Productivity is defined as Resources divided by Results.
To increase productivity, this means constantly assessing how long it takes to achieve a desired result.
In terms of time management, there are a few different options:
When you've got a strong foundation, option number 3 happens naturally. But in this post, you'll learn about one specific strategy that will help double or even triple your productivity by this time next week.
First, though, we have to shake off the rust with a brief background in economic theory...
Game Theory was initially introduced to the field of economics in the 1940s as a strategic decision-making tool. The model is used to analyze various outcomes of the ‘game’ which depend on the decisions made by each player of the game. The game could be anything from war, to biology, to business, and yes, even time management.
When industrialism began to take root in the economic structure of society, maximizing production became a primary focus for businesses. Once production of an item was seemingly maxed out, some companies decided to expand their product line in an attempt to further increase profits.
Instead of investing all of their resources in what they were really good at producing, they began reallocating their resources to produce other goods.
All of sudden, instead of one company making Widget A, there were five companies making Widget A.
This approach is a "solo" model for productivity. The hope was obviously to grow revenue and experience greater profits, but that didn't always happen.
In this model, we can see that a cell phone company who initially only made cell phones started to expand their production to include computers. Since their manufacturing plants were specifically designed to achieve maximum output of cell phones, their production of computers is minimal.
Likewise, with a computer company, they wanted to expand their production to include cell phones. While their profits may have increased slightly, it came at the expense of lower production.
When Cell Phones International Inc. invests their resources in both cell phones and computers, they achieve a production output of 8 and 2 respectively. When Computers Co. does the same, they achieve a production output of 2 and 8.
But what happens when the two companies strike a partnership and, instead of them each producing two products, they produce only what they’re really good at producing?
Short answer: both companies increase productivity.
But what allows this to happen? Focus and collaboration.
Generally speaking, greater focus tends to result in greater productivity in almost any situation. But adding a layer of teamwork leads to an exponential result.
This alternative approach is a "partnership" strategy, where a mutually beneficial arrangement enables greater production. In this model, each company focuses on producing only one product then strikes an exchange deal with a partner company.
This decision to narrow their focus and partner up ultimately leads to what economists call a "optimal" outcome, which means that all players have maximized their production.
Their Results are as good as it gets.
With greater focus, resources are used more purposefully and Cell Phones International Inc. can increase their output. Similarly, when Computers Co. only produces computers, they nearly double their production of computers.
If these companies focus on what they're good at, and trade their respective products, they both end up with more than what they would have gotten by trying to do everything themselves.
The premise here is that higher productivity can be achieved by narrowing your focus and creating mutually beneficial partnerships.
In the Information Age, knowledge is one of the most valuable assets one can obtain. But there's a tendency to drown in all the information that's available to us.
We try to learn everything and our focus becomes diluted, which then affects our results. Just look at your bookshelf and count how many unfinished books there are.
Trying to do too much too fast will lead to overwhelm and burnout, and every dimension of your life will be impacted.
So how can you apply the partnership model to increase productivity and accumulate more knowledge at a faster rate?
Answer: the Brain Exchange.
A Brain Exchange (or "BrainX") is Game Theory applied to knowledge acquisition, which results in more efficient and more effective learning.
An easy example that demonstrates the efficacy and efficiency of the BrainX is in reading books...
On average, let’s say that I can read one book in ten hours (1:10). If I include highlighting, taking notes, summarizing, and synthesizing the information I’ve acquired, maybe it adds up to 12 hours for one book (1:12). This is the highest level of production I can achieve when I’m obtaining knowledge on my own (using the solo production model).
But what happens when I use the partnership model and pair up with a friend for a weekly BrainX?
Assuming he reads at the same rate I do (1 book in 12 hours), I could essentially double my production by having him share what he’s learned with me.
If he puts all his notes and ideas about the book he’s read on a Google Doc, I could spend up to an hour ingesting the core concepts of the book, saving me the 12 hours I would have spent reading it myself. Now I’m acquiring the information of two books in a matter of 13 hours (2:13).
If I did this with two friends, I’m knocking out three books in a matter of 14 hours. If I set up a BrainX with three friends, I’m digesting four books in 15 hours. By partnering with more people and engaging in high-quality information exchange, my rate of learning increases exponentially.
The new rate at which I can acquire knowledge becomes one book in about four hours (1:4), resulting in a 200% increase in productivity.
