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Top 9 Tips for Students for the Summer Semester

Top 9 Tips for Students for the Summer Semester

Come May, a sort of frenzy catches students’ minds. While spending the summer at the beach is appealing, you could cut back on the beach time a bit and help yourself out. Student loans are no fun to think about, but they will be piling up. Give yourself a headstart and try some of these tips this summer to get a leg up on the competition.

1. Better Your Career

Go and look at your resume. Then go and look at the resume of someone who was in your shoes give years ago. It is usually an alum from your school or someone similar in age. Compare the most highlighted aspects in their resume and figure out one thing that makes them shine. Do this for top ten people who graduated five years ago. This will give you some idea on where you can see yourself in five years and what you need to do to get their in only two years. It will also be a good way to recognize them for what they have achieved. This will land you ten new contacts that will help you with networking and job hunting when you graduate.

2. Better Yourself as an Individual

You always wanted to learn how to play guitar. You wish you could let loose on the dance floor. If you could do some yoga meditation, that would be awesome. Summer is the time to take one of those wishes and work on them. There are likely classes in your school’s recreation center or at a local YMCA for which you can sign up for. Most of these should be free or cheap, so go for it.

3. Generate Passive Income

There are two ways to make passive income. First one is when you have a talent that could help others. For instance, if you could record a video testimonial for a service you can get paid for it. In order to find buyer for your talent you can go to Fiverr.com –  a website where people do stuff for 5 bucks and list your talent. You would be able to make a small passive income while helping others.

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The second way to make money doesn’t even require a talent. As a student, I have made decent money from places like Flippiness.com –  a website to make money online by flipping books. Flippiness sells you a pair of links, one is where you can buy a book and the other is where you can sell it. You simply order from the selling website, get it shipped to your place, and send it to the website that buys it back. It is an arbitrage opportunity fed by technology taking advantage of varied book pricing on different websites. Spending about 30-60 minutes a day, you can make at least $200 a day.

4. Set Your Goals

Summer semester gives you enough time to set your goals right. List down your goals for the next year so that you know the big picture a year in advance. Then break them down to monthly goals so that you have a short term goal to look forward to. Then break them further down to weekly goals so that you have actionable insights. Once you have set your goals make sure you put your weekly goals at a place you see everyday. Work on them and check things off your list as you achieve them. It will help you stay focused and it will also boost your confidence.

Your goals for next year also include your plans for fall semester. Decide on the courses you want to take and register for classes before others to avoid the last minute rush. Submit your financial aid application and apply for other grants that you are eligible for.

5. Cut Down Expenses

Sixty percent of students pay more than they should or they need to for basic expenses. Give your bank statements from the last three months a good look. Check out where you spent money on a recurring basis. Then put it in a basket of “required” and “not required”. If an expense is not a required one, you don’t want it to appear on your statement over and over again. You can live without Krispy Kream donuts or at least cut down on that service you don’t need anymore, such as a landline phone. If you spend a lot of money on international calls, get yourself some Rebtel coupons and save up to 90% on your calling rates.

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If you are a student, there are offers that you might not be aware of. Most of the universities offer free software for students. Use Microsoft Dreamspark if your department has a subscription to it.

Look at your phone bill and call them to find out if they give a student discount. Even if there is none for your school, you can see if you can go for a discount based on where you work. Working for Flippiness won’t count. Get a cheaper phone connection such as a pre-paid phone without a contract.

6. Get an Internship

Look for mailers on your bulletin board or emails that were sent last month. If your school has a career portal, keep an eye on it as well. Try for a paid internship, but at least get an unpaid one. Internships give you a taste of real world and teach you how to thrive in a professional environment. You would not work on the most critical things in an organization, but helping the financial advisor putting together those Excel sheets for a board meeting will be quite a learning experience.

7. Study Abroad

If you want a great college experience go to another country for a semester. Most of the students have to take their core courses and thus fall and spring semesters are not easy for a study abroad course. However, summer semester is the best time to explore this opportunity. Just make sure you choose the right institution and right course.

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Check with the career counsellor at your school as many schools provide a study abroad course or have an affiliation with another school that does.

8. Avoid Distractions

Everything that seems interesting but takes your time away from your productive self is a distraction. You don’t need that video game and you don’t really want to start watching that soap opera. Decide how much time you want to spend on Facebook and don’t respond to notifications. In fact, stop notifications from Facebook and other sites you don’t really want to spend time on.

Distractions are not necessarily technology based. You might be excited about learning a new hobby, which is great, but there is a limit on how much time you can spend on it.

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9. Respect Your Professors’ Time

Summer semester is short and hence Professor’s need to teach a lot in a short period. They will be in a rush to get things done on time. Don’t be that guy, read before you go to class to make most of it. Don’t email them for make-up exams and quizzes unless there was an emergency. Make their job easier and it will make your job much more easier as a student. Stay disciplined.

If you have any other tips for the summer semester I would love to hear from you. Leave a comment below or connect with me on social media.

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Mukesh Agarwal

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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.

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    Featured photo credit: William Iven via unsplash.com

    Reference

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