Time Always Comes with a No-Refund Policy: Six Prioritization Strategies for Innovation and Success
Time, often our most valuable asset with a no-refund policy, is a resource we must learn to manage effectively. This is crucial when innovating and delivering value, as it requires us to learn to say ‘no’ to many things.
Time is non-refundable, and how we choose to spend it ultimately defines our success. Drawing from my experiences in the government and corporate sectors before transitioning into my current roles as an advisor and angel investor, I share insights on prioritisation to help business owners navigate this challenge. In my book, ‘Achieving Success by Failing More,’ I stress the importance of prioritising learning over blaming when faced with failure, as it opens the door to better opportunities. In this article, I’ll share stories, lessons, and practical tips to help you prioritise and make the most of your time, empowering you to take control of your success through effective Time management.
#1. The Lesson of Learning Over Blaming
A few years ago, a business-media startup I mentored went through a challenging period. Some of their loyal clients hesitated to place repeat orders, and a few employees decided to move on. The difficulties increased further with the unexpected arrival of COVID-19, which led to the cancellation of the following International Trade Show that the Founder had already announced. However, after some heartfelt discussions that I facilitated, the core team consciously decided to focus on learning from the setback rather than blaming competitors, the business development team, or the circumstances. This shift in perspective saved Time and led to the developing a more robust business model and successful pivoting. Their story reminds us that setbacks are an inevitable part of the journey and that by prioritising learning over blaming, we can turn them into opportunities for Growth.
Learning : Blaming wastes time and energy. Learning, on the other hand, provides insights and Growth. We need to understand that failures are part of the journey. They are opportunities to learn and improve.
“Failure is simply the opportunity to begin again, this time more intelligently.” — Henry Ford.
Think of a recent failure. What did you learn from it? How can you apply this lesson to future challenges?
Practical tip: Failure Analysis Framework :
-Acknowledge: Accept failure and the opportunity to learn.
-Analyse: Understand what went wrong and what we could have done better.
-Apply: Use the insights to improve, prepare for expected future challenges, and hard code them in the business system.
#2. The Power of Forgetting
In today’s digital age, we’re bombarded with information non-stop. Let me tell you about my experience during a corporate assignment when I had to expand a logistics services business to over a hundred warehouses in more than 50 towns and cities. There are some tasks that you can’t delegate. Keeping track of leadership development in each business unit was overwhelming. We had to quickly set up new warehouse business units and build new teams in additional locations. A rapidly growing business requires a rapidly growing team. We had to promote existing supervisors and managers to more prominent roles selectively and hire new supervisors and managers who needed training, usually carried out by the existing staff, who still needed to get the more prominent roles themselves (:-. This experience taught me the importance of selective forgetting and the value of digitally organising and storing my learning. By focusing only on what mattered, I was able to prioritise effectively and make better decisions.
Learning: Prioritise Through Forgetting. Selective forgetting helps clear mental clutter, allowing focus on important tasks. Filter Information. Identify and retain only information that aligns with your known goals.
“The ability to simplify means to eliminate the unnecessary so that the necessary may speak.” — Hans Hofmann
List five pieces of information or tasks currently cluttering your mind. Identify which are essential and which can be forgotten or delegated.
Practical tip: Information Filtering Technique:
-Identify: Determine the relevance of the information to the projects at hand.
-Filter: Keep what’s essential; use productivity tools and apps and discard the rest.
-Focus: Concentrate on the retained information.
#3. Prioritising Growth Over Profits
In the early stages of my advisory career as a Mentor for Business Founders, I worked with an early-stage international freight forwarding startup that prioritised profits over Growth with all their energy. This approach hindered their potential, and they encountered significant challenges in raising funds from investors who needed help to see the growth potential. In contrast, startups in the same sector that prioritised Growth first in the same market space and other well-known successes in the retail-tech industry, such as Amazon, which relentlessly pursued Growth in its early days, eventually achieved remarkable success.
Learning: Growth Before Profits in the Early Stages. Focusing on Growth creates a solid foundation for long-term profitability and brings a sense of achievement and progress. Invest more in Growth in the early stages of your business. Allocate more resources to activities that drive expansion and scalability.
“The only way to grow is to challenge yourself.” — Ashley Tisdale.
Define your long-term growth goals. What key milestones do you need to arrive at, and what do you do to reach them?
Practical tip: Growth Prioritisation Framework :
-Vision: Set long-term growth goals and milestones to measure achievements.
-Strategy: Develop a growth-centric business strategy for the early stage.
-Execution: Implement and monitor growth initiatives, measure performance, and continuously correct course as required.
