Do you feel like you run around all day with your hair on fire? Never getting enough time to sit down and do the things on your to-do list (which just keep getting longer by the way)? I hear these complaints from entrepreneurs all the time. In fact, I used to complain about them myself!
The obvious rub is that there is only so much time. Just like money, time is a commodity that can be spent and can disappear quickly if you don’t budget it wisely. Even though time is arguably just as valuable as money, we don’t treat its scarcity the same way. How often do you ask yourself ”Was that time well spent?” or “Did the time I invested get me any closer to my business goals?”
It’s time to change your time mindset and start treating your time as the valuable and expendable resource that it is. Making a wise time decision is like making a sound financial decision. But how do you evaluate the best investment to maximize your return? You use our handy Productivity Planner!
Increase Your Return on Investment (ROI)
As entrepreneurs we face a seemingly endless list of “to do’s”. Yet, if you really look at it, there are clearly some tasks that produce a better return on your investment (ROI) than others. You wouldn’t go out and invest in a variety of stocks without first analyzing their performance, would you? So why would you spend your time doing tasks that may not deliver the best results? Prioritizing tasks and asking if that was a good return on time (ROT), is something all of us can and should do.
While there are lots of organizing tools out there, I found that many weren’t ideal for individual business planning. That’s why I’ve created a business productivity planner, using the same principles that guide good investment decisions.
It all comes down to one simple concept: return on investment (ROI). ROI is a ratio between net profit (return) and the amount invested to get that profit (cost). A high ROI means the investment’s gains are favorable to its cost. We can use these same principles when looking at time. Is the outcome (return) worth the time spent (cost). In my planner, this becomes return on time (ROT).
Maximize your Return on Time (ROT)
This planner allows you to manage your time wisely and keep track of where you’re investing your time (cost), and whether you’re seeing a positive outcome (return). To keep track of your progress (investment), it breaks down into three parts: what, how and why. The “what” is the thing you want to do, the purpose of your task. The “how” is the way you’re going to accomplish this task, the action you must take. The “why” is the reason you’re doing it, the result you want to have happen.
It may seem like a bit of work, but I promise it’s really easy once you get started. The best part is that you have a consistent and systematic way to allocate your time, making sure you’re always focused on the right things. The bottom line? The more you maximize your ROT, the higher your ROI! Now that’s a sound investment!