Who said that speed reading is the only way to read more books?
If you’ve ever heard the concept, "Mastermind," then you know about how advantageous it can be when diverse thinkers from different backgrounds get together to discuss ideas, problems, and solutions...
In his book, Think and Grow Rich, Napolean Hill defines the mastermind as “coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
The BrainX is just a more simplified version of a mastermind that cuts through the small talk and echo-chambers of confirmation bias. Using effective time management skills, you're create a system for optimal information exchange in the most efficient manner available.
The BrainX concept isn’t necessarily anything new. It's already been proven increase productivity for anyone trying to learn more in less time (remember Option #3?).
There’s an app called Blinkist which is used by millions of people who are trying to increase their productivity... A small group of writers summarize books and extract the most important information so you can enjoy the content in a fraction of the time.
Why spend 12 hours reading a book when you could spend 12 minutes reading the key insights and skip all the impractical fluff that fills so many of the pages?
Of course, the tradeoff here is the subjective term, “key,” which represents what’s important. What’s of little importance to someone else might be crucial for you, but that’s the opportunity cost of saving time with the BrainX system.
This strategy isn’t only restricted to books, either.
Consider SparkNotes, a site that provides not only summarized versions of books, but also course study-guides, poetry, and more.
There’s also theSkimm, which assimilates all the world’s top news from across the internet and condenses it down to the strict need-to-know information.
And Joe Polish hosts the Genius Network event during which some of the most brilliant entrepreneurs come together to exchange the latest industry trends and entrepreneurial success strategies.
You can use the BrainX with audio and video content, too. Think of audiobooks, podcasts, documentaries, and the abundance of educational videos on Youtube.
There’s hardly a shortage of media available for your consumption.
Remember, though, learning is an input item, and optimizing productivity requires that your output must match or exceed your input.
While there’s plenty of people and resources to help you take advantage of the BrainX, keep in mind that there’s a tipping point at which you start seeing diminishing returns on your productivity. You can only have so many BrainX partners before the advantages of the system start to dwindle.
Using the BrainX offers more benefits than just saving time.
Yes, the apps, websites, and other resources like the ones mentioned above can increase productivity but they aren’t necessarily considered an ‘exchange’ because you don’t have to give anything, you’re strictly on the receiving end.
And although you’re saving a little time, you’re missing out on some valuable benefits of a genuine exchange.
The basic idea of a BrainX is to slice and dice information and repackage it into concise, actionable content that can be absorbed and applied more easily by others. With this in mind, you get many opportunities to hone your teaching strategies.
When you know you’re going to be teaching the material you’re learning to someone else, you read, watch, and absorb content in an entirely different way.
You’re forced to refine the process by which you synthesize information. And by experimenting with different media, you’re stretching your brain in new ways, pushing and expanding your learning limits.
Another benefit, though a bit more obscure, is relationship development.
Vishen Lakhiani, the founder of Mindvalley, shares how he started setting up Brain Exchanges with people he meets at events.
Instead of attending events and conferences trying to meet as many people as he could, he’d strategically pick out only a handful of people and take steps to extract their best ideas in one-hour skype sessions.
Imagine the impact of condensing 20 or 30 years of someone’s professional life into a one-hour BrainX session.
Efficiency Committee APPROVES!
Vishen later admits that his BrainX sessions eventually evolved into a salable product in his company. His Brain Exchanges not only allowed him to gain more knowledge but also allowed him to gain more revenue in his business.
Some say knowledge is power but the truth is that knowledge is merely potential. The power is in the execution — taking action on the knowledge you’ve acquired.
With this in mind, it becomes increasingly important to make sure that each Brain Exchanges you do engage in is as efficient and effective as possible.
When setting up a BrainX, there are a few guidelines to consider which will help you and your partners get the most out of the exchange.
"Knowledge has no value except that which can be gained from its application toward some worthy end."
—Napolean Hill
Information is only as valuable as the results achieved through its application.
So here’s a simple process you can use to get started with the BrainX today:
Hint: Is there any content, notes, or material you’ve already produced that can be refined and recycled to use in your BrainX session? Leveraging what you already have saves even more time while adding value to someone else’s life.
In less than an hour, you can set up this simple system to increase productivity by more than 200%. If you're aiming to read more books, listen to more podcasts, or just learn more in general, try the BrainX and see what happens.