Matching Time Investment to Return
Generally speaking, only 20 percent of those things that you spend your time doing produces 80 percent of the results that you want to achieve. This principle applies to virtually every situation in which you have to budget your time in order to get things done — whether at work, at home, in your relationships, and so on.
The goal in using the 80/20 rule to maximize your productivity is to identify the key 20-percent activities that are most effective (producing 80 percent of the results) and make sure you prioritize those activities. Complete those vital tasks above all else and perhaps look for ways to increase the time you spend on them.
Here’s how to implement the 80/20 rule.
Step 1: Size up your current situation
Before you can do any sort of strategizing, you need to take a good, honest look at how you use your time. For people who struggle with time management, the problem, by and large, lies in the crucial steps of assessing and planning. Start your assessment with these steps:
Observe how you currently use your time.
Through the observation process, you can discover behaviors, habits, and skill sets that both negatively and positively affect your productivity. What do you spend most of your day doing? How far down the daily to-do list do you get each day?
Assess your personal productivity trends.
During which segments of the day are your energy levels the highest? Which personal habits cause you to adjust your plans for the day?
Take a close look at the interruptions you face on a regular basis.
During what segments of the day do you experience the most interruptions? What sort of interruptions do you receive most frequently, and from whom?
Step 2: Identify the top tasks that support your goals
Some folks tend to follow the squeeze-it-in philosophy: They cram in everything they possibly can — and then some. These people almost always end up miserable because they try to do so much that they don’t take care of their basic needs and end up strung out in every possible way. The quality of what they do, as well as the amount of what they do, suffers as a result of their ever-increasing exhaustion.
To work efficiently, you need to identify your 80 percent — the results you want to achieve. Break out your list of goals. Take a good look at your top 12 goals and identify the tasks you need to do that align with those goals. If your number-one goal is to provide your kids with an Ivy League education, for example, then your priorities are less likely to center around taking twice-yearly vacations to the Caribbean and more likely to revolve around investing wisely and encouraging your offspring to do well in school (can you say “full-ride scholarship”?).
After you identify what you need to do — your vital few — spend a bit more time in self-reflection to double-check that you’ve correctly identified your goals and essential tasks. One of the biggest wastes of time for people is changing direction, priorities, objectives, and goals. Successful people and successful time managers take the direct route from point A to point B.
Here’s what to ask yourself about these key tasks:
How much time do you devote to those activities? 20 percent? Less? More?
What are you doing with the remainder of your time?
How much return are you getting for the investment on the remainder?
Step 3: Prioritizing your daily objectives
After you identify the tasks and activities that you need to accomplish to achieve your goals, assign a value to those goals so you can decide how to order your daily task list.
Take the send-your-kids-to-an-Ivy-League school scenario that I bring up in the preceding section: Even though another of your priorities is to be home for your kids, you — as a nonworking parent who values the type of education you can provide for your 3-going-on-18-year-old more than the short-term joy of being a stay-at-home parent — may decide to return to the workforce as you see tuitions skyrocketing. You can make this decision because you have a clear idea about how you rank your priorities. This clarity may help direct you to a job with hours compatible with your kid’s schedule.
To personalize how you prioritize your goals at work, follow these steps:
Look at your long-term career goals.
Do you want to advance to a particular career level? Do you want to achieve a particular income? Or is your goal to fine-tune your skill set before figuring out where you want to go next?
Review your company’s priorities.
Having a solid understanding of the company’s priorities, goals, objectives, and strategic thrusts guides your own prioritization so you can get the edge on the company’s competition. To get a global perspective, review your company’s mission statement, review its published corporate values and goals, and see how they pertain to your position. Ask your direct supervisor for further elaboration on these statements and on his or her priorities so you can make sure you align yours accordingly.