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The most powerful force in the universe is compound interest

Albert Einstein

We all know about the power of compound interest (at least we should). Basically you take a few dollars and put it away for a few years and the interest you earn earns interest. Before you know it you have much more than you started with. Can you apply the same concept to time? That’s the question asked to Tim Ferriss of The Four Hour Workweek. Unfortunately he doesn’t provide an answer. But we all know the answer is obviously yes- investing is one of the principles of success. Here’s six ways to compound time:

Outsource

You don’t have to do everything yourself. Get rid of the easy tasks so someone else does it for you. Need someone to do payroll try a company like ADP then all you need to do is spend a couple of minutes sending them your data and they take care of the rest.

Delegate

Some tasks are too complex or personalized to outsource- instead you can insource it (delegate). Train someone to do your job inside your organization or family- a few minutes of training or direction can give you huge dividends in the long term. Sometimes just asking is all you need to do.

Automation

Invest a small amount of time to get a machine/computer to do your job for you. This is why I love computers. They have the potential to do exactly what you need you just have to tell it the right way. It may require a special program, a special setup or even some programming but if you find the right command your computer will do your work for you and will never complain.

Learning

Investing in learning time is crucial. Sometimes learning simple techniques can end up saving you much time in the long run. Learn how to type faster. Learn advanced features of your word processor. Just Learn.

Teaching

If you’re the guru in your house or your office, you’ll often get all kinds of requests- each of which takes you away from what you need to accomplish. The solution is to invest time to teach the person how to do it themselves. So go ahead: Teach your kids to pick their own close. Teach your coworker to run a report you created. As the saying goes “Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime.”

Systemize

When there is a system to your actions it makes it much easier to succeed. Think about a recipe- it tells you exactly what you need to do. For projects that you create look into making it systematic. It takes away complexity and limits the risk of problems.

With the Success Blueprint you’ll always know what you’re supposed to be doing and what needs to be done next. It’s a formula that helps you succeed. Your machine works for you invisibly even if you aren’t actively working on it.

This just shows the value of time don’t waste it. Do you have any techniques to compound time? Let me know below.

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Posted by Heshy under Altomate & Delegate & Principles & Time Management | 4 Comments »

Preparation is the key to getting the most out of meetings and making yourself look good. I’m sure you run through all of your deliverables and make sure you’re already. As a manager often times you’ll rely on your team to bring key items to a meeting outside your team. You’ll even check in with them to make sure they are “ready”. But that’s not enough.

The problem arises when a staff member misunderstands their assignment and then you’re at a meeting faced with a choice of defending/explaining your staff even though he is wrong or having your employee (and you by extension) look bad.

The best solution is not getting into that position. Schedule a premeeting to go over the deliverables. Be sure you schedule it so you have enough time to react to any issues that may come up. The premeeting can even help you because perhaps your staff may have gotten it right but you didn’t. Do this for simple tasks also. The meeting can (should) be short. You don’t need to go over every inch of the presentation (though if it’s being presented to clients/key personnel you should), just enough to make sure you’re all on the same page.

photo credit: David Boyle in DC

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Posted by Heshy under Delegate | 2 Comments »

Readers of this blog know that being more successful can be easy and fun- all you have to do is follow The Rule of Thumb for Success: do more of what you like and less of what you don’t like. Today we’ll concentrate on doing less of what you don’t like using techniques you already know.

Identify Your Tasks That You Don’t Like
The first step in any en devour is to figure out what you’re trying to accomplish. During the course of your day there will be numerous tasks that will annoy you, cause you to pull out your hair or that you simply don’t like. Identify them- they are now put on notice. Pick a few items you will work on eliminating. I suggest you start with a few easy ones so you can see quick results (see layering). Once you get the hang of it go for the really annoying ones that may be harder to eliminate.

Eat the Tasks You Don’t like
Now that you know what you want to accomplish it’s time to plan how to do it. I recommend you Ate your task- By ATE I mean eliminATE, delegATE or automATE. Below I’ll explain the concepts and show you how you can use it. To better illustrate the power of these techniques I’ll give you specific examples using everyone’s least favorite task: washing dishes.

Eliminate

• Decide- Decide that you don’t want to do it. It could be it’s not needed or it’s not that important anymore. If you’re doing the task for someone else ask them if they still need it. If you’re too chicken to ask your boss if he still needs that monthly report, just ask him if you can enhance it or make it better in any way. Perhaps you know of a different report that will do the job better.

Lets see how to use this to do fewer dishes: Decide you don’t want to do dishes anymore and switch to plastic (at least for really mess stuff). Decide that you don’t want to bake anymore.

• Combine- Combine the task you dislike with something else you like. People often combine exercise with TV. Before they know it they’ve run another mile. Be sure that the tasks are compatible (e.g. no tv and washing dishes) and that you don’t multi-task. You need to give each task the appropriate attention.

Do fewer dishes: Use dishes time as quality time with your partner. You are going to talk about your days (at least you should) and discuss future plans you may as well get something accomplished at the same time. He can even dry.

• Simplify- Try not to over complicate the process- that may be leading to your dislike. Try to isolate the parts you don’t like doing and find a solution for that.

Do fewer dishes: Eat out/Order in. The goal is to eat- not to cook. If you don’t cook, there are no dishes. If your issue with washing dishes is that your hands get too dry be sure to have gloves handy and that will eliminate your problems.

• Batch it- Do multiple tasks together and save setup time. It will also limit your dislike time to a small portion of the day.

Do fewer dishes: Don’t wash a dish at a time, wash them all together.

Delegate

• Insource- See who within your organization (or family) you can get to do the horrid task. Offer to trade tasks or even bribe them. If you don’t have people capable train them. You may think it takes a while to train but it can pay huge dividents in the future.

Do fewer dishes: Trade tasks with your partner- you take care of the kids if she’ll wash the dishes.

• Outsource- Pay someone to do it. You can find personal assistants for virtually anything. It may be expensive but you may decide to skimp on your budget elsewhere or put in extra hours just to afford the luxury.

Do fewer dishes: Hire help.

Automate

• Automate the process- Look to computers and other technology to take care of the task for you. It may take an investment of time or effort but often can lead to huge dividends.

Do fewer dishes: Get a dishwasher.

• Habits- Set habits for yourself that will make your job easier. You can try to set habits for others to.

Do fewer dishes: Annoyed that your kids don’t bring the dishes? Have a candy dish at the sink. When dishes are deposited then they get to take an item. Replenish it quickly at first and then less in the future until it becomes second nature.

Bonus

Sometimes there are tasks that you just have to do so try to make it more fun. Add music to it. Do it in a fun way (splash the water). Remember it’s not work if you want to do it.

At Seth’s Blog he calls our rule of thumb for success: Have to vs. Get to. Wouldn’t it be great if you get to do what you have to do.

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Posted by Heshy under Altomate & Delegate & Eliminate & Enjoy & Reduce Stress | 7 Comments »