What is the value of time management?
The one non-renewable resource all business owners face is time. You can always make more money, hire more people, obtain new equipment, etc., but once time is gone, it’s gone.
Time Management is one of the most important skills we coach people on. You can acquire all the right knowledge, have the best ideas, but if you don’t execute on those ideas, it’ll likely be a result of poor Time Management.
Time Management is really a misnomer. Can we really Manage Time? No, not really, Time is a constant. However, we can manage ourselves. Our Time Management coaching starts with running a weekly time log to record where you are spending your time. After a week or two of logging where you spend your time, patterns will emerge. You will discover that you spend your time in one of 4 areas.
The 4 areas we spend our time on are: Not Urgent-Not Important: Distractions, Urgent-Not Important: Delusions, Urgent-Important: Demands, and Not Urgent-Important: The Zone. The Zone is when we are working on our business or on ourselves. Most entrepreneurs and executives are only getting to the Zone maybe 3% of their time. Our goal is to get you to 20% of your time working in the zone. This, by the way, would be approximately one day per week!
4 Basic Time Management Principles
Time management comes down to 4 basic principles. First, you have to know the real value of your time. Your time has an actual value that’s measured in $. Let’s say your time value is $200/hour. Why then would you do tasks that you could pay someone $10/hour to do? Second, you have to know your vital few functions. These are the 2 or 3 things you could do that make you and your business the most successful. Third, schedule time on your vital few functions, Finally, you need to track the time you spend on your vital few functions.