For businesses, one of the most valuable, important resources you have is time. Many business owners believe that money is their most precious resource – but while you can get more money by various avenues, once time is gone, it’s gone for good! Time is a limited resource that is depleted every day, and you can’t buy more of it. So as a business owner you need to be very careful with your time.
When time is managed poorly, procrastination and problems with self-control can creep in. Honing an ability to plan and control that time to effectively accomplish your business goals can be a daunting task. But when time management is applied appropriately to business tasks, the following benefits can be expected:
- Reduced stress – When there are fewer surprises, tight deadlines or less rushing around from place to place, working individuals and groups will notice a reduction in stress.
- Increased productivity and performance – this one is a no-brainer! When your time is managed effectively, you get more done and get it done faster.
- Less mistakes and rework – Being organised can result in fewer mistakes that require rework and attention to correct.
- Improved business reputation – When your business associates and clients see you are punctual and organised, you will become known as reliable. Nobody is going to question whether you will be on time, meet your deadlines or complete the tasks you have set.
So what activities are involved in skillfully managing your time, and how can you develop these qualities in yourself and your teammates? Some aspects of time management include:
- Setting goals
- Prioritising tasks
- Monitoring how your time is spent
- Practising your skills
- Planning for the future
We’ll explore these aspects in greater detail in a future blog post, and explain some techniques that will help you manage your time more effectively!