bid farewell to late nights at the office and weekend “catch-ups.”
by w. michael hsu
in accounting, where being constantly busy is the norm, working less while achieving more seems like a distant dream. but is it?
more w. michael hsu: how do firm leaders learn? | why your approach to cas and cfo services is wrong | when it comes to pricing, it’s about ‘can’t afford not to’ | your client base is global |
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what if i told you there’s a method that can help you strike the perfect balance between productivity and rest? it’s called the measure x hack method. in this article, we’ll dive into the seven principles of this method, showing you how to achieve more with less effort.
- measure your time
want to know where your day goes? start measuring your time. track how much time you spend on various tasks and activities throughout the day. by doing this, you’ll identify patterns and habits that may be holding you back, such as excessive email checking or social media browsing. use time-tracking apps or a simple spreadsheet to record your time and make adjustments accordingly to free up time for productive work. alternatively, keep a time journal.
in a cas practice, you should regularly ask how you are spending time. are you letting the ceo of your client know about how they are spending their time? this is what makes you the proper business coach, the advisory part of cas. you can’t talk about money without talking about time; your clients’ executives need to hear this from you.
- identify your priorities
lost your focus? identifying your priorities can help. determine which tasks and activities are most important to you and align them with your goals. focusing on your priorities will make you less likely to get distracted by less important tasks. set clear goals for your personal and professional life and then create a plan to work towards them.
in cas work, we tell our clients to identify their priorities, so what are the key metrics that measure “success” for you? it could be to improve client retention, so in that case, what are the numbers behind that? what is the timeline or your balance sheet, for example? then you can build an entire forecast and help that ceo to put together a plan for growth and success.
- use the 80/20 rule
want to focus on what really matters? the pareto principle has got you covered! for those unaware, the 80/20 rule, or the pareto principle, states that 80% of your results come from 20% of your efforts. this means that a small percentage of your activities will yield the majority of your results. by applying the 80/20 rule, you can focus your time and energy on the tasks and activities that will have the most significant impact, ultimately maximizing your results while minimizing your effort.
in a cas practice, this rule should be your cornerstone. essentially, you are advising on helping to achieve more and work less. anyone running a cas practice should understand this.
- eliminate distractions
we all get tired of constant interruptions, and, as we know, distractions can seriously harm your productivity, pull you away from your priorities and waste your time. to eliminate distractions, identify the biggest culprits in your work environment and take steps to reduce or eliminate them. for instance, turn off email and social media notifications during work hours or use a noise-canceling headset to block out background noise.
here we are talking about habits, but taking it back to cas, help clients identify what their distractions are and focus on one thing at a time. you can increase revenue like crazy, but then something may break. then what do you do? use systems and processes to help that ceo focus because this year especially may not be about growth but rather preservation and readiness.
- automate repetitive tasks
repetitive tasks can drain your time and energy, but many of them can be automated using current software and apps. take the time to identify the tasks you perform regularly that take up the majority of your time. research tools and software that can help you automate these tasks and have them free up time for more important work. for example, use a scheduling app like calendly to automate appointment scheduling or hootsuite for posting on socials. the possibilities are endless.
- delegate tasks
as a firm leader, delegation is the key to working smarter, not harder. delegation allows you to achieve more while working less by entrusting tasks to someone else, freeing up your time to focus on higher-priority tasks. identify tasks within your practice that are time-consuming or outside of your expertise. then, find someone capable of completing them and communicate your expectations clearly.
delegation may be challenging at first, but it can become a valuable tool in your productivity arsenal with practice. websites such as fiverr, upworks, or freelancer are great resources where you can find quality people to delegate your work to without costing you a lot of money. this goes back to knowing what the cas partner is working on. who is the rainmaker in your firm? conduct a staff audit and lay out your core values, rules and functions. see if the skill sets are there, along with the capacity to do it.
- taking regular breaks
when building a cas practice, or even when you are on a roll in your daily routines, taking breaks might seem counterintuitive, especially when trying to achieve more. but research shows that breaks can improve productivity and creativity. schedule breaks into your work day and engage in activities that help you relax and recharge, such as taking a walk, meditating or listening to music. this will allow you to return to work with renewed energy and focus. gone are the days of crazy billable hours. when your firm is not healthy or doing well, you have to take breaks and reassess. where is the downtime? how are you maximizing the potential of your staff? it doesn’t come from overworking them or yourself.
w. michael hsu
w. michael hsu, cpa, is the founder of deepsky, an outsourced cfo service known as the accounting department for entrepreneurs. the company believes entrepreneurs are the problem solvers of the world and has helped countless entrepreneurs achieve their aspirations through better insights into their business’s financial health and vital numbers. this entrepreneurial spirit stays as a vital part of the dna to deepsky and now to measure x hack.
after 10 years of building a financial consulting firm and working with entrepreneurs advising their multi-million businesses through systems and processes, michael hsu is ready to spread the pathway to success to people who yearn to live that ceo life.
he took his experience in entrepreneurship and condensed it into a methodology named measure x hack to serve as a guide to building a successful business, life, and relationship. it teaches anyone with an entrepreneurial spirit to build a system and processes, learn financial literacy, and create business hacks tailored to their goals. its end goal is to hand back financial freedom to people who seek it.
you can reach out to michael to chat about financial literacy, business hacks in starting and maintaining a business, and ways to find work-life balance in a world that places emphasis on monetary success. https://www.deepsky.co/ | https://www.linkedin.com/in/wmichaelhsu/ | https://www.measurexhack.co/