"If you aim at nothing, you'll probably hit it," is a phrase we sometimes hear. This applies to our Bible reading as well. If we are not aiming to meet God in his Word, we won't. So, consciously come to your time of Bible reading expecting to hear God speak to your life situation. Come expecting to learn, expecting to change, and you won't be disappointed.
Next, read your day's passage thoughtfully and prayerfully. Start by considering the context of your passage. That is, familiarize yourself with what comes before and after what you read so you keep the verses in their proper perspective. Then read the passage slowly. You may even want to read it twice to make sure you get it all.
After reading, meditate on the text and its meaning for you. This will involve your intellect as you answer questions such as "What is the main point of this passage?" "What do I learn about God?" "What does Christ require of me today?" It will involve your imagination as you put yourself in a parable, illustration or biblical story and reflect on what it would be like to "be there." (For example, try to imagine your thoughts and feelings if you were in the crowd watching Jesus' crucifixion.) And it will involve your heart, as you honestly apply God's Word to your life, when it hurts as well as when it inspires.
After you've grappled with the text, think of ways to take its message with you into the day. Keep a notebook of your discoveries, memorize a key verse, tape a 3 x 5 card with a helpful verse to a familiar spot in your home or office, or make up a melody and "sing a verse" throughout the day.
And don't forget prayer. Since God is speaking to you through the Bible, naturally you will want to answer him in prayer. Pray before you read, asking the Holy Spirit to give you insight. If you come to a verse that touches a particular need of yours or spotlights a sin you've given in to, stop and pray about it. And when you finish reading, pray again that God would help you act on what he's said to you. Bible reading combined with prayer will transform your daily Quiet Time from a religious habit into a two-way interaction with God.