Every year I update my recommended reading list which I offer to my students. One of the books that has been on that list since the beginning is ‘The Greatness Guide’ by Robin Sharma. The book lists 101 tips for a better life with each ‘chapter’ a digestible maximum of two pages. Since I read this book over a decade ago, there is one specific tip that I try to live by: “make sure that every day you do something that takes you in the direction you want to go”.
Another way of phrasing this is, when you lay your head on the pillow before going to sleep at night, can you look back at your day and say that you used your time well, in a way that moves you towards a goal? Earl Nightingale, one of the pioneers of personal empowerment and peak performance, once stated that if we spend one hour per day learning something we are passionate about, within 3 years we will be considered an expert on that subject by those that know us, within 5 years we will be considered a national authority, and after 7 years a global authority.
Both Earl Nightingale and many decades later Robin Sharma are making the same link between time and improvement. Time is the asset. We can make lost money back, but we can’t recover lost time. The older we become, the more precious time becomes. Why then do we habitually discuss Return on Investment (ROI) and not Return on Time (ROT)?
The reason is that business focuses on financial metrics. However, this logic is often backwards. To quote Professor Shawn Anchor of Harvard University and author of ‘The Happiness Advantage;’ the supposition that working harder will make us more successful and therefore happier underpins our approach to work and teaching. When we reverse the formula and perform from a positive mindset by focusing on what we have a passion for and are naturally good at, our performance as individuals improves and success, however it is measured, follows.
This logic can be extended to the corporate world. There is a wealth of data now available which supports the assertion that diverse, collaborative teams that support the mental well-being of their group members will outperform teams that do not enjoy these characteristics.
Ensuring that our time is used efficiently and on the correct projects is a process worthy of standardising. To this end, the concept of ROT can be used as a self-monitoring tool to improve our personal productivity. For example, I receive more LinkedIn meeting requests than I can realistically follow up on, so before accepting a request I ask polite but pointed questions around the objective of the call. This saves time for both parties helping filter out interactions which would likely be of no benefit to either party.
Summarising the ideas of this short article, we can derive three simple rules for maximising our performance and thereby both our ROT and ROI:
1. Dedicate time every day to learning and doing what you are passionate about. This will give you an immediate productivity advantage.
2. Treat your time with the same respect and value you would you bank balance. It’s a valuable currency, don’t spend it on things that don’t give you a good return.
3. Calculate you ROT by comparing the potential/likely benefits of a course of action in relation to the time required, and make informed decisions on whether to continue working with that client or project.
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