By Jennifer D. Kluge
Feb. 18, 2010
I was at an executive brainstorming meeting the other day where we were to introduce ourselves and talk about our greatest highlight and greatest challenge that we had in 2009. Of the various executives in attendance from various industries, almost every one claimed that not having enough time was their greatest challenge. Not enough time to launch new initiatives, not enough time for family, not enough time to get work done-¦the list goes on and on. Basically this economy has made the challenge of time balance even more challenging as we all need to do more with less.
They say that nothing is worth more than revenue, but I’d like to propose that time creates money. We all want a money tree in corporations and behold, time creates money. Time. So as executives in your company, how are you using time wisely to ensure you are growing money in your company’s money tree? Are your teams too bogged down with administrative junk? Political junk? Policy junk? How are you liberating your employees to create time which translates into time spent on new revenue streams, operational efficiencies, innovation, etc.?
I guarantee you that if you freed up your executive team from the junk, they would grow more profitable revenue streams. Not to mention they would be more effective as leaders if they were driving these results. Nothing motivates a team more than successful results. Now the challenge-¦.get rid of the “time junk” and start using time as if it were money. Let’s assume we give time a value of $1,000 per minute. That means your time equity would be $60,000 per hour, $480,000 per day. Now, doesn’t time look a bit differently. That two-hour staff meeting seems a bit wasteful now, doesn’t it?
Perhaps Einstein should have been a business professor to help us out with leveraging time to better our organizations. Instead his famous formula would look like this. E=ROI