Time is Money so Invest it Wisely
Time is a limited resource for most business owners, so it must be “managed” if you want to achieve your goals within the timeframe you set. Time management (or SELF-management) is all about setting priorities and sticking with them.
When it comes to managing your time (or self) consider this: There is a big difference between activity-tasks that keep us “busy,” and productivity tasks that take us closer to our goals. Most business owners are busy, but are they busy doing the right things?
Self-management requires discipline (no doubt about that). And at the end of the day, you need to find what works best for you. Here are some tips to improve your productivity:
- Know How You Spend Your Time. Begin to track your tasks for a two-week period and be specific. Then build a list of tasks and people that wasted your time (or money) each day. Make a special note of the interruptions. Most people find this eye-opening. Once you recognise the time and people wasters, you can take actions to fix the problems.
- Get Organised. It is easier to perform tasks when everything is where you need it and out of the way. This means clearing off your desk so you have room to work and eliminate distractions. Everything should be in a file or binder (in a drawer, cabinet or bookshelf). If you need help organising your space, check out “Organising for Dummies” or get help (there are people who do this).
- Create a “To Do List” and Use It. When you identify a task that needs to be completed, put it on the list and give it a priority (low, medium high). When you plan your weekly work, pull tasks from the list and always do the high priority tasks first. Don’t forget to continuously evaluate the priority levels you have assigned; time can change some of these.
- Plan Your Work. At the end of the week, plan your next week AND at the end of each day, plan the next day. According to Brian Tracy, every minute spent in planning saves as many as 10 minutes in execution. In other words, 10-12 minutes planning can save you two hours in wasted time and effort throughout the day. What would you do with an extra two hours per day?
- Block Off Time to Work on Tasks. The tasks on your “To Do List” will remain there unless you block off time to work on them. When planning your week, block off chunks of time and assign tasks to them. Don’t work on anything not on your list and don’t try to accomplish everything in one week.
- Break Down Big Tasks. Big tasks can appear overwhelming (so they quickly get put aside). Break them into smaller chunks that are more manageable. Then schedule time to work on them.
- Delegate or Outsource. Always look for opportunities to delegate or outsource recurring tasks or low-value activities. Did you know that 50 percent of time wasted in business is due to lack of trust? This is because the owner doesn’t think others can do it as well or micro-manages the team. Give your team the tools and processes; then watch them shine (and see how much time you gain for more valuable activities).
- Use a Tickler File or Follow Up System. Lose the out of sight, out of mind mentality that drives many business owners to keep files visible. Rely on a tickler or reminder system to insure important deadlines are met.
- Don’t Procrastinate. Work on the tasks you dislike (or those that are more complex) first. Then, they won’t be hanging over your head or causing your mind to wander. Plus, you’ll feel great when you check tasks off the “To Do List.”
- Hold Calls (Or Send to Voicemail). If you block time to work on important tasks hold that time sacred and don’t permit interruptions except from a handful of VIP’s. Block off time to return calls each day at your convenience. You may also find that when you are not so accessible, others will handle the “issues” and some problems will actually resolve themselves.
- Handle Mail (or Email) Once. When you go through the mail apply the following formula: Delegate, Action (add to ‘To Do List’), File or Trash. Do not put aside to handle later or you simply end up with multiple piles of unaccomplished tasks.
- Strive For Excellence, Not Perfection. Results come from taking action. By striving for perfection, you delay taking action or delegating tasks to others.
- Learn to say NO. Those two letters are the best time-management tools there are.
A wise man once said,
“When you spend your money, you can earn more. But, when you spend your time, it’s gone forever.”
Time is your most valuable asset. Invest it wisely!
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Paul Fagan is Managing Director of Business Coaching Ireland, which is part of the largest business coaching, mentoring and training franchise company in the world, ActionCOACH Business Coaching. Business Coaching Ireland are providers of the ManagementWorks Business Growth Programme and Business Leadership Programme.