become a great opera singer.[1]

All successful people have to overcome numerous disappointments and failures in life – yet it’s usually only their successes that are celebrated and remembered by the public. Seeing only the positive sides of successful people is an illusion.  It causes expectations of success in an unrealistically short time, and creates a negative bias towards our own results in life.

The Want for Instant Results Is Inborn

The desire for instant results began when we were just babies. By simply crying loud enough, babies could get attention, food – or someone to play with. As babies got older, the expectation of having their needs instantly fulfilled never really went away. In truth, even adults seek instant rewards, but the methods have just changed from crying to be fed to heading to the nearest fast food outlet.

It’s the same with information. Years ago, to properly research a subject, you would have spent hours or days perusing the reference section at your local library. Nowadays, due to the power of the internet, you expect online search results to instantly display on your device.

Sure, fast food outlets and the internet have some positive benefits. But if you’re not careful, they can also lead you into a mental trap — always wanting to see results appear as rapidly as possible.

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Sadly, not everything can be as instant as eating fast food. Some things in life take time.

For example, instead of persevering with a challenging job, you might decide to quit it, and take something easier to handle. You may tell yourself that the new job will offer some decent opportunities for growth, but in reality, you’ve most likely just taken the easy way out.

As you’ll see next, expecting instant results is likely to cause you to skid off the road that leads to big success.

Things Never Get Easier When You Switch to Others

Now, don’t get me wrong. I realize that it’s tough to spend all your time and effort on something, and not to see any immediate results. It can be disheartening. And when this occurs, it’s easy to just switch to doing other things (especially with so many options being available in today’s world).

But in fact, the idea that things will get easier and better because of switching to other things is a fantasy. Sure, the instant pleasure of giving up for another option might feel good at first, but unless it’s moving you forward to a bigger goal, then it may actually be hindering you. By taking a short-term benefit, most people end up sacrificing their long-term goals and happiness.

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Bottlenecks and problems are everywhere. Even if you switch from one goal to another, you’ll still be constantly faced with challenges and difficulties. They never go away. So it’s better to stick to your guns – rather than throwing them away every time you hit a bad patch.

Right after I founded Lifehack, things were not so smooth. I did my very best to ensure a stable web server and a reader-friendly website layout. I also spent a lot of effort on high quality productivity articles. But I didn’t see a lot of rewarding results. There were only a few readers and some even left comments criticising my work. I was frustrated, and there were people telling my to quit, offering me job opportunities as a senior engineer or a manager. There were so many options available to me, and giving up seemed so easy. But if I gave up right there based on the results at that time, Lifehack wouldn’t be what it is today.

How to Resist Giving Up

It’s not easy to resist the desire for instant results making us want to give up, but here’s what I’ve been doing to stay motivated – and it always works.

1. Widen your perspective and draw out the big picture in your head

Realize that we only see a big fluctuation at the moment issues arise – but we’re probably missing the big picture.  Journeys to major successes are likely to be long and time-consuming. If we reach a disappointment during the journey, it’s most likely to only be a small dip on an upward-trending pathway.

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    Accept that you’ll constantly be presented with examples of people around you getting awards, receiving applause, looking successful, etc. This is really tough, but try to celebrate their success, rather than letting it remind you of your failures.

    You’ll know that you’re making headway once you’ve learned to experience every day as just part of a longer journey.

    2. Put the incremental progress before your eyes

    You may not have been taught this at school, but lasting progress is typically only made through incremental steps.  American author Robert Collier described this principle well: “Success is the sum of small efforts, repeated day in and day out.”

    To keep yourself on track for long-term success, adopt this formula: Small, Smart Choices + Consistency + Time = Radical Difference [2]

    • Small, Smart Choices. Take big tasks and break them into smaller components. This is a great technique to use when you feel that you’re not making any progress. Take painting a room, for example. Just the thought of doing it might be enough to prevent you from starting. However, if you make an effort to paint one of the walls, you’ll likely find the motivation and desire to finish painting the whole room.
    • Consistency. Make everyday’s small choices count. For example, are you using your mornings to be productive? Many successful people work on their health and fitness before breakfast. Whether they choose to run around a local park, or exercise at a gym, they have made a habit of putting their physical strength and stamina to the top of their daily to-do list.
    • Time. Progress takes time. The small and smart choices you make every day will be accumulated into something great in a month, and a year. For example, if you run for 4km every day, it’ll become 120km every month, and 1460km every year — that’s a lot of running in a year.

    If you only focus on the outcome you want, you may have difficulty visualizing the progress you’ve made so far. To overcome this, always keep a record of what you’ve done and celebrate small wins.

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    Take running as an example again.  Say you can only run for 2km in your first week.  By the end of it, you can barely catch your breath, and 4k seems like 40km.  But Time and Consistency accumulates results.  After a week, your steps become lighter and your breath comes easier and there you go, you can run for 3km after the second week.  That extra 1km is a small win that you should celebrate.

