Prioritization Part II

When we think about prioritizing, we usually think of prioritizing your to-do list for a short period. I have made several mistakes during my youth, resulting in me instinctively sensing the scarcity of my time. So, I always created a to-do list, and focusing on critical tasks was important.

Over time, I realized that this was not enough because I was not happy with what I was doing. With prioritizing my short-term to-do list, I got an illusion of being productive. Packing my daily to-do list without reengineering my vision, I soon noticed an unsettling feeling. When the uneasy feeling accumulated, I started to feel unhappy.

When you create your goals, you want to contemplate more on your mission and values. I went to university to get a degree which landed me in my job. I barely thought of “what I want to do.” After I landed a job as an accountant, I set a mission of advancing along my career path as an accountant. I grew unhappy with myself. Initially, I tried to ignore my feelings by making myself busy. Eventually, an event made me realize the importance of contemplating my actual values. (Please read my previous blog posting for details).

Once you have created your vision, you will need to see what you need to do in more detail – this is the process of creating your goals. Any goal should have the following five elements: specificity, measurability, attainability, and relevance with a time set for completion. Many people fail to achieve their goals because they are not detailed enough.

 

For example,

“I want to lose weight this year” is a bad example of the goal.

Firstly, you cannot tell how much weight you want to lose. A measurable element allows you to monitor how well you are achieving your goals to adjust your tactics to achieve the goal. Second, no specific time is determined when you want to start or end working toward a goal. Since the goal is too generic, we cannot see whether this goal is attainable or relevant.

Instead, you want to make a goal like this.

“I want to lose 8 lbs. within two months”.

Now, the goal contains enough information to be able to develop tactics to achieve the goal. Since you want to lose eight lbs. in two months, you will need to lose one lb. each week. To lose one lb., you will need to create a 3,500 calorie deficit by eating less or exercising more. Now you can create your daily tasks. In this case, you can complete a task of aerobic exercise 5 times a week. You want to make your goal with these five elements because it will be easier to identify the tactics to accomplish the goals and measure your progress.

 

Three Categories of Tasks

I classify the tasks necessary to achieve your vision and goal as A-type tasks. These are relevant to your vision and the purpose of living. You want to pay attention and treat these tasks very carefully as they can impact your life significantly.

Now, we talk about things you want to do, but they may not be a part of your vision. For example, I love reading, playing the piano, painting, etc. They are mostly things I enjoy doing. My goals will be all over the place if I include my hobbies as part of my goals. I classify these tasks as B-Type. Some of those tasks, such as playing the piano, required you to practice regularly. So, I have them as part of my to-do list.

Some tasks must be done by a specific date, although they may not be strictly part of your goal. An excellent example of such a task is renewing your car’s registration. I call these c-type tasks. These tasks often take much more time and energy if you leave them until the last minute. Since the task itself does not have value, I do not want to spend more energy than is necessary. I list these types of tasks separately. These tasks tend to distract me from completing other tasks to finish them as soon as possible.

 

“Need” vs. “Want”

Once you have the lists of A, B, and C type tasks, you need to divide the tasks into tasks that “need” and tasks that “want” to be done.” Pay attention to the due date for any tasks that need to be done by a specific date. The closer the due date is, the higher the priority for the tasks.

My B-tasks barely contain things which “need to be done.” By nature of the tasks, they are wishful tasks. My days will be occupied by mostly A and C tasks. They may not have high priorities, but completing these tasks gives me more energy. I treat these tasks like “a date.” I schedule to do them regularly.

I have a running list of tasks, which I use computer software to monitor the status. I prioritize the tasks for the week from the list, and I create a “to-do list.” As time is limited, we must carefully plan what we do each day. There are a few tricks I learned over the year:

  • Prioritize type A type C tasks. Complete as many C-tasks as possible.
  • I always keep 20% of flexible time in my schedule.
  • I have at least one essential task for the day.
  • I make sure to include tasks from your want-to-do list from Type A and Type B.

 

PrioritizingPrioritizationI wrote about an overview of prioritizing tasks in these two-blog postings. It is crucial to prioritize your tasks since our time is limited. I have so many interests, and I struggled a lot juggling my time. Many of us tend to fill our daily life with c-tasks. Don’t randomly fill up your tasks and prioritize them. It is also essential to spend some time contemplating your visions, values, and interests before generating and prioritizing your tasks to gain more control in your life. Finally, it will take a long time to become good at prioritizing your tasks. I still make mistakes. You will also make mistakes. You are always in the process of learning better at prioritizing your tasks.

 

 

How to Manage Project Overload

Background

The busy season has started because of year-end. Unfortunately, we have had difficulty partially finding additional accounting staff because the position requires Japanese language skills. As the hiring manager, I do not think Japanese language skill is necessary. After all, we operate in the United States.

