When I was an instructor in the Israeli Air-force I used to give a workshop about time-management. The concept “time-management” is a little misleading. It gives us the illusion that time can actually be managed, when in fact, it can’t. Time is given. It will pass if we want it or not. And it will do it at the same pace it always did, no matter what will do. So, we need to manage our decisions given that time.
Every time I gave that workshop there was a least one person who would come up to me and tell me: “Look, I am swamped. I just have too many things to do and not enough time”. I always gave those people the same response: “You don’t have a time problem, you have a priorities problem”.
Because time-management is about choosing your priorities, being consistent with them over time and accepting that this process will inherently include some tradeoffs. There will be things you will not be able to do. But until you get your priorities straight you will face problems.
I like to take principals like the time-management-priorities one and see where I can apply them in other facets of life. Now, after almost completing two session of my MBA program, I think that I can confidently say that “getting your priorities straight” is the key concept that describes my learning this session. Because all the courses I studied this session, had this one concept in common. You have to make choices. And you have to be consistent about them. Or in other words, you have to set your priorities straight.
In finance you can see it in the choice between risks and returns. Do you want a higher risk or a higher possible return? What is the level of return are you seeking? You have to make a choice. And until you set your priorities, your goals, your preferences, be them as they may, you cannot make the right choice. And in order to deliver real value, you need to make consistent decisions over time.
Operations management – does my company need to cooperate with others in the supply chain or not? Do I need a pull or a push based production line? Is responsiveness or effectiveness more important? Well, it depends on your priorities. But whatever you do – you have to make sure, that all other parts of your organization and even you suppliers and buyers, are in tune with the same priorities and are consistent with the same decision.
How do you determine your IMC (integrated marketing communications)? Or how do you decide if you are going to concentrate on growth or retaining current customers? You guessed it – decide what your priorities are and make consistent decisions about them. And most importantly – as in time-management – you have to make choices that lead to tradeoffs that are inherent to the decision making process.
Finally strategy, the mother of all priory decision disciplines. To quote our strategy professor:
“Strategy is making choices… since you have limited resources, you cannot do everything (and expect to do them well)… that are genuine… ‘real choices’ that are ‘difficult’ and consistent. A ‘set of choices’ that different elements strengthen and reinforce each other”
And for me, all of this is the essence of another great idea I believe in. The idea of the comparative advantage. Because comparative advantage is not only about actual competition, but it is more about recognizing what is more important, where can I make the biggest contribution – to myself and to society – and going with it all the way. That is why I try, once in a while, to assess what my priorities are and what my comparative advantage is.
When is the last time you sat with yourself and asked your self – in a personal or professional setting – what are your priorities?