2015 01 23 time management
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This document discusses effective time management. It emphasizes that (1) time is a scarce and valuable resource that must be planned and priorities set between urgent and important tasks. (2) Using a time log to analyze how time is spent can reveal wasted time and ensure focus is placed on important tasks. (3) Learning the opportunity cost of one's time by understanding its value can motivate better time management.
2015 01 23 time management
- 1. TIME MANAGEMENT Balancing the urgent and important!! Copyright: 2015 Enterprising Partnerships Pty Ltd 23 January 2015
- 2. INDEX What will you learn » Why this topic is so important » How eliminating time wastage is an opportunity for productivity » Why managing time is important » How to manage time © Time Management | Frank Wyatt 2
- 3. WHY STUDY THIS COURSE? © Time Management | Frank Wyatt This presentation will allow you to: • Identify the opportunity cost of time • Focus on why to manage time • Determine who is responsible for your time • Apply the 80:20 rule • Use a time log and how to analyse it • Determine the urgent versus the important • Achieve meeting efficiencies • Exclude tasks • Use your day more efficiently 3
- 4. COMPETENCIES © Time Management | Frank Wyatt 1. How much is your time worth? 2. What is the opportunity cost of your time? 3. What value would you put on having additional time? 4. How would you use more time if available to you? We all get allocated the same amount of time in our lives subject to when we die. How we use this time will determine how effective you are or how much you procrastinate and waste this scarce resource. This course will enable you with tools to maximise your scarce time resource. 4
- 5. WHY MANAGE YOUR TIME? © Time Management | Frank Wyatt What will you gain from managing your time? Do you ‘mean’ to manage your time, yet the urgent still captures the important? Why don’t you manage your time better? . 5
- 6. WHAT EXCUSES DO YOU GIVE YOURSELF? © <Name> | Contact person for this course Some excuses are… • Leave it and it will go away • Not my job • I will only be criticized • No resources • I am too tired right now • I am a perfectionist and so can’t do this right so I’ll not do it • Not enough time • The boss will only change his/her mind . 6
- 7. WHAT IS TO BE GAINED FROM MANAGING YOUR TIME? © <Name> | Contact person for this course 7 To avoid this!!! …and to do more in less time!!
- 8. DID YOU MEAN TO BE MORE EFFICIENT WITH YOUR TIME? © Time Management | Frank Wyatt 8 Who’s responsibility for managing it? Do you blame everyone / thing other than yourself? Do you enjoy living in crisis? Are you too lazy to manage your time? Playing the blame game; get over it!!
- 9. THE 80:20 RULE: WHAT TO FOCUS ON © Time Management | Frank Wyatt 9 The 80/20 principle states that in many situations about 20% of what you do yields about 80% of the results. With a typical to-do list of ten items, the 80/20 principle suggests that two of them will yield about 80% of the value. The remaining eight will yield the remaining 20%. For example, 20% of your customers give you 80% of your sales - concentrate on those customers. 20% of your customers make up 80% of your complaints - keep your perspective. 20% of the inventory gets 80% of turnover - keep these items well supplied. If you remember and implement this principle, it will not only give you a greater peace of mind but also make you much more effective.
- 10. OPPORTUNITY COST OF TIME © <Name> | Contact person for this course 10 • What is opportunity cost? It is what else could you do with a resource. • What is the opportunity cost of lost time? Here’s an example: • Salary per hour = $100 • Plus: support costs per hour = $100 • Total $200/hour • Possible to save 2 hours per day with greater efficiencies & effectiveness • 200 x 2 x 5 = $2000/week or $104,000/year
- 11. HOW TO MANAGE YOUR TIME © <Name> | Contact person for this course 11 • Use an Activity Log (Google ‘Activity Log’ for examples) • Be honest and accurate • Analyse your log Questions: • How did I use time? • How much time was wasted? • Was I focused on what I classified as valuable? • When did the urgent steal from the important?
- 12. ORGANISE YOUR TIME © <Name> | Contact person for this course 12 1. Plan your time 2. Prepare a ‘To do list’ - end of every day 3. Allocate priorities & time/task & schedule 4. Who can you delegate tasks to? 5. Review why today’s list did not get completed & actions to fix this – look for patterns
- 13. TIME MANAGEMENT MATRIX © Time Management | Frank Wyatt 13 Prioritise!!! URGENT NOT URGENT IMPORTANT 1 2 NOT IMPORTANT 3 4 Urgent should not be allowed to steal time from important!!
- 14. MEETING EFFICIENCIES © Time Management | Frank Wyatt 14 1. ASK: “why hold this meeting?” 2. ASK: “what would it take to not hold the meeting?” 3. ASK: “what is the opportunity cost of this meeting?” 4. Hold only when required & reasons are clear 5. Set Agenda with priorities (critical issues, important, if time allows) & set time limits. Meet standing up!! 6. Expect prior planning & preparation 7. Focus on actions & solutions
- 15. USE THE DAY!! © Time Management | Frank Wyatt 15 Get up one hour earlier (go to be earlier) Avoid distractions - schedule time, appointments, customers, visitors Be open to others only when it is scheduled - be available to yourself in other times Set boundaries – turn off your email notice, schedule times for emails, advise staff of limits, use messaging on phones Arrange phone calls in groups - only make those which YOU should make Focus, structure & conciseness - save the best time for important matters (know thyself) & don’t procrastinate
- 16. SUMMARY © Time Management | Frank Wyatt 16 1. Commit to planning your time - a finite scarce & valuable resource 2. Use an Activity Log to analyse & evaluate your time efficiency and effectiveness 3. Learn the opportunity value of the time you have by knowing how you use it 4. Control the distractions that will steal your time 5. Have more time for whatever you choose
- 17. 0414 392323 frank@enterprisingpartnerships.com.au Enterprising Partnerships PO Box 5127 South Melbourne 3205 @communityep @ENTER_EP enterprising-partnerships enterprisingpartnerships frank19491 www.enterprisingpartnerships.com.au/getting-down-to-business www.youthcentral.vic.gov.au CONTACTS © Time Management | Frank Wyatt 17 Balancing the urgent and important