This was the question someone asked me. And to be honest I have never sat down and worked it out. So, let me share with you what planning I do and how much time I INVEST in it.
Based on me taking at least 4 weeks off per year, this is what I do.
• Quarterly Strategic Planning – I review my 3-year vision, 1-year goals and identify my top projects for the quarter. I review my financials for the quarters against my goals as well as setting goals for the upcoming quarter. I also update and adjust my “Default Diary” in terms of the activities I need to do each week. (2 Hours X 4 = 8 hours)
• Monthly – The focus is on implementation of the strategy. At the end of each month I review my P & L, schedule all my newsletters and content for the following month. (1 Hour X 12 = 12 Hours)
• Weekly – The focus is on tactics and actions and what needs to be achieved that week. I update and review my weekly dashboard with the key numbers in my business which includes both financials and other key metrics which move my business forwards. (30 minutes X 48 = 24 hours)
• Daily – Check in, what happened yesterday and what’s happening today, identify my top three things to achieve that day. (10 minutes X 240 = 40 hours)
Over the year, this means I spend about 84 hours on planning. If we factored in the meetings I have with my professional advisors as well as doing some personal planning, I would say I INVEST almost 100 hours a year in planning AND this excludes the time I invest in education.
Considering that based on the statistics from www.statista.com, the average person in Australia (in September 2016) was watching 1095 minutes of TV per week and using home internet for 798 minutes per week. (I am going to assume that is surfing the internet - including Facebook and YouTube). That works out to 1,640 hours per year!!! I think 100 hours in planning is well worth the investment.
I’m curious how many hours per year do you invest in planning?