CoolTimeLife Podcast: The Value of Your Time

This blog comprises show notes for my CoolTimeLife podcast entitled The Value of Your Time. It describes how to place a value on your time so that you don’t give it away. It describes the enormous productive power of the 80/20 rule, how to handle email more effectively, how to break large tasks up over many days using carryover momentum, and the productive power of downtime. Whew! That’s a lot. Are you ready?

The Furnace Repair Story

This is the story of a person whose furnace goes cold. The house is cold, and a couple of presses of the thermostat confirm that the furnace is not working. The homeowner calls the furnace company who sends a technician out. The technician arrives and heads down to the basement. The homeowner listens as the boots clomp down the stairs, and then a single “clang!” The furnace comes back on and warm air starts flowing through the registers once again. The boots clomp back up the stairs.

“All done,” the technician declares, “may I present you with the bill?”

“Sure,” says the homeowner, who scrutinizes the bill and then looks at the technician doubtfully. “Five hundred dollars?” the homeowner asks. “Five hundred dollars? But you were only down there for thirty seconds! How could that cost five hundred dollars.”

The technician smiles and asks, “Would you like me to itemize the bill for you?”

“Yes please,” replies the homeowner, who watches as the technician writes a couple of lines on the invoice.

“Here,” says the technician, “this might help.” The homeowner reads the revised invoice. It now says:

“Furnace repair:

– Hitting the furnace with a hammer: $5.00

– Knowing where to hit: $495.00”

I love this story because, nice and clearly, it conveys the value of a person’s expertise, which is not always visible. Time is valuable. Your time is valuable, and the art of staying fully aware of that is a life skill that needs to be practiced and maintained.

People who are self-employed, for example, or who work in small businesses can very easily fall into the trap of undervaluing their services, maybe doing some of it for free. “I”can’t charge for just a 5-minute phone-call,” they say. Or, “invoicing is part of overhead. I can’t charge for that.”

The same applies for people who work for companies, on salary. They might not feel they have direct impact on how they price their services, certainly, but they still give away too much. Whatever work you do, the value you bring to the table has a long tail that stretched far back into past.

The years you invested in your education – all those years of study, plus the years you have spent doing this work, or even the work of your previous job, have shaped you into a professional person with skills and experience that have value. But that long tail of value is so easily forgotten – or overruled.

When a customer asks for 10 minutes of your time – and by customer I not only mean the direct small business customer, but also internal office colleagues, even your boss – they are still customers. They are still buying your experience and your service. When they buy ten minutes of your time, they are also buying all those years that went into making those minutes valuable.

When you’re sitting in a meeting that starts late because Bob hasn’t arrived yet, you and everyone else around that meeting are giving away time that took years, individually and collectively, to craft. When your significant other asks you to stop off and pick up some milk on the way home, you think nothing of it. But that’s at least 20 minutes of your life that you are giving away. Yes, you might be pleasing your partner by doing a favor – there is value in that, but my argument is that there’s a better way to deliver this service. The spontaneous giving away of your time in any circumstance is not only a tragic waste, it also sets a precedent. The expectation to do the same again will always be there.

The 80/20 Rule

I spend a lot of my speaking time showing people how to do better with their own time. One of the points that I mention and will always stand behind is the 80/20 rule. Specifically, you can get more done in 80 percent of your time than you can in 100 percent of your time. The point is, that 20 percent is invested – not spent, but invested – in proactively managing the events to come.

This means planning. It also means networking, building relationships, and yes, even relaxing. But let me just focus on planning for the moment. Part of this 20 percent of this day, and tomorrow, and the next day should be used to prepare a calendar that realistically questions how long each activity should be and then helps identify the number of activities that you can realistically – not optimistically – fit into your day. It asks these questions before you actually get started on any of them.  Most importantly setting up a road map of operation for the day. Without a map, you will drift. It’s as easy as that.

And this is where I get pushback – or at least questioning. People will ask, Steve, do you spend all of your time every day just updating your calendar and your to do lists? That usually gets a laugh.

