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"I am like all men. I want to know my future — then I want to control it. It is not possible." Stone-age Yanomami tribe chieftain, Orinoco River, Brazil 1997
I coined the term "Time Banking" a number of years ago when I realized that conventional thinking about time management and scheduling really left something to be desired. The following article is a brief summary of the concept. It can change your business and your life! How to Have More Time There is never enough time...especially when you need it most, when there's a problem, a crisis or an opportunity such as a chance to bid on some new business. Do you lose the opportunity or just tough it out? Burning the midnight oil is just part of the game. Or is it? Here’s how to bank time for future use. One often associates the practices of good time management with productive people but it goes deeper than that. Time management is not the answer to creating a better future. It will only help you get more done whether it's the best thing to do now or not. Strategic (future thinking) will help you plan your work today so you can do the right thing for the moment and for tomorrow. The effective person is not only a good time manager but is also primarily proactive rather than reactive in routine and non-routine tasks. We are told to be proactive and well know that "A stitch in time saves nine." But there is more to this than just tools, it is a mind-set and a work habit. Time Banking: Higher success rates, even in emergencies, come from those who practice "Time Banking" rather than just time management. The Time Banking principle is that you work today to enjoy the fruits of your labor tomorrow. Time Banking managers visualize what they need from their work in the future and choose what should be done today. In other words, they either get the work done ahead of time, make decisions that reduce the amount of time to accomplish the task, or ensure that they will have adequate time (i.e. resources; including the time of others) to get the job done on time with a known and acceptable level of risk. They also think ahead to have an arsenal of formal and informal contingency plans. When that surprise opportunity to bid comes in, they don't have to reinvent the wheel, they know exactly what to do to complete the bid from a foundation of prepared information.
Simply stated, Time Banking is taking an action today that will allow a future activity to proceed faster and more effectively when it occurs, even by surprise. One common example of this concept is a contingency plan. A contingency plan is specifically designed to be implemented without delay and with maximum effect at the instant it is needed. What we have done in the creation of a contingency plan is to use the present to do the thinking, planning, training, resource allocation, and other activities that will be needed for the future eventuality. This goes beyond Stephen Covey's principle of working in Quadrant 2 - doing only those things that are both urgent and important. Time Banking is an urgent and important activity that takes care of the future so you have more time then to do important things well. Future Thinking: Do you have time to think about the future? Do you want to? Each of us a preference for the time horizons of our thinking. Some of us prefer to deal with the present and react to events rather than to predict them. This preference does not necessarily determine management skill or productivity but it may certainly have an influence on the circumstances under which we best perform. For example, you don't want to assign a present oriented person to jobs where the future is critical. They might spend more time preparing than actually doing or they may fail to foresee critical consequences of their actions. What to do: The best first step that you can take is to look at the members of your staff and determine who prefers to work in the present and who can think in the future. If it's not clear, ask them. For example, ask if they would rather complete a project today or develop some ways to increase profits tomorrow. The second step is to reconsider job assignments. It should be clear who should be assigned to develop strategic plans. A third step is to conduct problem solving training. Problems consume more time than we ever see. It may be expedient just to fix things when they break but you'll pay a price every time it happens again. Future thinkers will not just solve a problem, they will find the root causes and fix them so the problem doesn't come back. It really pays off to train your staff in how to understand, solve, and prevent problems. This skill has to be learned as most people don’t do it naturally. A word of caution on assignments: Be sure to keep a balance on teams and in departments. If you have a majority of future thinkers on one team, they may never get anything done because they are always thinking about tomorrow. Make sure you have present thinkers around to get things done well today. You need balance. The bottom line is that if you need more time, you must use it effectively today for the future. You will then have it tomorrow. That extra time invested today to create a solution spreadsheet will pay off immediately the next time you have a similar problem. Contingency plans and training will pay off the moment you need them. Put the right people on the jobs, train them, and do the right things today. Here are business and personal Time Banking examples for you to consider. Business Time Banking Examples
Invest in strategic thinking now to create your future.
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Cost Reduction & Profit Improvement
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