Time is the main asset of the manager. How you allocate time and how well you use it are the keys to effectiveness. But time management is far more than drawing up and keeping to schedules; you must also identify core priorities, build in time to address non-urgent but important issues, and learn when and how best to delegate tasks.
Opportunity cost
A vitally important question in time management is: "What am I doing that can only be done by me?" People rarely ask, however, what they should be doing and are not: "What am I not doing that can only be done by me?" Every use of time precludes, during that use, doing something else. The concept resembles what is known in accountancy as "opportunity cost" — the return on your money that you lose by spending the funds on something else.
Question your approach
Covey suggests that you ask yourself two questions that force you to think about what you do and to identify the gaps:
What one thing could I do (and am not doing now) that, if done regularly, would make a tremendous positive difference in my personal life?
What one thing in my business life would bring similar results?
Now use the rest of this masterclass to help you prioritize tasks, delegate effectively, and plan your time efficiently.
Benefiting from a Radical Rethink
Al Zeien, the former Chief Executive Officer of Gillette, had never thought of conducting appraisals of his executives. His Human Resources advisors persuaded him - not without some difficulty - to do so. Carrying out 300 appraisals a year took up a great deal of Zeien's time, but the time spent with his staff gave him unparalleled knowledge of his people and the business. The partial reallocation of the CEO's work-week to staff appraisals made a powerful contribution to the impressive worldwide performance of the company during his tenancy.
