Time management

One of the keys to the success of your business and achieving your personal goals is undoubtedly how you manage your time. You need to maximise the time you spend on activities which really add value and contribute the most towards your success, while minimising the effects of those inevitable items which “waste” your time. 

Your time is quite different to any other resource, as the terms can’t be changed.

• Every business person is a year older than 12 months ago.
• There are only 24 hours in a day, no matter how much you try to create more.
• You can correct mistakes made with other resources, but a wasted hour is lost forever.

One quality that the most impressive business owners have in common is their ability to organise themselves and their time well.

Why improve your time management?

If your answer to one or more of the following questions is “no”, then you could benefit from improving your time management.

• Do you always meet deadlines?
• Do you have enough time to do the things that are important?
• Do you spend enough time with your family/friends?
• Do you spend enough time relaxing, taking exercise, enjoying your hobbies?
• Are you always content with the amount of time that you have available?
• Do you spend enough time thinking about/planning the future of your business?
• Do you spend enough time with the members of your team?
• Do you spend enough time with your customers?
• Do you spend enough time reading and keeping up to date with issues affecting your business and marketplace?

Plan your time

These time management key points will help you make the best use of your time:

1. Clarify your goals and objectives.
2. Set your priorities.
3. Identify "to dos".
4. Adopt a system.
5. Decide what to do right now.

1. Clarify your goals and objectives

Managing your time is about being effective (doing the right things) as well as being efficient (doing things right). To ensure that you are doing the right things, you need to have clear goals:

• Identify your “key result areas”, ie the main aspects of your job in which you should achieve measurable results – sales levels, budget performance, productivity, market share etc.
• Identify specific objectives and targets for each key result area for the forthcoming year/quarter/month. For example, “Grow sales by 10 per cent by the year end” etc.
• Ensure that your goals and objectives reflect the needs of your customers.
• Decide how to track and measure your performance

2. Set your priorities

Use a list like this to help you set your priorities:

1. Important and urgent
2. Urgent but of low importance
3. Important but not urgent
4. Of low urgency and low importance

Look at what you have to do and where you would place each task or goal on this scale.

• Plan to do tasks that are both important and urgent (1) first.
• Fit the urgent but not important (2) tasks in next.
• It is crucial to put time aside when you will do the important, but not urgent (3) things – these often get forgotten because you are dealing with urgent things.
• Identify time wasters (4) and resolve to ignore them.

3. Identify "to dos" – what to do, when and how

• From step 2, develop your ‘to do’ list – daily/weekly/monthly.
• Decide how much time to spend on each activity, considering the time-benefit ratio – how much time is it worth, considering its value.
• Set time limits and deadlines for everything you do.
• Consider who should complete the task – is it the best use of your time, or should it be delegated to a member of your team?

4. Adopt a system

• It is not possible to plan everything, as there will always be impromptu problems to sort out, ad-hoc requests etc. However, take control of your time with the help of an appropriate system – be it a paper based or electronic one. Use the one (or combination) that best suits your needs.
• Experiment, if necessary, to find the right combination of tools for you (see next table). Used well, they will help you to get organised and take control of your time.

Diary

• Use it for planing ahead.
• Allocate time for your “to dos”.
• Use it for reminders.
• Diarise review dates.
• Allocate time for your customer/s and your team.
• Allocate time for thinking and planning – consider doing this off site to avoid distractions.
• Leave “buffer time” between tasks.

Monthly/weekly planner

• Set your short-term goals and objectives.
• Plan the month/week ahead.
• Leave time for unforeseen circumstances.

Daily planner

For each day, list:

• Results to achieve.
• Actions to take – then prioritise them and work through them in order.
• People to see/speak to.

Charts

• Use wall charts for targets and information relevant to the whole team.

Speak-to lists

• Make a note of what you need to speak to who about, under the name of each individual with whom you have key contact.

Voice and email

Use for:

• Briefing others.
• Answering queries.
• Seeking information.
• Don’t fall into the trap of over use! It can be damaging to working relationships.

5. Decide what to do right now

• Your time management system will help you to determine what you should be doing now.
• Avoid distractions and try to manage time wasters:
  -Identify the root causes of what wastes your time.
  -Remove time wasters, if possible, or at least minimise their impact.
  -Review whether or not you are delegating enough.
  -Discourage others from keeping you informed of too much detail.
  -Anticipate what information you need to share with your team and find a time-effective way of doing it, eg a short meeting, an email.
  -Only hold a meeting if it’s necessary and be disciplined in sticking to a timed agenda.
  -Avoid interruptions by letting others know when you would prefer not to be interrupted.
  -Learn how and when to say no, to avoid always being led by the priorities of others.
  -Before making phone calls, make a list of points to cover.
  -Insist on brief memos and reports that show recommendations first.

Final thoughts

• The 80/20 rule usually applies to time – 80% of your results will be generated by 20% of your time. Keep your eye on those “vital few”.
• Continually re-evaluate your activities in the light of your goals and priorities.
• Develop the habit of finishing what you start and avoid flitting from task to task.
• Take time to do things right first time. That way, you won’t waste time doing them again.
• A critical part of your role is to plan, organise, think and provide leadership. Ensure that you are spending enough time on these activities.
• Many business owners work excessively long hours because they are badly organised. Don’t be a “busy fool”.
• Get enough rest to keep healthy.