What is time management to you?
Time management is a term that is often overlooked or ignored by many small business owners. In simple terms it refers to how we utilise the time that we have available to us, in business, in life, sports, anywhere. There are 24 hours in every day. How we spend those 24 hours is up to us.
There is a concept in time management called ‘The Pareto Principal’. You may know it as the 80 / 20 rule. The general concept being that, generally, we achieve 80% of our outcomes from 20% of our resource. In context of business it may equate to 80% of your revenue coming from 20% of your clients. Or 80% of your profit coming from 20% of your products (or services). And it is not a hard and fast rule. There will always be exceptions, variations and uniquities. But as an average, rule of thumb, generalisation…. This principal works.
Now look at your own time over the past week or so. Analyse it. Dissect it. If you could categorise your time, would the Pareto Principal apply? What activities did you do for around 20% of your time that yielded maximum (80%) results? What are your highest yielding activities? What activity is getting you your best outcomes?
Imagine doing more of whatever that high yielding activity (time) is. Take some of the low yielding time, the 80%, and spend it on a high yielding activity. You have just created a shift in your productivity.
Once you understand what your most productive activities are – allocate more time on those… from your 80%. The shift will be profound and your productivity will increase as a result. So we now know that our time is spent in a range of activities
Now, imagine if we could create more time. Say you could gain an additional 5 – 10 hours in your working week. Through simple strategies you can create hours in your business. Then say you spent that additional time doing those activities that give you maximum yield.
Your business would improve. Your lifestyle would improve. Your time would become far more valuable.
And you can create more time in your week through simple time management strategies. For example:
- Take 15 minutes every day from procrastination, chats, water cooler talks, any frivolous activity – there’s over 1 hour every week.
- Automate some marketing emails – while they are automatically sending you are working on calling clients
Delegate some of your mundane tasks to a VA, or one of your team