Monday, 24 October 2016

How Do I Take Advantage Of Parkinson’s Law To Improve My Part-Time Business?

Published by Chukwu Emmanuel on Monday, 24 October 2016  | No comments

Parkinson Law Time Management Business Growth

This post is one of my articles on self-improvement and would be filed under Universal Laws on my blog menu tab. In a nutshell, this post will help boost your productivity level and simultaneously increase your efficiency rate in quite a number of ways.

A Brief Note About Parkinson’s Law:

Parkinson’s Law is a statement made by Cyril Northcote Parkinson in one of his essays, published in 1955 by ‘The Economist’ which now has several corollaries. This statement was a summary of Parkinson’s observation of the uncontrolled expansion of bureaucracy in most organizations, especially in the British Civil Service as that time.   

If you’ve ever read or listened to any material on productivity, Parkinson’s Law should sound familiar... Hardly will you find any time management course or book that doesn’t quote this law.

Definition Of The Parkinson’s Law:
This is a popular adage that - “work expands to fill the time available for its completion.”

Examples Of How Parkinson’s Law Works In Real Life:

1.       As a student, you were given an assignment on Monday to be submitted on Friday; the lecturer probably thought it would take you more than a day to complete the assignment but you actually started and finished the assignment a night before the submission date. Apparently, the assignment was a day’s task. The implication of allotting more time than is required would be - more tension and increased complexity.

2.   At your place of work, you were given a task with a 10 days’ deadline, you waited until a day or two to the deadline before commencing the task and narrowly beat the deadline. The more time you give yourself to complete any task, the more complex such a task would be.

For most people, their part-time business is not yet ripe to become a full-time business… Apart from ideas, two other things are inevitable for the advancement of any part-time business, I’m talking about time and money.

Believe it or not, inadequate time and money would undermine the growth of any business.
How would a business grow when you have very little time to make sales, do follow-ups, attend to correspondence, plan, network, and do other paper works? 
How do you intend to conquer new grounds in business when you are badly constrained by money?

Two Big Questions:
Can Time Ever Be Sufficient?
Can People Ever Get Sufficient Money?

Now, to answer the questions above:

1.     In actual sense, there is nothing like sufficient or insufficient time. Time may be sufficient or insufficient, depending on how it is utilized. Remember, an equal amount of time is allotted daily to everyone on earth. For some people, 24 hours daily is sufficient and for others it is not sufficient.

Also Read: 7 Traits Of Highly Productive People (Anyone Can Master In Less Than 21 Days)

2.     Money is never enough, but it doesn’t matter, what matters is - how you use the little you have.

  • As long as you are on a payroll in another man’s company, you do not have absolute control of your time; in fact, you are on that payroll because the company is using your time.
  • As your salary increases, your needs expand to fill your current income. 
How Do I Take Advantage Of Parkinson’s Law To Improve My Part-Time Business?
Since your daily working hours are determined and mostly controlled by your employer, you're compelled to keep personal activities aside and focus 100% on your job. Some employers would even put it in black and white that, every personal activities should be done outside working hours.
Also Read: 12 Reasons Why You Need To Do Personal Brand Evaluation Consistently

Considering this constraint, should you leave your part-time business to suffer because of time constraint? Or should you forget about part-time business completely or resign and go full-time into your business?

No, don't give up on your part-time business because that's one of the best ways to become financially free. Don't resign yet if your business is still at the babyhood stage, except you are really convinced that you can handle whatever challenges that show up along the way.

And, with the following tips, you will learn how to free up some of your working hours to nurture your part-time business and still be productive:

Do A Thorough Assessment Of Your Part-Time Business
First things first, carry out a thorough assessment of your part-time business. Know what activities need more time investment. Make a scale of preference for your part-time business. Prioritize your business activities - from urgent to less urgent, very important to less important.

Do the urgent activities that can't wait until after working hours early in the morning before you leave for work. Prepare the emails, get your proposals ready, type the text messages and save them to draft, and then push the send button when you are at work. In the end, you would be more productive.

Take Advantage Of Parkinson Law, Part Time Business, Productivity, Time Management,

Start With Time Projection
Before starting any task at work, try to project the time it would take to complete the task, and then give yourself half the estimated time to complete it. Don’t over-stretch yourself, try to be as realistic as possible with your time projection.

You will be surprised at how much extra time you can squeeze out of your working hours without compromising the quality of your output. You can devote the extra time to your online business activities like reading and responding to emails, promoting your business, socializing and networking with prospects and researching how to improve your business.

Challenge The Status-quo
Test different ways of getting a task done and stick to the fastest and most effective. Don't always use the general method, challenge the status quo but don't go around condemning other people's methods. Just focus on getting the task done faster and don't make it seems too easy, so that your employer wouldn't top-up your task, leaving you too busy all through the day.

Having known how much time is needed to complete a given task, decide how you want to spread the task so that you can factor in your own personal activities and still be productive.

Get A Daily Planner
You can either use the daily planner on your diary or download one here. The essence of having a daily planner is to plan and control the amount of time spent on your daily tasks. This would help you become more organized, productive and improve your time management skills. 

Organize Your Part-Time Business Activities Into Segments
Group your business activities into segments; know what activities can be done before and after working hours, on weekends, the ones that would need your physical presence and those that you can outsource to experts. This simple exercise will help you to use your extra time appropriately.

Also Read: Why The Law Of Abundance May Not Work For Some People

Reduce Time Fillers To The Barest Minimal
Time fillers are those activities that we often engage ourselves whenever we are less busy instead of wasting our spare time. But, in this context, time fillers are those unproductive activities that people while away their free time with in a work environment.

Every organization has its peculiar time fillers, you know the common ones at your own place. Some examples of time fillers are office gossiping, socializing online, downloading latest movies and the likes. Of course, "all work and no play makes Jack a dull boy!"

Don't waste too much time on non-productive activities, always remember to us part of your free-time to improve your personal business.

Put Part Of The Increment On Your Salary Into Your Part-Time Business
Remember, as your salary increases your needs will expand to fill every additional dime you earn. Your goal is to channel part of the increment to your part-time business and here's how to do that:

1. Do everything possible to maintain your spending pattern before the increment or better still adjust it upwards a bit and put whatever you have left into your part-time business.

2. Go against the wind: although your salary increased, you should be frugal as though you had a pay-cut. Place a peg on your outflows for a while until you become used to your new standard of living. In the long-run, it will payoff.

How did you find this post? Would you like to add anything? I would love to hear your views in the comments section below. I hope you would also share this post on social media with your friends and colleagues.

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