Did you ever hear about the single idea for which a man was paid $25,000?

This simple idea helped to create the world’s first billionaire, and the $25,000 was paid out over 120 years ago. This is the story of how it happened - and how you can use the idea to get more out of your day.  

The story goes that the president of a big steel company had granted an interview to an efficiency expert named Ivy Lee.  Lee was telling his prospective client how he could help him do a better job of managing the company, when the president admitted that he wasn’t doing as well as he could be.  He went on to tell Ivy Lee that what was needed wasn’t more knowing, but a lot more doing.  He said, “We know what we should be doing.  If you can show us a better way of getting it done, I’ll listen to you – and pay you anything you ask, within reason.”

Lee announced that he could give him something in 20 minutes that would increase efficiency by at least 50 percent.  He then handed the executive a sheet of paper and said ‘Write down on this paper the 6 most important things you have to do tomorrow.” The executive thought about it for a moment and then did as requested.  It took him about 3 or 4 minutes.

Lee then said, “Now number them in the order of importance to you and the company.” That took another 3 or 4 minutes.

Then Lee said, “Now put that piece of paper in your pocket, and first thing tomorrow take it out and look at item number one.  Don’t look at the others, just number one.  Then start working on it, and if you can, stay with it until it’s completed.  Then take item number two the same way; then number three and so on until you quit for the day.”

“Don’t worry if you finished only item two or item three on your list.  The others can wait.  If you can’t finish them all by this method, you couldn’t have finished them with any other method.  And without this system, you’d probably take ten times as long to finish them – and might not complete them in the order of their importance.”

“Do this every working day.” Lee went on “After you’ve convinced yourself of the value of the system, have your staff try it.  Try it as long as you like, and then send me your cheque for whatever you think the idea is worth.”

The entire interview hadn’t taken more than half an hour.  In a few weeks, the story has it that the company president sent Ivy Lee a cheque for $25,000, with a letter saying that the lesson was the most profitable - from a money standpoint - he had learned in his life.  And it is said that this plan was largely responsible for turning what was then a little known steel company into one of the biggest independent steel producers in the world and making its owner, Andrew Carnegie, the richest man in the world. 

Why not try this $25,000 idea for yourself?

You could call Ivy Lee the world’s first time management expert; there are certainly more sophisticated versions of this idea around.  But if it worked to create the great fortune of the world’s first billionaire, then it must have some value.  It sounds so simple and easy to do, but how many of us do it?  Whenever I am inundated with work, or prior to going on holiday, I know that I’d be lost without this very simple but effective method of getting done quickly what needs to get done in the order of its greatest importance.

To try the idea for yourself all you need is a pad of paper.  Do as instructed, and then transfer the items that you didn’t complete over onto the next day’s activities.  Every time you are asked to do a new task, rather than carrying it out without question, write it on your list and IF it is more important than your number one task, do it straight away. If not, do it in its order of merit.

Try it – you’ll be amazed at how much more you get done!