    By doing this, you give yourself feedback and recognition that can help you to stay driven and on track. As already mentioned, difficulties will appear on your journey towards success. However, by recognizing your small wins, this will keep you from falling into the ‘no results now’ trap.

    It’s a Continuous Battle

    It may look like it’s easier to switch to something else at that moment, but in fact it only makes the future path even more difficult.

    All successful people have gone through a lot of tough times to become what they are today. If you want to become successful, put my advice into action and you will be resistant to giving up.

    Reference

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    Leon Ho

    Founder & CEO of Lifehack

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    Last Updated on January 6, 2021

    14 Ideas on How to Measure Productivity to Make Progress

    14 Ideas on How to Measure Productivity to Make Progress

    Everyone has heard the term productivity, and people talk about it in terms of how high it is and how to improve it. But fewer know how to measure productivity, or even what exactly we are talking about when using the term “productivity.”

    In its simplest form, the productivity formula looks like this: Output ÷ Input = Productivity.

    For example, you have two salespeople each making 10 calls to customers per week. The first one averages 2 sales per week and the second one averages 3 sales per week. By plugging in the numbers we get the following productivity levels for each sales person.

    For salesperson one, the output is 2 sales and the input is 10 sales: 2 ÷ 10 = .2 or 20% productivity. For salesperson two, the output is 3 sales and the input is 10 sales: 3 ÷ 10 = .3 or 30% productivity.

    Knowing how to measure and interpret productivity is an invaluable asset for any manager or business owner in today’s world. As an example, in the above scenario, salesperson #1 is clearly not doing as well as salesperson #2.

    Knowing this information we can now better determine what course of action to take with salesperson #1.

    Some possible outcomes might be to require more in-house training for that salesperson, or to have them accompany the more productive salesperson to learn a better technique. It might be that salesperson #1 just isn’t suited for sales and would do a better job in a different position.

    How to Measure Productivity With Management Techniques

    Knowing how to measure productivity allows you to fine tune your business by minimizing costs and maximizing profits:

    1. Identify Long and Short-Term Goals

    Having a good understanding of what you (or your company’s) goals are is key to measuring productivity.

    For example, if your company’s goal is to maximize market share, you’ll want to measure your team’s productivity by their ability to acquire new customers, not necessarily on actual sales made.

    2. Break Down Goals Into Smaller Weekly Objectives

    Your long-term goal might be to get 1,000 new customers in a year. That’s going to be 20 new customers per week. If you have 5 people on your team, then each one needs to bring in 4 new customers per week.

    Now that you’ve broken it down, you can track each person’s productivity week-by-week just by plugging in the numbers:

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    Productivity = number of new customers ÷ number of sales calls made

    3. Create a System

    Have you ever noticed that whenever you walk into a McDonald’s, the French fry machine is always to your left? 

    This is because McDonald’s created a system. They have determined that the most efficient way to set up a kitchen is to always have the French fry machine on the left when you walk in.

    You can do the same thing and just adapt it to your business.

    Let’s say that you know that your most productive salespeople are making the most sales between the hours of 3 and 7 pm. If the other salespeople are working from 9 am to 4 pm, you can potentially increase productivity through something as simple as adjusting the workday.

    Knowing how to measure productivity allows you to set up, monitor, and fine tune systems to maximize output.

    4. Evaluate, Evaluate, Evaluate!

    We’ve already touched on using these productivity numbers to evaluate and monitor your employees, but don’t forget to evaluate yourself using these same measurements.

    If you have set up a system to track and measure employees’ performance, but you’re still not meeting goals, it may be time to look at your management style. After all, your management is a big part of the input side of our equation.

    Are you more of a carrot or a stick type of manager? Maybe you can try being more of the opposite type to see if that changes productivity. Are you managing your employees as a group? Perhaps taking a more one-on-one approach would be a better way to utilize each individual’s strengths and weaknesses.

    Just remember that you and your management style contribute directly to your employees’ productivity.

    5. Use a Ratings Scale

    Having clear and concise objectives for individual employees is a crucial part of any attempt to increase workplace productivity. Once you have set the goals or objectives, it’s important that your employees are given regular feedback regarding their progress.

    Using a ratings scale is a good way to provide a standardized visual representation of progress. Using a scale of 1-5 or 1-10 is a good way to give clear and concise feedback on an individual basis.

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    It’s also a good way to track long-term progress and growth in areas that need improvement.

    6. Hire “Mystery Shoppers”

    This is especially helpful in retail operations where customer service is critical. A mystery shopper can give feedback based on what a typical customer is likely to experience.

    You can hire your own shopper, or there are firms that will provide them for you. No matter which route you choose, it’s important that the mystery shoppers have a standardized checklist for their evaluation.

    You can request evaluations for your employees friendliness, how long it took to greet the shopper, employees’ knowledge of the products or services, and just about anything else that’s important to a retail operation.

    7. Offer Feedback Forms

    Using a feedback form is a great way to get direct input from existing customers. There are just a couple of things to keep in mind when using feedback forms.

