Drucker on Time Management: First, Know Your Time

Peter Drucker’s The Effective Executive was published in 1966, yet still feels fresh and thought-provoking. Drucker on #TimeManagement #Executives spend huge amounts of time on work that contributes nothing #Yet very few recognize it #Most have no idea how their time is allocated #If you cannot know yourself #At least know your time #Record and review how you allocate it #Ruthlessly cut time-wasting activities #Cancel what should be canceled #Delegate what should be delegated #Do not keep yourself and your organization constantly firefighting and handling crises #Turn exceptions into routine management #Consolidate fragments of time for deep thought The third step in time management is finding ways to bring fragmented time together and form— #Do not stay busy with yesterday’s tasks First, do not stay busy with yesterday’s tasks. Once work begins, people tend to continue even if it has no future value. This resembles the economic concept of “sunk costs”: decisively abandon it and end the task. People also show path dependence on past success. A company may have succeeded with a product that no longer fits future market needs. Rather than always trying to sustain it, the company should concentrate on developing new products. #Do not let pressure determine priorities Second, do not prioritize by pressure. The most pressing, apparently urgent task may not be the most important. Truly important matters, such as strategic thinking about the future or turning decisions into action, may not look urgent. If pressure sets priorities, those important things get postponed. Experienced executives know that “later” really means “never.” #Do one thing at a time That is the first way to become effective: manage time well. Record your schedule, ruthlessly eliminate wasteful and low-value activities, consolidate fragmented time into uninterrupted working blocks, then follow the “first things first” principle and do one thing at a time.