Time Maximizer Daily & weekly activity analysis Practice Management Properly managing your time is critical for the success of your business and happiness in your personal life. Usually when one thinks about time, the focus is on the lack of this precious resource. How often have you said: I never have enough time or words to that effect? The Importance of Effective Time Management The Pareto Principle, also known as the 80-20 rule, helps to put effective time management into perspective. The 80-20 rule can serve as a daily reminder to focus your time and energy on the 20 percent of the activities that generate 80 percent of your business revenue. Of the activities you currently perform during the course of your day, how many are generating income? When the fire drills start and the interruptions happen, remind yourself to stay focused on the 20 percent of activities that truly count. Getting Started The first step to maximizing your time is to better understand how your time is currently spent. Have you ever charted and analyzed an entire week of your time in the office and at home? There are only 168 hours in each week, so spending these hours more efficiently and more effectively is the only way to take back your time. The Time Maximizer program features a three-step process that involves: 1. TRACKING how you spend your time with the Activity Analysis worksheet 2. IDENTIFYING distractions with the Interruption Protection worksheet 3. MAXIMIZING your productivity with the Time Utilization worksheet The ability to concentrate and use time well is everything. Lee Iacocca Let s get started.
Short on time? You re not alone. Time-related issues were identified as top challenges facing advisors in an industry study 1 : Top Challenges Facing Advisors 1. Finding more clients/gathering more assets 2. Time management/having time to communicate with clients 3. Improving productivity and efficiency 4. Building/maintaining relationships 5. Complying with new federal regulations 6. Developing targeted marketing strategies 7. Keeping up with changing technology 8. Identifying/targeting most profitable client segments Are you spending enough face time with clients? A CEG Worldwide study found that most advisors spend 30-60% of their time with clients. Only 10% of advisors spend more than 60% of their time with clients and their income is 3 times greater than the advisor spending less than 60% of their time with clients. 2 Bottom line: Make client meetings a Top Task to help increase your business revenue. 1 Brown Research Partners for the Financial Planning Association, The Support, Tools and Services Financial Planning Professionals Value Most 2 John Bowen, Outsource It!, Financial Planning
Step 1 Activity Analysis Practice Management Objective Account for the time you spend at work and at home during a given week. This information will be used to help you identify productive tasks and eliminate tasks that waste your time. Using the Activity Analysis worksheet: n List everything you do (both work-related and in your personal life) on a daily basis and the amount of time involved. n Be sure to include everything that takes up your time no matter how mundane or unimportant it may seem. (Don t forget to account for the time you spend asleep.) n At the end of the week, review your list and put a check mark next to every activity that will help you achieve your goals, such as increasing your production. n In the box marked Top Tasks, list all of the activities with check marks. You have now identified the goal-oriented activities that you perform on a daily basis. These tasks should become the primary activities where you significantly invest your time and focus. Distinguish Daily Deeds & Top Tasks List everything you do at work and the time it takes to complete the activity. Put a check mark next to every activity that is goal-oriented these are your Top Tasks. Consider transferring this information to your calendar or daily planner as a reminder of this focused to-do list. List everything you do at home and the time it takes to complete the activity. Put a check mark next to every activity that is goal-oriented these are your Top Tasks. Consider transferring this information to your calendar or daily planner as a reminder of this focused to-do list. Work-Related Activity 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Drive to work 1 hr 1 hr 1 hr 1 hr 1 hr 5 Bills/mail 30 min 30 min 30 min 30 min 30 min 2.5 Office org. 1 hr 1 hr 1 hr 1 hr 1 hr 5 Training/Staff meeting 1.5 hrs 1 hr 30 min 3 Marketing/econ. research 1 hr 1 hr 1 hr 1 hr 1 hr 5 Continuing education 30 min.5 Distractions 45 min 15 min 1 hr 30 min 30 min 3 Business development/ new clients 3 2 hrs 2 hrs 1.5 hrs 1 hr 1 hr 7.5 Set appointments 3 30 min 30 min 30 min 30 min 30 min 2.5 Deliver seminars 1.5 hrs 1.5 Work on seminars 2 hrs 1.5 hrs 3.5 Client meetings 3 2 hrs 2 hrs 3 hrs 1 hr 8 Planning/client portfolios 3 30 min 30 min 2 hrs 3 Account reviews 3 2 hrs 2 Client correspondence 3 1.5 hrs 2 hrs 2 hrs 2.5 hrs 2 hrs 10 Total Hours Home-Related Activity 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Go through mail/pay bills 1 hr 1hr 2 Eating/Cooking 1.75 hrs 2.25 hrs 1hr 1hr 6 Personal maintenance 30 min 30 min 30 min 30 min 30 min 15 min 15 min 3 Run errands 30 min 1.5 hrs 1 hr 3 Household chores 1 hr 1 hr 1 hr 1 hr 4 Television/movies 1 hr 1 hr 1 hr 1 hr 1 hr 1 hr 2 hrs 8 Exercise 3 30 min 45 min 1.5 hrs 1.25 hrs 4 Family 3 1 hr 1hr 30 min 30 min 1 hr 1 hr 4 hrs 9 Kids games 3 3 hrs 3 Newspaper 15 min 15 min 15 min 15 min 15 min 15 min 15 min 1.75 Reading 15 min 30 min 30 min 1.25 Friends 1.5 hrs 1.5 hrs 2 hrs 5 Sleep 8 hrs 8 hrs 8 hrs 8 hrs 8 hrs 8 hrs 8 hrs 56 Total Hours Top Tasks Business development / new clients Account reviews Client meetings Planning / Client portfolios Client correspondence Set appointments Top Tasks Kids games Time with family Exercise
Distinguish Daily Deeds & Top Tasks List everything you do at work and the time it takes to complete the activity. Put a check mark next to every activity that is goal-oriented these are your Top Tasks. Consider transferring this information to your calendar or daily planner as a reminder of this focused to-do list. Work-Related Activity 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Total Hours Top Tasks