    First, keep the form short, 2-3 questions max with a space for any additional comments. Asking people to fill out a long form with lots of questions will significantly reduce the amount of information you receive.

    Secondly, be aware that customers are much more likely to submit feedback forms when they are unhappy or have a complaint than when they are satisfied.

    You can offset this tendency by asking everyone to take the survey at the end of their interaction. This will increase compliance and give you a broader range of customer experiences, which will help as you’re learning how to measure productivity.

    8. Track Cost Effectiveness

    This is a great metric to have, especially if your employees have some discretion over their budgets. You can track how much each person spends and how they spend it against their productivity.

    Again, this one is easy to plug into the equation: Productivity = amount of money brought in ÷ amount of money spent.

    Having this information is very useful in forecasting expenses and estimating budgets.

    9. Use Self-Evaluations

    Asking your staff to do self evaluations can be a win-win for everyone. Studies have shown that when employees feel that they are involved and their input is taken seriously, morale improves. And as we all know, high employee morale translates into higher productivity.

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    Using self-evaluations is also a good way to make sure that the employees and employers goals are in alignment.

    10. Monitor Time Management

    This is the number one killer of productivity in the workplace. Time spent browsing the internet, playing games, checking email, and making personal calls all contribute to lower productivity[1].

    Time Management Tips to Improve Productivity

      The trick is to limit these activities without becoming overbearing and affecting morale. Studies have shown that most people will adhere to rules that they feel are fair and applied to everyone equally.

      While ideally, we may think that none of these activities should be done on company time, employees will almost certainly have a different opinion. From a productivity standpoint, it is best to have policies and rules that are seen as fair to both sides as you’re learning how to measure productivity.

      11. Analyze New Customer Acquisition

      We’ve all heard the phrase that “It’s more expensive to get a new customer than it is to keep an existing one.” And while that is very true, in order for your business to keep growing, you will need to continually add new customers.

      Knowing how to measure productivity via new customer acquisition will make sure that your marketing dollars are being spent in the most efficient way possible. This is another metric that’s easy to plug into the formula: Productivity = number of new customers ÷ amount of money spent to acquire those customers.

      For example, if you run any kind of advertising campaign, you can compare results and base your future spending accordingly.

      Let’s say that your total advertising budget is $3,000. You put $2,000 into television ads, $700 into radio ads, and $300 into print ads. When you track the results, you find that your television ad produced 50 new customers, your radio ad produced 15 new customers, and your print ad produced 9 new customers.

      Let’s plug those numbers into our equation. Television produced 50 new customers at a cost of $2,000 (50 ÷ 2000 = .025, or a productivity rate of 2.5%). The radio ads produced 15 new customers and cost $700 (15 ÷ 700 = .022, or a 2.2% productivity rate). Print ads brought in 9 new customers and cost $300 (9 ÷ 300 = .03, or a 3% return on productivity).

      From this analysis, it is clear that you would be getting the biggest bang for your advertising dollar using print ads.

      12. Utilize Peer Feedback

      This is especially useful when people who work in teams or groups. While self-assessments can be very useful, the average person is notoriously bad at assessing their own abilities.

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      Just ask a room full of people how many consider themselves to be an above average driver and you’ll see 70% of the hands go up[2]! Now we clearly know that in reality about 25% of drivers are below average, 25% are above average, and 50% are average.

      Are all these people lying? No, they just don’t have an accurate assessment of their own abilities.

      It’s the same in the workplace. Using peer feedback will often provide a more accurate assessment of a person’s ability than a self-assessment would.

      13. Encourage Innovation and Don’t Penalize Failure

      When it comes to productivity, encouraging employee input and adopting their ideas can be a great way to boost productivity. Just make sure that any changes you adopt translate into higher productivity.

      Let’s say that someone comes to you requesting an entertainment budget so that they can take potential customers golfing or out to dinner. By utilizing simple productivity metrics, you can easily produce a cost benefit analysis and either expand the program to the rest of the sales team, or terminate it completely.

      Either way, you have gained valuable knowledge and boosted morale by including employees in the decision-making process.

      14. Use an External Evaluator

      Using an external evaluator is the pinnacle of objective evaluations. Firms that provide professional evaluations use highly trained personnel that even specialize in specific industries.

      They will design a complete analysis of your business’ productivity level. In their final report, they will offer suggestions and recommendations on how to improve productivity.

      While the benefits of a professional evaluation are many, their costs make them prohibitive for most businesses.

      Final Thoughts

      These are just a few of the things you can do when learning how to measure productivity. Some may work for your particular situation, and some may not.

      The most important thing to remember when deciding how to track productivity is to choose a method consistent with your goals. Once you’ve decided on that, it’s just a matter of continuously monitoring your progress, making minor adjustments, and analyzing the results of those adjustments.

      The business world is changing fast, and having the right tools to track and monitor your productivity can give you the edge over your competition.

      More Productivity Tips

      Featured photo credit: William Iven via unsplash.com

      Reference

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