Six Sigma Blogs

A mathematical formula calculated by a British university professor has found that time actually is money. It shows that there is no such thing as a free lunch or even a free dinner, while brushing your teeth for three minutes uses up 30 pence (45 cents) in “lost” time, and washing a car by hand has a hidden cost of 3 ($4.50).

Do you feel the need to be more organized and/or more productive? Do you spend your day in a frenzy of activity and then wonder why you haven’t accomplished much? Time management skills are especially important for small business people, who often find themselves performing many different jobs during the course of a single day. These time management tips will help you increase your productivity and stay cool and collected.

Normally business owners have to engage in a number of critical activities, that include planning, organizing co-coordinating and reviewing, directly and through on-line systems, which often extends working from a few hours to 18 or 20 hours per day except perhaps sleeping time. What really gets misplaced or pushed to the background is how best the time is spent, or how well he/she practices the delicate art of time management.

Why do you need to think about the money value of time? Because, quite simply, once you truly understand what your time is worth, in dollar terms, you will work your business more productively and efficiently than ever before. Spend enough time tracking your time, getting to the end of the day and needing to see at least seven billable hours totaled on your computer screen and you soon develop a very healthy respect for the dollar value of time.

The first Move: The result is a start-up figure of ‘X’ dollars or cents per hour, what the figure reads -small, big, unreasonable, attractive,- is immaterial but what really counts is the first step of an exercise in the right direction, to be able to estimate how one functions, or delegates his/her business chores. The ultimate thing in business is how much can the returns be maximized for minimum effort, and that obviously includes the value of time spent.

Have you ever noticed that the wealthy are always great at promoting their product or service? They have the ability to encourage and inspire people to buy into their vision because the rich are excellent promoters and skillful at packaging their value. It is important to understand that this is one of the key reasons they are wealthy; the rich are able to market their value with passion because they believe their product or service offers something intrinsically valuable.

Hidden Benefits: The least this exercise can do is to throw up some data on how one’s time is being spent, wasteful or useful, but once the figure is known in money terms, it is easier to take corrective steps, in many areas of the business which costs money.

Applying the lessons from the Indy 500 to managing change in organizations, winning companies are the ones who track the key aspects of their business and continuously review and improve them. Although knowledge gives us power, the real key to our success is how we use it.

Peter Werth is a accomplished AllXClub leader, and it is his time management skills that have helped him earn a seven figure income from the convenience of his home. Be sure to visit his homepage for his AllXClub Review.