An Executives Most Valuable Asset: Time
“Time is an inelastic resource. No matter how high the demand, we cannot rent, hire, or buy more of it.” -Peter Drucker
Executives are successful because they create more. More profit, more market share, more growth, more unity, and more. The list goes on and on.
But there is one thing you cannot make more of, and that is time. We all have 24 hours, no more and no less. How we use that time is the key to our success.
We will examine research on three parts of the time equation for executives:
How executives spend their time?
What executives should be spending their time on?
How can executives be more efficient with their time?
How Executives Spend Their Time
The average CEO works about 300 days a year, 14 hours a day. That’s 4,200 hours a year. You may be more or less than that number, but regardless, as an executive, you are working a lot of hours.
The line between work and personal time is not always clear because we spend a lot of our time weighing decisions that need to be made, consuming information to help us determine strategy, communicating with our team, and more.
Research conducted by the London School of Economics divided executives time into four categories: planning, meetings, personal, and travel. By looking at these four categories, you can ask the question: How can I be more efficient in each category?
Efficient travel for executives is a category that Stratos has examined for more than 13 years and has found that time management is an important consideration for executives. Chartered flights address both efficiency and effectiveness of your valuable time:
Efficiency of Time: As an executive, reducing downtime is invaluable. Delays in your schedule, crowded airports, and inefficient airline carriers all take away time from you that cannot be replaced. When you charter a flight, you don’t need to arrive at the airport hours in advance, deal with long security lines, check-in your luggage, and wait at baggage claim. When you charter a flight, you can save hours of time each flight, and when you consider all of your travel in one year, it could be 100+ hours saved. What could you accomplish for your company with an additional 100+ hours?
Effectiveness of Time: One of the most important responsibilities of an executive is developing a short-term and long-term strategy for your company. But when do you have quiet, uninterrupted time to think? Not on a commercial flight! But with a chartered flight, you will have the comfort, service, and the exclusivity needed to sit, think, develop a strategy, and make important decisions. Just like the view on a clear day at 40,000 feet, when you are on a chartered flight, your thinking will be clear and crisp to develop strategy, make decisions, and more.