In this article by the Boston Consulting Group (BCG), they share a study by Harvard Business School reporting that CEOs spend 60% of their time in meetings and 25% on the phone and events, with the balance (15%) going to everything else. Whether your ‘free’ time is 15% or 50%, how you spend it is key to whether you are investing it or simply spending it. Now is the time for reflection.
We, too, have found that time can be spent unwisely, with limiting decisions (from poor planning) that lead to unclear goals and lack of clarity. This quickly turns into lots of questions, is often accompanied by low energy. Fear eventually takes over, resulting in a reaction plan.
On the contrary, empowering decisions that invest in the future typically lead to higher energy and a sense of gratitude about the situation. This clarity on the end goal is accompanied by strategic questions and the courage (determination, faith) to take decisive action that moves ever closer to the end goal.
You might ask, what is the common denominator between thought and reflection (as highlighted by BCG) and an investment in empowering decisions? The answer: an investment is foundational and long-term, whereas ‘solving immediate problems’ is situational and short-term (i.e., putting out fires).
BCG notes the value in allowing some structure and schedule to allow time to step back and consider the big picture and long term. In so doing, having the perspective from an outsider (whether it be a trusted partner from within your industry or an advisory board from outside your industry) helps provide a level of honesty and accountability that goes beyond the immediate ‘need’ to put out (forest) fires, helps avoid fires in the first place, and may even chart a path beyond the edge of that forest to whatever it is that you dream about achieving.
Please read further to enjoy The Rewards of CEO Reflection.