But I answer YES! Yes, I do. And that also gets a laugh.

But here’s my point on this. People think this activity – updating your calendar – that is to say your personal project plan – so regularly and so often is extra work – more on your plate. But in actual fact, you’ll be spending this time anyway – more of it in fact if you just try to get these things done in real time in an unplanned fashion.

Take My Email, Please.

As I mentioned in a previous podcast – Are You Conscious – email steals a great deal of time from you. Not just the time spent responding to them, but also the time required to recuperate from the distraction. It really is a literal drain on your system. So, if you handle 10, 20, 50 or more emails per day, you deal with the sum total of time required to write or respond plus many, many minutes of recuperation time. This amounts to hours of time lost per day working in sub-par mental capacity.

But if you plan your email handling time, let’s say, 3 blocks of 20 minutes, not only do you eliminate the recuperation time – because you choose to answer these emails consciously rather than getting taken by surprise by them – but you are also able to frame them – let’s say by aiming to respond to 10 emails inside of 20 minutes, you can change your actual approach to work to fit inside a defined box of time. NO more drifting. You stay on track.

So, you can do the emails in a casual, unplanned way, which might literally take three hours out of your busy workday, or you can plan how and when to do them and cut that amount by at least half. That’s the power of planning. It isn’t extra work. It’s less work in total. The planning plus the planned work ends up taking far less time than unstructured work by itself.

The Power of Twitter as a Tool for Ongoing Education.

The other thing that gets people a little nervous or incredulous is when I talk about the power of Twitter. Seldom do I get more than a couple of hands up when I ask my audiences how many people use Twitter as a tool of professional development. Most people think that Twitter is useless when they themselves have nothing to say, and that the rest is pure junk. Well, maybe most of it is junk, but I remind them that there are a few people out there worth listening to. Thought leaders. Subject matter experts. Your customers. Your competitors.

But the reaction is the same: “I do not have the time to browse social media.” But my argument is, you invest time in formalized ongoing education. You might even wait months to get a training course from your employer. That’s a lot of time drifting by, and with is a great deal of time lost to inadequate knowledge. Imagine trying to catch up on a breaking development that affects your company. The minutes or hours needed to get caught up retroactively will always exceed those you could spend just reading – a few minutes here and there on a daily basis.

Catch-up costs. But pro-activity yields dividends.

Proactivity beats reactivity every time. Whenever you think a proactive action – part of that 20 percent – is too much extra work. Remember it will end up being less work and costing less time than if you let things happen the casual, unplanned way. This not only includes planning your email and investing in Twitter education in the ways I have just discussed, it also points to things like managing by walking around (MBWA).

That is to say investing some time in talking ton your colleagues, suppliers, or customers, to learn more about them and to demonstrate acknowledgement of their hard work and dignity. For although this too, seems like extra effort with no reward, the reward actually comes when these people reciprocate, by showing up to your meeting on time and prepared, or paying your invoice on time, or getting their share of a project done on time, simply because they like working with you and they enjoy the respect you show them. That’s the payoff. That’s the dividend.

The Value of Work

I remember sending a change of address notification to my company’s law firm. No big deal, right? We send those out to everybody. Two weeks later I received an invoice from them for $150. Professional services for updating the address in their files. That seems like a lot, right? But lawyers are taught early on: time is money. As soon as you start giving the results of your expensive education away, as soon as you give your expertise away, people start expecting that regularly.

Think also what it says about you.  You are willing to give away your hard-won expertise. Not everyone is going to respect that. They might even start to question just how good you actually are. See? That’s the problem. It seems like the right thing to do, to be nice, but by giving away the very thing people respect about you, you might also be diluting your brand and your credibility. That’s not a great thing to hear, but it is human nature. Humans tend to judge. And best intentions might turn out to do less for you than you would like. This is the same whether you give away a half hour of your services or when you delay the start of a meeting because someone is late. It happens when you take on extra requests or drop-in visitors just because it seems too hard to say no.