#4. The Importance of Saying ‘No’
When growing a multi-country infrastructure and services business in the Maritime Logistics Sector, I often faced numerous demands on my Time, including interactions with the media. Learning to say “no” to less critical interactions with some stakeholders allowed me to focus on strategic initiatives that drove innovation and success.
Learning: The Power of Saying ‘No’. Saying ‘no’ not only frees up Time and energy for high-priority activities but also provides a sense of control and empowerment. Be Selective. Evaluate requests and commitments against your core objectives before agreeing to any demand for your Time.
“The art of leadership is saying no, not saying yes. It is very easy to say yes.” — Tony Blair.
List your current commitments and categorise them using the decision-making matrix: urgent/important, important/not urgent, urgent/not important, and neither. What can you say ‘no’ to?
Practical tip: Decision-Making Matrix :
-Urgency: Assess the urgency of the task.
-Impact: Evaluate its potential impact on your goals.
-Alignment: Determine alignment with your objectives.
#5. Knowing When You Work Best
As I evaluated startups to recommend for funding through my Angel Investment Network, I found that my most productive hours were in the evening. This time slot was quite different from most leaders, who are morning people, so it required some adjustments for my colleagues. By communicating transparently and aligning my work schedule with my peak productivity times, I was able to achieve more in less Time.
Learning: Align Work with Peak Productivity — Maximise efficiency by working during your most productive hours, wherever possible. Identify Peak Times. Observe and note when you are most focused and energetic.
“The key is not to prioritise what’s on your schedule, but to schedule your priorities.” — Stephen Covey.
Track your energy levels and productivity for a week. Identify your peak times and plan your high-priority tasks accordingly.
Practical tip: Productivity Planner :
-Track: Monitor your energy levels and productivity. Calendar apps are helpful.
-Plan: Schedule high-priority tasks during peak times, as far as possible.
-Adjust: Refine your schedule based on observations of your own past performance.
#6: The Diverse Meanings of Money
As I transition to the next stage in my life, I realise that money holds different meanings for different people. A business owner needs to innovate and secure clients and resources at the optimum cost. From an employee’s perspective, you will get replaced with a more optimum resource over Time. Nothing is permanent. Your replacement as an employee could be a younger or hungrier person, a robot, or an algorithm. Therefore, as an individual wearing the owner and/or an employee hat, you must keep updating your understanding of what money means to you. The sooner, the better. This understanding and prioritisation will save you years of climbing and leaning against the wrong ladder(s). For some, wealth represents security; for others, it signifies freedom; and for others, it is about leaving a legacy. Understanding this and updating my priorities have helped me prioritise freedom to share my learnings and assist my extended family in wealth accumulation through asset building and continuous learning.
Learning: Understand Wealth. Wealth is more than money; it’s about accumulating assets and knowledge. Prioritise Knowledge. Invest in learning and intellect to attract financial wealth.
“Wealth consists not in having great possessions, but in having few wants.” — Epictetus.
Reflect on what wealth means to you. Is it financial security, freedom, or leaving a legacy? How does this understanding influence your financial goals?
Practical tip: Wealth Accumulation Strategy :
-Learn: Continuously acquire new skills and knowledge. The new way to compete is to outlearn perceived competition.
-Invest: Build a diversified portfolio of financial and non-financial assets. There are a multitude of Asset Classes.
-Review: Regularly assess your performance, understand and adjust your wealth accumulation strategy, and incorporate your new insights.
Bringing it all together, these suggestions can maximise your Time, foster innovation, and achieve greater success. Remember, Time always comes with a no-refund policy — use it wisely:
1. Use a Failure Analysis Framework: Embrace and learn from failures.
2. Apply Information Filtering Techniques: Focus on essential information.
3. Develop a Growth Prioritisation Framework: Invest in long-term Growth.
4. Utilise a Decision-Making Matrix: Say ‘no’ to low-priority tasks and interactions.
5. Implement a Productivity Planner: Align tasks with peak productivity times as far as possible.
6. Adopt a Wealth Accumulation Strategy to suit your goals: Prioritise knowledge and asset building.
Invest your Time wisely. Time is a precious and non-renewable resource. To innovate and provide value, prioritise effectively and focus on what truly matters. Embrace failures as learning opportunities, filter information, prioritise Growth, say ‘no’ when necessary, align work with productivity, and understand the true meaning of wealth. By pursuing these strategies, you can achieve more by doing less. Your future self will thank you.
I wish you success and prosperity!
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I write about leadership, technology, and startups, providing actionable advice to help business owners during transitions. Check out my mastermind sessions for tailored startup and business advice that’s affordable.
