Knowing how to manage time is of the greatest importance in every aspect of modern society.
In business, the old adage is “Time is Money”, but that seems applicable to other facets of our stresses and strains of everyday life.
It accentuates the importance of having the right skills and tools to manage time.
That specifically applies to today’s entrepreneur, who, while carefully delegating her business tasks to her staff, desperately would like to establish a routine in business in order to better manage her time.
Photo Credit: Maarten (Superchango)
But how do we value the entrepreneurs time?
For the salaried employee it’s easy. She can calculate her earning rate per hour.
To see if she manage time perfectly and efficiently, the entrepreneur needs something alike. But how?
Her activities are extremely varied like planning, consultation, organizing, co-coordinating and reviewing, both directly as well as through on-line systems, which frequently extends working from a few hours to 16 hours per day.
How time is spent best or how well she practices the delicate art of how to manage time efficiently is exactly what gets misplaced or pushed to the background.
Here are some tips on how to value her time in order to manage time efficiently.
- Money value
It’s absolutely necessary to formulate a way of recognizing whether the time spent is worth the value.
A simple money value for each hour spent is the easiest and simplest method to establish this. You have to make a beginning somewhere. Simply start with the total money earned in a certain period and divide that by the number of hours worked. Later on you can go into further details by specifying what kind of activities that period comprised.
- The first step
What really counts is the first step to be able to estimate how one functions, or delegates his/her business chores. It should eventually result in an answer to the ultimate business question about how much the returns can be maximized for minimum effort – and that apparently includes the value of time spent.
Once that figure is calculated, it will be more than likely that it is terribly low or not even comes close to what a salaried person earns within the business. Yet now the entrepreneur has all the data before her that she needs to set her goals to take it higher, in steps and match with supporting actions, on managing routines or delegating the right things to the right persons.
- Invisible Benefits
The least this exercise can do is to throw up some data on how one’s time is being spent, wasteful or useful, but once the figure is known in money terms, it is easier to take corrective steps, in many areas of the business which costs money and manage time more efficiently.
- Knowledge is power
Further the business owner becomes more equipped with the knowledge of the actual value of his/her contribution, and what or where one has to change in his/her routine, or delegation to others, such that the business operates more profitably.
Ultimately she will manage time much better and more efficiently which in turn will lead to optimal delegation of business activities to others, so that more efficient routines get established, leading to profitable businesses all the way.
So, how do you manage time?
Post your comments below
Share this post using these icons: