Importance of Time Management in Managers' life.
Time management is one of the most important skills to have, but it is often a concept that many businesses, and people, struggle with. Small businesses, in particular, cannot afford to waste time with bad time management and inefficiency. However, the benefits of good time management practices are immeasurable. Businesses that utilize good time management are better positioned to consistently deliver their product, or service, on-time.
Good time management also means that a business is able to solve problems that arise without it significantly impacting day-to-day operations. This is essential for businesses that rely on constant output to increase ROI - a planned, structured schedule provides extra time for problem-solving or unforeseen circumstances.
Managers can, and should, cultivate a workplace that values time management. Here are some tips for business owners to improve time management in the workplace.
The values and work ethic displayed by a company's decision makers have a direct influence on company culture, and many times, on a business' profitability. Time management improves the efficiency and effectiveness of a business, and business owners should continuously work on developing, or improving, their own time management skills.
How Time Management skills can be learned and enhanced?
1. Prioritize
Prioritizing each item on your to-do list will help you stay focused on hitting your day-to-day, and overall, goals. Ask yourself, "What absolutely needs to be done by the end of the day?" Rank each item by its importance - or deadline - and start working down the list. If anything unexpected comes up during the day, you can feel better knowing that the most time-sensitive tasks have already been addressed.
2. Set Measurable Goals
This is essential for both business owners, and employees. Establishing clear-cut goals will help you measure the success of your work and effectively track progress that you have made toward that goal. As a company, you should be asking questions like "Where do we want to be next year, at this time? How much revenue do we need to make next month to stay on track?"
The answers to your questions should form measurable, tangible goals that you can communicate to your employees. Time management means that you are not only productive with your time, but your productivity is focused on achieving your company's goals.
3. Plan Ahead
Planning ahead today saves you time, and unnecessary stress, tomorrow. Once you have established your goals, you can also start working on a feasible timeline to reach them.
An important part of planning is to be realistic about what you can achieve and how quickly you can work through that timeline. Don't fall into the trap of being overly-ambitious with every deadline - although time is money, ensuring that you have enough time to deliver a high-quality product, or service, should always be a top priority. Never meeting deadlines can discourage your employees as well, so be sure to set reasonable goals and communicate to your team exactly what needs to be accomplished to meet them.
4.Know When to Delegate
As a business owner, your time is often divided between day-to-day operations and big-picture responsibilities. Knowing when it's appropriate to delegate some of those tasks to other team members can save you quite a bit of time. It's also a great opportunity to motivate your employees with increased responsibilities and challenges.
A great way to approach what should, and shouldn't be delegated, is to estimate the time it would take for someone else to complete the task. Would it involve extra training? Would I spend more time reviewing their work than the time it would take me to do it myself? These are all questions that you should be asking before making the decision to delegate.
Time Management and Leadership
many leaders feel starved for time. Working under the assumption that longer hours lead to improved productivity, they drive themselves and others to increase effectiveness—then try to “squeeze in” good, quality time with loved ones. Working people are expected to run at a fast pace and be highly productive; yet at the same time, there is a chronic sense of individual and collective slippage, less than optimal work performance, and impending burnout.
The ability of leaders to manage the increase in both workload and burnout more effectively is essential because their behavior has significant impact on others. Recent studies confirm that under stress, people act more defensively, make poorer decisions, and literally lose the “executive” function of their minds. This is especially costly for leaders because they set the tone for their organizations. Their moods affect how others think and behave, so that people around them also tend to react in confused, defensive, and otherwise unproductive ways.
Time management is incredibly important in any leadership role – not only is time valuable and does often actually equate to money, but it is also one of the few things which once wasted can never regained. No matter your wealth, power or position, you slow down, speed up or stop time. So learning good time management is an essential skill for an effective leader.
Managing Time…
One of the best ways to improve your time management is to analyse how you spend your time and trying to implement ways to stop wasting time on some tasks and save time in others. However, be careful of getting too bogged down in details – for example, you could spend so much time creating priority lists or time management spreadsheets, separating work into ‘priority piles’ or colour-coding tasks that you end up wasting more time in trying to manage it! All you could end up implementing time management techniques that are so complicated, you end up disheartened and return to your old bad habits.
B. Keerthiga MBA
HR Intern
AirCrews Aviation Pvt Ltd
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