- Increasing Productivity is Easy
- The Ivy Lee Method
- Managing the Priorities Well
Increasing Productivity is Easy
Charles M. Schwab was among the wealthiest people in the world in 1918. At the time, Bethlehem Steel Corporation was the second-biggest steel producer in America and the country's largest shipbuilder and Schwab served as its president. Thomas Edison, the renowned inventor, once called Schwab the “master hustler.” He was always looking for ways to outperform his rivals.
In 1918, Schwab set up a meeting with Ivy Lee, a well-known productivity consultant, to boost team productivity and find better ways to complete tasks. In addition to being a prosperous businessman himself, Lee has become known as a pioneer in the public relations industry. According to the story, Schwab invited Lee into his office and requested that he demonstrate how to increase productivity.
“Give me 15 minutes with each of your executives,” Lee replied.
“How much will it cost me?” Schwab asked.
“Nothing,” Lee said. “Unless it works. After three months, you can send me a check for whatever you feel it’s worth to you.”
The Ivy Lee Method
Ivy Lee spent 15 minutes with each executive, explaining his easy-to-follow daily schedule for reaching peak productivity:
- At the end of each work day, write down the six most important things you need to accomplish tomorrow. Do not write down more than six tasks.
- Prioritize those six items in order of their true importance.
- When you arrive tomorrow, concentrate only on the first task. Work until the first task is finished before moving on to the second task.
- Approach the rest of your list in the same fashion. At the end of the day, move any unfinished items to a new list of six tasks for the following day.
- Repeat this process every working day.
Though it seemed straightforward, Schwab and his Bethlehem Steel executive team decided to give it a shot. Three months later, Schwab called Lee into his office and gave him a $25,000 check because he was so happy with the progress his company had made. A check for $25,000 written in 1918 is equal to a check of $400,000 in 2015.
Setting priorities for your to-do list with the Ivy Lee Method seems absurdly easy. How could something so basic have such great value?
Managing the Priorities Well
Ivy Lee’s productivity method utilizes many of the concepts below. Here is what makes it so effective:
It’s simple enough to work: The main criticism of techniques such as this one is that they are overly simplistic. They don't take into consideration all of life's nuances and complexity. Complexity is frequently a drawback since it makes it more difficult to get back on course. Indeed, there will be unforeseen life diversions and emergencies. As much as possible, ignore them, deal with them when necessary, and return them as soon as you can to your list of things to do that are a priority. Simple rules can be used to direct complicated behavior.
It forces you to make tough decisions: There's nothing extraordinary about Lee completing six key things a day. Five jobs a day may just as easily be the norm. But there's something beautiful about setting boundaries for oneself. Pruning your ideas and eliminating everything that isn't required is, the best course of action when you have too many ideas or are feeling overburdened by everything you need to accomplish. Limitations can improve you. Warren Buffett's 25-5 Rule, which calls on you to concentrate on just 5 important tasks and disregard everything else, is comparable to Lee's approach. In other words, if you don't commit to anything, everything will divert your attention.
It removes the friction of starting: Starting most tasks is the largest obstacle to completing them. (It can be difficult to get off the couch, but it is lot simpler to accomplish your workout once you really start jogging.) You are forced by Lee's method to choose your first task the night before you report to work. You can spend 2 hours a day deciding what next to work on. But if you make up your mind the night before, you can get up and get working right away. It is basic but effective. Starting is as essential as succeeding at all in the beginning.
It requires you to single-task: Today's society adores multitasking. The fallacy of multitasking is the idea that being busy equals superior performance. It's the complete opposite that matters. Fewer priorities result in higher-quality work. Examine world-class professionals in almost any industry, including CEOs, scientists, sportsmen, and artists, and you'll find that they all have the trait of focus. It's easy to understand why. If you're always splitting your time into ten separate tasks, you'll never be excellent at anything. Focus and consistency are necessary for mastery.
The bottom line is, to start each day with the most crucial task. It's the only productivity hack you need.