But remember, the word NO can also function and the first two letters of the phrase “Not at this moment, which opens you up to another word that contains the letters N O – that word is negotiate. Everything can be negotiated. Rather than give away your time, negotiate suitable alternatives that maintain your image of flexibility without sacrificing your value – in your eyes or in theirs.

The Value of Carryover Momentum

Very often I get asked by people how to take care of giant tasks that will take hours to do, let’s say, for example, a bunch of backlogged work, or a big project. The temptation is to say, I will book off an entire day to take care of this in one go. Now, if you can do that, and it works, then good for you. I will never argue against something that works.

But most people will never successfully do this. There’s just too much else to do. But there is a better option, and I call it “Carryover Momentum.”

As I have already mentioned, the power of planning is an amazing thing. Whatever day of the week it is as you read to this, think back to what you were doing exactly one week ago. Doesn’t seem like seven days, does it? It’s not fair, how quickly time seems to fly, but that’s life, and that’s how memory works.

If you are faced with a task that is too big to get done all at once, the chances are that another week will slip by, then another, then another. Though this might be considered procrastination, it’s not always the case that you’re actually consciously putting it off, so much as never quite getting around to it – there’s a difference.

To that end, there is the principle of carryover momentum, in which it becomes possible to break up a large task, and then schedule and deal with it regularly and consistently over a period of days.

If you were to assign one half-hour per day to a project, you wouldn’t feel that much headway had been achieved after the first half-hour of the first day. But if you were able work on the project one half-hour each workday for a month, that’s 10 hours. For larger-scale projects, that one half hour per day, even with weekends and holidays off, becomes 125 hours over a year, or the equivalent of three forty-hour weeks! That’s a lot of time!

Physiology crash course: The reason why I call this technique carryover momentum goes to the workings of the brain. By returning to an ongoing task on a daily basis – preferably, but not necessarily at the same time each day – the mind continues to retain and access the creative momentum of the previous day. It significantly reduces the amount of “let’s see now, where was I?” that happens when a project is picked up after a week or two of inactivity.

This is yet another example of how to capitalize on the strengths of the brain to get the right work done in the right way within the constraints of a busy day.

So, if you are facing a large project at work, and you feel overwhelmed by the size of it all, do not despair. That sense of overload is normal. It’s mental paralysis, the manifestation of the fight-or-flight reflex, draining nutrients from the thinking area of the brain. It can be easily treated by using a calendar to lay out a collection of half-hour blocks across days and weeks as a recurring activity and taking the giant task on one bit at a time, regularly, day-by-day.

Of course, such a thing must be coordinated and pro-rated according to the project’s deadline but instead or putting it off and putting it off, only to be faced with a high stress situation later, just like my email discussion of earlier, you can consciously plan – invest in some planning time – in breaking down this task into manageable amounts. Where once you had a mountain blocking your view, you now have a mountain with a staircase carved into it.

The Value of Downtime

The final point I want to make is the value of downtime – thing includes breaks during your working day, and most importantly focuses on stepping over the big red line that actually can be the divider between work life and home life. In the podcast episode dedicated to metabolism, I talked about sleep and melatonin, and I don’t plan to repeat myself, other than to say that sleep is the single greatest investment in productivity of the entire 24-hour day. The value of downtime is in part due to its chemical capacity to help your brain and body repair the damage of the day, boosting the immune system, both through the pleasure of sleep as well as the pleasure of enjoying life – with your family, your friends, your pets, and your hobbies.

Your phone needs recharging, your car needs refueling and you know what? So do you. Downtime has value in balancing out your day and preparing your energy and your excellence for the day to come. Burning the midnight oil, working late into the night simply diminishes tomorrow’s potential. You are drawing from a well. Either use the water tonight or tomorrow. You can’t do both.

This is the transcript of the CoolTimeLife podcast entitled The Value of Time. If you would like to listen to it, you can check it out at our podcast site here.

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