I was surprised to discover that the term seems undiscovered in the business world. So,![\"\"](\"https:\/\/berkonomics.com\/wp-content\/uploads\/2017\/01\/time-talent-treasure-300x300.jpg\")
let\u2019s bend the meaning to help us focus on resources while preserving those words.<\/p>\n
\u2026and apply it to our management of corporate resources.<\/strong><\/p>\n Here is a way to think about resource management as we make critical decisions that obligate our personal and corporate assets for growth.\u00a0 Take, for instance, time<\/u>.<\/em> I\u2019ve written often about the critical management of corporate time, an asset often squandered by management in inefficient operations that don\u2019t advance the company toward the goal, or worse yet, operations that over\u2013obligate scarce resources creating stress, cost and loss of reputation.<\/p>\n \u201cCorporate time\u201d is quite different from individual time management.\u00a0 We should always be thinking of how to maximize the efficiency of our most critical resources constrained by limited time, whether they be in R&D, on the production floor, the chief software architect, or even you <\/u>in management.<\/p>\n How to tell when you\u2019ve overcommitted this resource<\/strong><\/p>\n [Email readers, continue here…]<\/em><\/span>\u00a0 \u00a0 \u00a0We can always tell when this critical resource of corporate time has been over committed.\u00a0 The bottleneck created becomes obvious and painful.\u00a0 Is a process or machine too slow to absorb and pass on work coming through it?\u00a0 Is there a real or digital line at your office door waiting for decisions before proceeding with a task?\u00a0 Is the R&D department being sucked into solving problems for customers instead of developing new products?\u00a0 All of these are critical breaks in the management of corporate time. \u00a0As a manager, you must attack quickly and completely to remove the bottlenecks.<\/p>\n The second resource: your cohorts\u2019 talent<\/strong><\/p>\n Jim Collins, in his book, \u201cGood to Great,\u201d addresses talent<\/u> by describing the managerial skill of \u201cputting the right people on the bus\u201d and culling out the bottom ten percent of low\u2013performing employees.\u00a0 I\u2019d focus on the former, and to be sure that you\u2019ve trained enough and supplied resources enough for every person in your charge to do an excellent job.\u00a0 And if a person is not able to perform to expectation, then you have a right and obligation to focus upon a solution to what seems obviously as a talent mismatch.<\/p>\n And the third of these resources to watch carefully:<\/strong><\/p>\n Think of it as three opposing forces in a corporation.\u00a0 <\/strong><\/p>\n Poor allocation of time pulls talent and treasure into the void.\u00a0 Ineffective talent draws down corporate time and treasure to correct errors and solve for inefficiencies.\u00a0 And too little treasure causes stress in keeping the supply of the other resources necessary for growth.<\/p>\n Quite different from the non\u2013profit use of the terms, these three linked words remind us of our need to balance our critical resources and make efficient use of each.\u00a0 Time, treasure and talent.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" In the non\u2013profit world, the term, \u201ctime, talent and treasure\u201d has been used so often it is almost at the edge of being trite.\u00a0 It\u2019s used in that arena to describe a volunteer\u2019s sacrifice in support of the non\u2013profit enterprise. … Continue reading ![\"\"](\"https:\/\/berkonomics.com\/wp-content\/uploads\/2017\/10\/MONEY-300x254.jpg\")
Treasure<\/u> is obviously a proxy for capital, whether earned or invested.\u00a0 There is no doubt that money is a most valuable corporate resource that can be leveraged by good management, great talent, and effective allocation of corporate time.<\/p>\n