List everything you do at home and the time it takes to complete the activity. Put a check mark next to every activity that is goal-oriented these are your Top Tasks. Consider transferring this information to your calendar or daily planner as a reminder of this focused to-do list. Home-Related Activity 3 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Total Hours Top Tasks
Step 2 Interruption Protection Practice Management Objective Identify the interruptions that take away from your productivity. Using the Interruption Protection worksheet: n Keep a log of all your interruptions over the course of a week, the amount of time it took you to get back into your workflow, and who or what caused the interruption. n Remember, if you are distracted during your time of peak productivity, it may also affect the quality level of the time you spend in other areas of your life. n Improve your focus at the office to help generate more income and improve your quality of life at home. Log your interruptions Interruption Interrupter Length of Time Interruption Lasted Amount of Time Needed to Resume Activity Office pop-in John 10 5 Check email Self 5 3 Service issue Joe Smith 20 15 Process question Assistant 1 4 Personal phone call Friend 5 5
Log your interruptions Interruption Interrupter Length of Time Interruption Lasted Amount of Time Needed to Resume Activity
Step 3 Time Utilization Practice Management Objective To chart and assess your current activities in order to develop a system that will allow you to focus more time on the activities that produce results. PART 1: PART 2: Place your activities from the Activity Analysis worksheet into the four core categories listed on the Time Utilization worksheet. (Be sure to aggregate the time spent on each activity for the entire week.) Then, calculate the percentage of your 168-hour week that goes to each category to determine your Time Utilization Index. List your three most frequent self-imposed distractions (e.g. repeatedly checking email, surfing the internet for breaking news, etc.) and external interruptions (refer to your Interruption Protection worksheet). Next, list three new Focus Factors that will help you avoid these time traps and focus on being more productive. For example, consider setting aside certain hours of the day for uninterrupted work time with a closed door policy, or blocking off hours of the day where you don t check email, take calls or make calls. PART 1: How do you spend your week? PART 2: How do you avoid your time traps? Place the activities from your Activity Analysis worksheet into one of four core categories: Plan, Work, Play, Rest. Be sure to include the total hours spent for the week on each activity. Remember that: n Generally, it takes 10-20 minutes to fully resume an activity after an interruption n 80% of interruptions come from 20% of co-workers Weekly Time Breakdown Plan Work Play Commute Research General Correspondence/Mail/Bills Office Organization Work Around House Staff Meetings Errands Distractions/Sidetracked Personal Maintenance Total Hours: 36 21.5 % Client Meetings Transactions/Portfolios Client Correspondence Presentations Prospecting/Business Development 5 4 3 8 5 10 5 10 Total Hours: 38 24.0 % Meals Family Time Friends Entertainment Read Sports/Exercise 6 12 5 8 3 4 Total Hours: 38 21.5 % Sample Time Index Rest Plan Work Play Weekly Sample Index Hours 21.5% of your week 36 24.0% of your week 40 21.5% of your week 36 33.0% of your week 56 Total Hours 168 Your Time Index Avoiding time traps creates additional time to produce! List your three most frequent time traps both self imposed distractions and external interruptions: Self-Imposed Distractions I check my email every 10 minutes and read every new mail immediately I surf the internet to check for breaking news I go from task to task without ever finishing the first one External Interruptions A particular co-worker pops into my office daily, at the most inconvenient time List three new strategies that will help you avoid your time traps and focus on being more productive. These are your focus factors. Focus Factors Enforce an appointment policy for co-worker interaction to avoid interruptions Set aside hours for uninterrupted production time with a closed-door policy Block off hours of the day where you don t check emails, the Internet or use the phone Do not bring your cell phone or PDA to family and relaxation events. No phone calls or emails after 7 p.m. and before 7 a.m. Rest Sleep 56 Total Hours: 56 33.0 % Overall Hours: 168 100% Always phone accessible office and cell phones ring constantly Co-workers constantly have questions for me Test the Theory Set up a one hour block of time where you work on a single task without ANY interruptions. At the end of the hour measure your productivity against that of a typical hour in the office. Did your productivity increase significantly?
PART 1: How do you spend your week? Place the activities from your Activity Analysis worksheet into one of four core categories: Plan, Work, Play, Rest. Be sure to include the total hours spent for the week on each activity. Weekly Time Breakdown Sample Time Index Plan Rest Play Plan Work Total Hours: % Work Weekly Sample Index Hours 21.5% of your week 36 24.0% of your week 40 Total Hours: % 21.5% of your week 36 33.0% of your week 56 Total Hours 168 Play Total Hours: % Your Time Index Rest Total Hours: % Overall Hours: 168 100%
PART 2: How do you avoid your time traps? Remember that: n Generally, it takes 10-20 minutes to fully resume an activity after an interruption n 80% of interruptions come from 20% of co-workers Avoiding time traps creates additional time to produce! List your three most frequent time traps both self-imposed distractions and external interruptions: List three new strategies that will help you avoid your time traps and focus on being more productive. These are your focus factors. 1. Self-Imposed Distractions 1. Focus Factors 2. 3. 2. 1. External Interruptions 3. 2. 3. Test the Theory Set up a one hour block of time where you work on a single task without ANY interruptions. At the end of the hour measure your productivity against that of a typical hour in the office. Did your productivity increase significantly?
Notes
Note: Prior to using this tool, please check with your broker/dealer to ensure that you are in compliance with your firm s policies and procedures. Funds distributed by SunAmerica Capital Services, Inc. S5162R12 (12/11)