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Role of time management in a businesses

September 10, 2020

The values and work ethic displayed by a company’s decision-makers have a direct influence on company culture, and plenty of times, on a business’ profitability. Time management improves the efficiency and effectiveness of a business, and business owners should continuously work on developing their own time management skills.

Time Management Benefits

Time management is one of the most necessary skills, but it’s usually a concept that many businesses, and people, struggle with. Especially small businesses, cannot have bad time management and inefficiency. 

However, the advantages of good time management practices are immeasurable. Businesses that utilize good time management are higher positioned to consistently deliver their product, or service, on-time.

Perfect time management means a business which can resolve all issues without any delay and impacting everyday operations. This is essential for businesses that rely on the constant output to increase ROI, a planned, structured schedule provides extra time for problem-solving or unforeseen circumstances.

Business person can, and should, cultivate a workplace that values time management. Here are some tips for business owners to improve time management at the workplace.

  • Prioritize

To stay focused on your daily activities and to achieve your goals, it is important to Prioritize each item on your to-do list. ask yourself, “What 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 something unexpected comes up during the day, you can feel better knowing that the most time-sensitive tasks have already been addressed.

  • Plan Ahead

Planning ahead nowadays saves your time, and unnecessary stress, tomorrow. Once you have established your goals, you can also begin working on a feasible timeline to achieve them. An important part of planning is to be realistic regarding what you can achieve and how quickly you can work 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 be a high priority. Never meeting deadlines can discourage your staff also, so ensure to set reasonable goals and communicate to your team exactly what needs to be accomplished to fulfil them.

  • Set measurable goals

This is important for each business person, and staff. Establishing clear-cut goals can help you measure the success of your work and effectively track the progress that you have made towards that goal. As a corporation, you should be asking questions like “Where do you want to be next year, at this time? How much revenue do your company need to make next month to stay on track? 

Your answer should form measurable, tangible goals that can help you to communicate with your staff. Time management means you’re not only products with your time, but your productivity is focused on achieving your company’s goals.

  • Know when to delegate tasks 

As a business owner, your time is often divided between daily 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 good way to approach what should, and shouldn’t be delegated, is to estimate the time it might take for someone else to complete the task. Would it involve additional training? Should you spend more time reviewing their work than the time it would take me to do it myself? These are all queries that you should be asking before deciding to delegate.

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