Most of us spend too much time on what is urgent and not enough time on what is important- Stephen Covey
Efficient time management is a skill every professional aspires to master. For a CEO, utilizing this precious resource optimally becomes more critical. When I began my stint as a CEO 9 years ago, I was guilty of several time wasting tactics. Awareness of these bad habits, along with this real burning need to become more productive and achieve more continues to help me evolve into a better time manager!
Analysis/Paralysis: As a relatively new CEO of a start-up or small business, there’s a natural tendency to research every issue or problem to death and defer decision-making for want of more data. However, it is impossible to have 100% information before taking a decision.
In the CEO Genome Project, a study on successful CEOs, top-performing executives admit that sitting on a problem for too long creates more damage than dealing with the consequences of an incorrect decision.
Also, a crucial question CEOs need to ask themselves is how much information is enough? Jerry Bowe, CEO of Vi-Jon, says that he waits until he has 65% clarity. He, then, bases his decision by comparing two vital points: the impact of a wrong decision versus the impact of holding up other decisions due to this one.
Many a time a decision would need to be tweaked along the way. Hence, a better approach would be to tabulate the reasons underlying a decision, take it, and then review it when new info emerges.
Read: Growing with My Company – 3 Lessons for Every CEO
Ignoring personal health: CEOs are often viewed as the primary miracle worker in the organization. They are expected to wield a magic wand and set right the wrongs while also keeping the company machinery well-oiled to go full throttle towards growth.
In view of the real and perceived responsibility, they rush to keep the business going; jumping from one goal to another, solving one crisis after the other. A good night’s sleep is often compromised. It is not an uncommon habit to cut back on the hours needed to recover from long flights or back-to-back meetings to squeeze in more work. The result is anyone’s guess.
As Arianna Huffington succinctly states from her personal experience, health should not become priority when you start losing it. A well-rested body is like that SIP that will reap rich dividends even when you don’t realize it. Come to think of it, you’re more likely to crack a difficult problem when your body and mind is at ease and not deprived of rest and recreation. Besides, a workaholic CEO is hardly a role model for an organization.
To that effect, CEOs must learn to switch off. Taking regular breaks off work to rejuvenate demonstrates as a healthy work culture. I also truly believe in the power of yoga and meditation to reduce and manage stress levels.
In short, a ‘healthy’ investment can never be a bad decision!
Not delegating enough: Instead of delegating, or getting expert advice, CEOs think they need to track, manage and work at all the problems as and when they emerge. It’s a myth that effective CEOs are also an expert in all areas, emphasizes John Roa, CEO, and founder of Äkta. While being a CEO is a high-profile and crucial role in an organization, he/she needs to separate the core responsibility- that of top-level strategizing and planning- from the day-to-day activity of running the show that requires various kinds of skill-sets.
With effective delegation, come multiple benefits. One, you get the work accomplished faster by people who have the required knowledge and experience, letting you concentrate on high-level strategies. Two, the ownership trickles down the hierarchy and employees feel responsible and valued for their contribution, which in turn results in higher performance. Three, it’s a great way to connect with people who work for you and build a healthy and transparent employer-employee relationship across all levels.
Yet, CEOs struggle to delegate work because they cannot decide which ones to keep and which ones to delegate. This is where, I believe, a good group of mentors/advisers can help you build a great team to rely on. Once the right team is in place, you learn to let go and focus on building a healthy and thriving enterprise.