One of my biggest challenges was a global kaizen project presentation, which I could not be delegated to anyone. Unfortunately, this presentation is being held in the middle of my busiest season – we are in the middle of preparing three different audits, budgeting, and preparation for the third quarter consolidation report. Finally, I am still overseeing a few other continuous improvement projects.

According to my network, this is not uncommon for small or mid-size companies since it is getting harder to get qualified accountants in this area. Labor shortages in specific fields are getting worse. What I can say is this. I am confident that I am not the only busy person. This is my first time in this complicated situation, but it will not be the last. Today, I want to write about how I manage my tasks when under challenging situations.

My biggest suggestion is not to wait until the last minute. Instead, you need to start the process as soon as possible. 

List all the tasks you need to complete

First, I usually list all outstanding projects I need to complete. I do not write down little tasks required for each project, but I write down the project name. I organize all my projects and tasks digitally. Still, I write down the list on a blank letter-size paper in landscape orientation to visualize the bigger picture of the situation. I spend about one or two minutes writing down this list.

Interim Audit

Quarter Review Audit

Internal Audit

Consolidation reporting package

And so on.

Next, write down the due date to the right of each item

  1. 3rd Quarter External Audit – Nov 8
  2. Interim External Audit – Nov 8
  3. Annual Internal Audit – PBC due Nov 8, Audit Nov 16
  4. Budget – Oct 26
  5. Global Kaizen Project Presentation – Nov 3
  6. Third Quarter Consolidation Report due Nov 23

If you know how long each project will take you to complete, you can estimate the earliest and the latest start time. For example, I will not do any projects involving the 3rd quarter until the 3rd quarter is closed. That will be the earliest start date. The latest start day needs to be calculated from the due date.

I usually use a checklist – which contains all activities listed in a project. For example, I typically have approximately 50-150 items depending on the type of audit. Examples of tasks on this list are federal and state taxes estimates, inventory reserve calculations, slow-moving inventory analyses. I write down how many hours it takes to complete each task. The project time is the aggregation of times of each activity to complete the project.

Checklist

I learned this trick when I was working for an accounting firm a long time ago. A checklist is a list of all the things you need to do, and a checklist offers multiple benefits.

A checklist is an excellent tool to maintain consistency in the tasks. For example, quarter audit, an external auditor usually asks for the same type of information. If you have the list ahead of time, you can generally gather them ahead of time.

A checklist is helpful when you want to delegate certain tasks to other team members of the financially auditing team.

I use a checklist to gauge how many hours each project takes. Once you have the due date, you can estimate the earliest and the latest start date for each project.

If you do not have a checklist for repeating a project, I strongly recommend you create one.

Task Delegation

I know I cannot do all tasks by myself. I usually delegate out as many tasks as possible to junior positions. Delegation does not only help you to ease your workload, but it helps to develop your subordinates.

The critical thing to remember when you delegate your work is you still need to hold responsibility for the tasks.  If you need to train them, you should prepare and review their work. Make sure to give feedback immediately when the tasks are done. Immediate feedback enhances their task efficiency for the future.

I also have written instructions for individual tasks or activities, which I create whenever I have extra time. This instruction also helps train your subordinates.

Negotiate the Due Dates ahead of time

I often negotiate the due dates with our auditors when multiple projects need to be done spontaneously. In my case, I usually negotiate the timing of interim and quarter audits with our external auditors. Our interim audit was initially scheduled for Nov 4, but I dealt with our auditor no make it 8th. We had an internal audit starting on Nov 16.

I requested the consolidation report due date to Nov 23 instead of the 18th because we have an internal audit in the same week. Sometimes it is impossible to do two projects simultaneously because you do not have the time to do two things.

Tasks completion status

I made this list in mid-September, and I made my plan to complete all of them. I am still working on the tasks, but I managed to complete some of them.

  1. 3rd Quarter External Audit – Nov 8 – 85% completed (review delegated tasks left)
  2. Interim External Audit – Nov 8 – PBC submitted
  3. Annual Internal Audit – PBC due Nov 8, Audit Nov 16 – PBC expected to be completed Nov 4
  4. Budget – Oct 26 completed
  5. Global Kaizen Project Presentation – Nov 3 (Slide submitted, currently practicing presentation)
  6. Third Quarter Consolidation Report due Nov 23 (Starting Nov 16)

Conclusion

This was quite a challenging period since I also had to work on the global kaizen project presentation. I still think the key is to list all of the tasks and plan them well. The important thing is to start the planning process as soon as possible. I am 95% certain that I will complete all of them without any delay.

I acquired this process from my experience. The process can be applied to anything. You should try it. It is probably better than becoming stressed out.