Updated November 2nd, 2023.
Success requires that you effectively manage your time.
Early in my career, a mentor shared some of their best time management strategies.
He said to determine what each minute of my time was worth.
At the time, I thought it was a crazy question. I had no idea just how important this insight was to my success.
Initially, the question caught me off guard. I can understand that my time is valuable, but seriously, who cares about the value of each minute?
After some consideration, I decided it wouldn’t hurt to answer the question. And I determined that my time was worth $2.00 a minute. This translated to $120 an hour or $249,600 a year. Later, I revised my goal to $7 a minute or $873,600 a year.
The value of each minute became at the forefront of my choices, including what to do and what to delegate. It is a major reason for my success, and it can be for you too!
Time Management – What Is It, Actually?
Time management is like a treasure chest, filled with precious gems (moments) that hold the potential to shape our success.
Imagine this: Your life is a canvas, and every minute is a brushstroke. Each stroke has value, and knowing what each minute is worth can be a game-changer.
Initially, I thought it was crazy to put a price tag on my time. But when I dared to calculate it, I discovered a powerful truth – that every tick of the clock held the potential for serving others and ultimately accumulating wealth.
So, in essence, time management is all about clarifying what we say “yes” to and what we say “no” to. It’s about understanding that we get to choose what we do each second of each day. And, it’s the process of organizing and planning how to divide your time between different activities.
Effective time management strategies will help you:
- Serve more people
- Work smarter
- Be more productive
- Prioritize tasks
- Make more money
- Have more free time
As a result of managing your time better, you will also achieve more success and get more done.
The Value of Your Time
Knowing the value of our time allows us to determine where we should spend our energy. This helps us realize how critical it is to choose how we spend our time.
When you say “yes” to something, you are either directly or indirectly saying “no” to something else.
Therefore, say “yes” to your goals and HVAs (high-value activities). High-value activities are the critical activities we need to complete to achieve our goal.
When you say yes to HVAs, you make the best use of your time. As a result, you get more done in less time.
The next type of activity is LVAs (low-value activities). LVAs are tasks that need to get done but are an ineffective use of your time. They should be delegated to your staff.
The final type of activity is NVAs (non-value activities). NVAs are low-value and low-impact tasks. They are distractions that waste our time and do not support us in achieving our goals.
Kelly and Gary both began their promising careers as attorneys 15 years earlier.
Fast forward, Kelly has a successful business and life and is on track to reaching her retirement goals. Gary is living hand-to-mouth and on the verge of bankruptcy.
So, you may wonder what went wrong for Gary and (more importantly) what you can do to ensure it doesn’t happen to you.
Kelly began her career with a solid plan. She planned her work and worked her plan. While she and Gary spent about the same hours per day at work, Gary never determined what his time was worth. Kelly’s hours (and minutes) were spent on high-value activities.
How activities impact time management strategies
While subtle, the differences over time were mind-boggling. It brings me to the point of this insight: understanding the value of each minute of your time.
This approach requires that you zoom out and see the 10,000-foot view of your life. Then zoom back in and execute one of the essential tasks: managing your time.
My example shows how subtle differences in how you work and manage your time translate to success in the long run. Too often, people are so focused on executing or taking action. By slowing down, you can see the big picture, get clear on what you really want, and then execute consistently.
Time Management Strategies and Tips
Time management is a topic that has been talked about in detail in books and guides for as long as I can remember.
However, if you want a few quick pointers in the right direction, here are a few time management tips to get started with:
Set SMART Goals
SMART stands for Specific, Measurable, Achievable, Relevant and Time-bound. When setting goals, make sure they adhere to the SMART framework. Please note I did not say realistic. I believe that realistic goals often keep us stuck.
Make sure to define and point out which tasks are important and which aren’t. Focus on tasks that are urgent and important first.
Delegate Low-Priority Tasks
Your time is better spent on high-priority vital tasks. When possible, delegate low-priority tasks to remain efficient.
Create a Routine and Stick to It
Humans work better with a daily regimen. Having a routine supports you in completing the critical activities you need to achieve your dreams.
Use Tools and Apps
The internet has platforms, apps, and time management tools to help you perform better. In the modern world, these tools aren’t just options but essential assets for your time management techniques.
If you need to, move the timeline for achieving your goal out.
Right from the get-go, try to create an environment with minimal distractions. Avoid excessive use of social media and the usual doom-scrolling. Set boundaries and work on achieving long-term goals.
Stay Focused on Your Vision
The journey to success is filled with challenges and what most people would label “failures.”
A critical step on your journey is to develop a clear vision of where you are going and how you will feel when you arrive. This keeps small bumps from becoming roadblocks that keep you from achieving your goals.
Make Health a Priority
Mental health begins with a healthy body. This begins with a healthy diet with lean protein, organic, non-starchy vegetables, healthy fat, and complex carbohydrates.
Get regular exercise, including cardio, yoga or stretching, and weight training. The secret to an adequate exercise routine is determining what time of the day works best for you. Some studies show that by exercising first thing in the morning, you increase your odds of success by 95%.
In addition, making sleep a priority is also critical to focusing and managing your time.
A critical part of all time management strategies is understanding that being busy isn’t the same as being productive. Once you’ve created a to-do list, determine the time you will allot to complete the task. A project management tool can also help you become more productive with your time.
Good time management isn’t the same as just being busy. It’s possible to be infinitely busy but still not achieving meaningful outcomes. That’s why time management is crucial.
Conclusion – Time Management Strategies of Extraordinarily Successful People
You need to ask yourself this question continually: “Will this action move me closer to the achievement of my goal?”
Extraordinarily successful people all have one thing in common – they understand the value of their time. As a result, they achieve more success in all areas of their life.
If you don’t understand the worth of every moment you spend on tasks, you won’t be able to prioritize important tasks or scale your worth in the future.
When you choose the right action and understand the value of each minute, you can’t help but improve your results.
Time management skills are as important as any other innate skill, if not more important, and when done right, can do wonders for you.
Your Next Step Financial Step
If you want to know your financial house is in order so you can have a secure financial future, click here:
If you want more insight on getting more done in less time, go here: How Millionaire’s Get it Done