Value Your Time For Success: 3 Key Strategies

Issue 2 in the Value Your Time series

Introduction

This is issue 2 in the series of value your time. If you haven’t read issue 1 then read the post here.

We all need to recognize the reality that our time is a precious resource and we need to value it and prioritize on things that will have the maximum impact. It is too easy to be complacent and let others make the decision how your time will be managed. However, if you want to get ahead in life then it is high time that you take control and value your time by following these next strategies.

1) Go Into Build Mode

Your time is limited, so don’t waste it living someone else’s life.

– STEVE JOBS

Once your manager has given you your personalized goals to accomplish to achieve your priorities, you need to become single-minded to achieving them. This is called beast mode by many, but I like the sound of build mode.

Allocate your time wisely. The secret to becoming highly productive is to plan your day. Every day your high-value priorities need to be on your calendar so you’re making continuous progress on them.

Getting in a build mode means you need to value your time and delegate routine, low-value, or administrative tasks to others. You should be prioritizing tasks that produce the highest results.

Learn to distinguish between urgent and important tasks. In his classic book 7 Habits of Highly Effective People, Stephen Covey explains the difference between urgent and important tasks.

Stephen says urgent matters are usually visible and demand action from us but they are often unimportant. Importance has to do with results. If something is important, it contributes to our mission, values, and high-priority goals. We react to urgent matters. Important matters that are not urgent require more proactivity and initiative.

Covey matrix is a great tool for identifying your highest-priority tasks. Stephen Covey mentioned the four quadrants in his classic time management book 7 Habits of Highly Effective People. The four quadrants are defined in these books as follows:

1. Urgent and important tasks (Quadrant 1). It deals with crises or problems that require immediate attention. We need to work on proactive planning so that we don’t spend too much time in Quadrant 1.
2. Not urgent but important tasks (Quadrant 2). Quadrant 2 is the heart of effective personal management. It deals with things that are not urgent but are important. This quadrant is where you should be spending the majority of your time in, although most people neglect it and instead spend time in the remaining quadrants. But to spend time in Quadrant 2, you’ll have to learn to say “no”.
3. Urgent but not important tasks (Quadrant 3): In this quadrant are tasks based on the priorities and expectations of others.
4. Not Urgent and Not Important (Quadrant 4): People who spend most of their time in Quadrant 1 get beaten up by problems all day every day (90% of your time) and take relief in escaping to Quadrant 4 (10% of their remaining time).

Effective people stay out of Quadrants 3 and 4 because, urgent or not, they aren’t important. They also shrink Quadrant 1 down to size.

Highly successful people think proactively in Quadrant 2 and put preventive measures in place to minimize distractions from Quadrant 1.

Credit: Stephen Covey

2) Learn to Say No

We all want to please people and think that saying yes will win us brownie points. But in fact, saying yes hurts our career in the long run while saying no is the key to success. Need more reason? Then learn from the greats – from Warren Buffet, Steve Jobs, Stephen Covey, and Kate White. They’re all in consensus that we need to learn to say no.

Read this article on the power of saying no as per Billionaire and CEO of Berkshire Hathaway, Warren Buffet.

Stephen Covey says in his book The 7 Habits of Highly Effective People to spend the majority of your time in Quadrant 2, which covers not urgent but important tasks, you will learn to say no to activities in Quadrants 3 and 4. The urgent and important activities of Quadrant 1 cannot be ignored but it will shrink in size as you spend more time with prevention and preparation in Quadrant 2.

You have to be proactive to work on Quadrant 2 because Quadrants 1 and 3 work on you. To say yes to the important Quadrant 2 priorities, you have to learn to say no to other activities, sometimes apparently urgent things.

In the book The Gutsy Girl Handbook, Kate White shares the following six time management strategies:

3) Give Yourself An Aspirational Hourly Rate

This is one of my favorite tips and has my seal of approval. Give yourself an aspirational hourly rate to recognize the value of your time. Then delegate activities that are not in line with your hourly rate.

I do this by putting a sticky on my monitor stating:

If you don’t know what your time is worth, then start by considering what is the hourly rate that your firm assigns to someone in your role for client projects.

If there is no hourly rate assigned to your role, then make something up. Here are some typical rates to consider for typical positions:

• Administrative Support – $250/hour
• Individual Contributor Junior Role (1-3 years of experience) – $350/hour
• Individual Contributor Senior Role (4 years+) – $450/hour
• Manager Role – $500/hour
• Director role and Up – $650/hour or higher

With your aspirational hourly rate determined, you need to consciously become more discerning on which tasks to keep with you and which to delegate. You should be spending the majority of your time on Quadrant 2 tasks that bring the highest value.

Conclusion

In this article, you have learned about three additional powerful strategies to value your time and prioritizing on things that truly matter. Adopt these tips in your work life and start achieving success.

Keep learning, keep growing. Until next time!