It is always important to keep cost control in the front of your mind when undertaking any business or personal effort. In my business career these thoughts were often centered on capital allocation or other resources. They often didn’t properly consider the concept of time spent on something.
This year I’m much more focused on ensuring I elevate the cost of time spent and the value returned on my time of my teams’ time in my cost cross check. I’m asking much deeper questions of myself and my teammates on the value of time spent on an effort compared to the return on that time… after all… It is the most valuable resource we have and we cannot get it back after it is spent.
A few tips:
Be very thoughtful about where you spend your time.
Learn how to politely say “thank you” but “no”.
Be mindful of sunk cost bias and don’t get taken in by it. (https://online.hbs.edu/blog/post/how-understanding-sunk-costs-can-help-your-everyday-decision-making-processes)
Lastly, develop a way to keep your time spent closely aligned with the essential elements of your life. Continually cross check time versus your values and virtues and debrief this on a regular basis. I do this daily, weekly, and monthly.
Trust me. Don’t mess this up and lead well.
The Author is currently serving as an active-duty military officer. Any comments or recommendations on this post or on this site are my personal views. They do not represent the position of any branch of the United States Government, the Department of Defense, or the Department of the Air Force.
“Be Prepared” The Boy Scout of America Motto Robert Baden-Powell, Founder of the Boy Scouts of America
We choose how we respond to contingencies in life and leadership.
The COVID-19 pandemic is like nothing we have seen or handled in many years.
These are historic and challenging times. Much of our Nation is self-isolating and our healthcare system and economy are struggling under the weight and pressure.
We all have a role to play, especially those leading organizations and more important households.
This is a time for leaders, at work and at home.
While always remaining frosty and calm, we should encourage our families, friends, and teammates to proactively think about what contingencies they might face and develop deliberate plans on how to handle them – before we have to potentially deal with them.
A few examples we have been thinking through include:
- What are the symptoms of the virus? Do I have the tools to potentially identify the virus?
- If someone does get sick, where will I take them? What is the phone number? Where is the nearest testing facility?
- If someone does get sick, how will we handle quarantine? At work? At home?
- What supplies do we need and when can we get them?
There are many other contingencies that leaders should think about during this challenging time. The key is to sit down and think about what could happen in a calm and deliberate manner striving to “Be Prepared” for any contingency. Trust me, thinking about contingencies ahead of them always pays off. Always.
Stay healthy my friends.
The Author is currently serving as an active-duty military officer. Any comments or recommendations on this post or on this site are solely my personal views and do not represent the position of any branch of the United States Government.