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Last Updated on April 6, 2020

The Ultimate Guide to Prioritizing Your Work And Life

The Ultimate Guide to Prioritizing Your Work And Life

Do you ever find yourself telling a friend or colleague that you’re “so busy” whenever they ask how you’re doing? Or, that you “have a lot on your plate and hardly have any time for yourself”?

These are common answers to the question: “ how are you doing?”. Perhaps you see it as an easy response that doesn’t need much explanation.  Or, it could be that you’re in disbelief at the end of the week, wondering where all that time went.

The reality is that time is precious and waits for no man. Yet, many of us unconsciously squander time away; but when  that realization kicks in, it’s often too late, or you have little time left to spare. And, the end result of what you were going to accomplish either gets short changed or fails altogether.

Think about the time when you had to be up early for an important meeting at work; yet, the night before you were up late binge watching a TV series. You ended up waking up late the next morning and had to rush to work, leaving you flustered and not well prepared for the meeting. Did you really have to watch those TV series late into the night? Or could you have used that time for an early rest?

Or, what about  that time you had a deadline to meet, and you spent every night that week working late to complete the project. Did you really have to spend every night working late at the office? Or could you have prioritized your time better and gotten the project done during your typical work hours?

I’m sure we’re all guilty of not spending our time wisely at some point in our lives.

But let’s not focus on the time that has already been spent; instead, let’s look at how we can prioritize and leverage the time that we still have!

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How to Leverage Your Time

Going back to the age-old battle of Quantity versus Quality, which do you think matters more? What if I told you that you need not worry about how much time you have left–instead, focus on how you’re making use of the time that you do have so that it’s worth many more valuable moments in the future?

That’s right. You can easily multiply or invest in the time that you have now. This way, you’ll reap many more returns in the future, instead of merely spending time at present. And, one simple way of investing in time now–so that it becomes quality time– is to Prioritize.

I’m sure you’ve heard this before. It isn’t new. Yet, how many of us actually intentionally sit down to prioritize daily tasks and responsibilities? Even less likely, how many of us know a method that can help us effortlessly decide what is important enough to take up an hour of time, and what can be skipped?

Here’s an important skill I want to introduce to you:

Determine Value in Any Task or Action

Before you can decide on what to prioritize, you need to know just how important that action is.

Value is what you gain from an action that you take. It’s the benefit you’re getting in return for spending your time. Sometimes, the Value is immediate or short term; other times, it‘s only realized in the long term.

So when you invest in time, you’re actually creating future value for the time you put in now. Usually, the benefits are not immediate and will take time to manifest. But once they are realized, they are enjoyed over a long period of time.

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Reduce Time Expenditures

Time expenditure on the other hand, creates short term benefits at the cost of your current time. Usually, the benefits are quickly enjoyed, but are one-off. So once it’s done, it’s gone.

Whether you’re aware of it or not, your tasks are automatically prioritized by your brain. Some tasks can get you closer toward your goals, while others don’t really get you anywhere at all. Outside of work, most people seldom plan out their tasks deliberately, which allows  them be driven automatically.

This is where you end up feeling ‘busy’ all the time because some of the actions that you’re doing don’t necessarily align with what you want in the future. The consequence is that we spend a lot of our precious time on wasteful time expenditures, and far too little on time investments.

This causes a lot of people to be stuck in the same loop, day after day, month after month, year after year.

By simply determining the value of your daily actions or tasks, you’ll already be intentionally prioritizing at a much more efficient rate. This will not only reduce time expenditure, but increase time investments that you’ll be able to use in the near future for much more important areas in your life.

Let me paint you a scenario. Say you’re going on a week long vacation to Australia. It’s your first time travelling to Australia and there are so many activities you want to do, sights you want to see, and restaurants and eateries you’d like to visit .

All this research can get pretty overwhelming and you may not know where to even start! Do I book a hotel first? Or get my flights? But what if I decide on a specific  hotel and realize it’s far away from all the major attractions? Should I then look up what attractions I want to visit first? This list can go on!

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In order to not get overwhelmed or over plan your trip itinerary, here’s where Determining the Value of each action or task can help you Prioritize effortlessly.

Start with Your Intention

What is the purpose of this vacation? Once you know the purpose of this vacation, you’ll be able to list down a bunch of tasks or actions–such as booking a hotel, booking flights and land transport, booking tickets to certain attractions, making reservations for restaurants, etc.

Once you’ve compiled your list, the next step is simply to categorize them into 3 criteria:  

Must haves, Should haves, and Good to haves.

Must haves are tasks that are absolutely critical to achieve the objective, and should take top priority for resources and time.  

The Should haves are important but not critical; leaving them out may lessen the impact of your outcome.

And, the Good to haves are just optional. Not having them  won’t affect the outcome of your goal.

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Once you’re able to sort out your list according to these 3 criteria, you’re already one step closer to prioritizing effectively and spending quality time on those Must have tasks. And, this will be a game changer. You’ll be able to easily communicate what you are spending time on, and you’ll find that you have more time to spare because it’s crystal clear what’s worth skipping out on!

This can be applied to any aspect of your life, whether you’re a full-time working professional, stay at home parent, or working parent. If you’ve ever used the expression “I’ve been so busy” when talking to someone, then I’ll recommend you give this a shot.

Quantify Your Tasks

Now that you know how to determine the Value of your actions spent, the next step up to effective Prioritizing would be to quantify your tasks so that you can objectively decide which is more important. This is especially useful when you have multiple items within each Must have, Should have and Good to have criteria.

Quantifying your tasks by assigning a value will allow you to objectively see the importance, making it easy for you to know which task to work on first. This way, you can be assured that the time and effort that you’ve put into is quality.

Final Thoughts

Time management is only one piece of a bigger puzzle of change that you can go through, to turn your life around and find more fulfilment. Often, when you find yourself going through an obstacle or limitation in life, it’s not just because of one flaw or a one off decision you made.

It’s often a process and a result of many actions that resulted to where you are now, and so you should go deeper to reflect and see how things can be done differently.

Learn more time management tips:

Featured photo credit: Marten Bjork via unsplash.com

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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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