Importance of Time Management

Time is probably the most precious material commodity that exists, and managing it effectively is key to leading a productive, successful life. 

We often value and manage all assets that we have – money, places we live in – but fail to manage our time effectively. 

However, people who understand the value of time and manage it like a precious resource, are able to get the most success in the least amount of time. 

Time is the most powerful force in the universe. 

Nobody controls it. Nobody can stop it. 

If you make choices that make time your ally on a daily basis, then nobody can prevent the trajectory of time from benefitting you in the long-run.

James Clear , jamesclear.com

Time is more important than money

During my initial career, I used to save money and trade time in lieu of it. Too soon, I realized that it was a bad bargain. Trading money for time is okay, trading time for money is not okay. 

Time well spent produces the strongest returns of all investments. Invest your time in learning skills consistently, and soon you will see your professional and monetary value compounding exponentially. 

Time management skills are key to productivity

Time management is the key to increasing productivity and achieving success. It involves managing your tasks, activities and resources to ensure that you are maximising your output. It also involves setting short-term and long-term goals, and planning and organising your time to reach those goals.

Role of prioritization in time management

Prioritization is an important part of time management. It involves organizing your tasks based on their importance and urgency, so you can prioritize and focus on the most important tasks first. This will help you achieve your goals faster, and help you stay motivated and focused.

How should I spend my time ? – 2 ways to Prioritize Time

If you want to grow with certainty, make choices that save you time and spend your time on something that creates value for you. 

Now, one man’s gold may be another one’s garbage. 

So find out what makes sense for you. 

If you do not like cooking, spend some money and hire a cook, so you can spend your time on something that you can develop as your strength. 

The following two tips should help you prioritize your time better. 

1. Spend your hours on activities that are worth your hourly rate or more

For example, I can file my taxes, but spending my time on that activity means spending 2-3 hours on the same. A simple calculation into my hourly rate suggests that it is better I should outsource this activity to a tax consultant. 

2. Spend time on activities that add to your positive energy

Though the same hourly rate logic applies to cooking as well, which I can outsource easily. However, I love cooking, and it adds to my positive energy. Also, it allows me to control my diet, and helps me get healthier, again adding to my energy. So cooking is something I do not outsource. 

Time Management Techniques

Less is More – Cutting off non-essential activities

Cutting off non-essential activities is an extremely powerful technique. Cut off tasks that are wasting your time and not giving you any return. This could be anything from checking your emails too often, to scrolling through social media for hours, or watching TV for too long. These activities are not productive and can easily be avoided or reduced.

Long back, I shut down my social notifications, uninstalled apps and decided only to log in and check accounts when I needed it. In most cases, social apps control us. But when we turn the equation around, the same social media can be really helpful. 

Delegating v/s Doing it yourself

Delegating tasks is another important part of time management. It involves assigning tasks to other people so that they can do it instead of you, freeing up your time for more important activities. However, it is important to ensure that the right people are delegated the right tasks, and that they are given the right instructions and guidance.

An important part of leadership is delegation. But delegation requires effort to train, and to monitor, and follow up. It requires maintaining systems of monitoring and following up. Every professional who wants to grow fast in her/his career needs to learn this essential skill. 

Proven Tools for effective time management

Though the methods and principles of time prioritization I described earlier are effective in setting your overall time management philosophy,there are many proven tools and strategies that can help you manage your time on a daily basis effectively. 

Some of these tools are : 

• Setting goals, 
• Writing a to-do list, 
• Following Urgency Importance matrix,
• The Pomodoro Technique, and
• Time blocking. 

How top leaders and CEOs manage their time 

Top leaders and CEOs are some of the most productive people in the world. So, how do they manage their time?

First, they prioritize. They identify their most important tasks and focus on them first. They also delegate whenever possible and eliminate distractions.

Second, they use time-management tools. Top leaders and CEOs often use tools like to-do lists, calendars, and reminders to stay organized and focused.

Finally, they practice self-care. Top leaders and CEOs make sure that they take regular breaks and get enough rest and relaxation. This helps them stay productive and focused.

For example, let’s have a look at Jeff Bezos’ time management methodology. Amazon CEO Jeff Bezos takes pride in making breakfast in the morning. He takes a few decisions everyday that provide direction to the company. He also makes sure that he gets enough rest and takes regular breaks and is usually ready to sleep by 10:30 pm.

As with any other technique of proven success, time management is more of an input mechanism, and requires patience. Though initial results will be immediately evident in the quality of your life if you start practising time management, the long term benefits would be incredibly rewarding if you stick to a time management system for a long time.