Those who manage time manage the future: The concept of time management in the world of business

Time is one of greatest equalising sources in the world of business. Everyone has the same 24 hours to fill each day.

However, some professional manage to transform this allotment of time into big projects and innovations resulting in success, while some keep wrestling with time management problems and keep complaining they do not have enough time.

The fundamental difference between these two types is their time management approach.

The way to success in the world of business is stopping seeing time management as a skill, and embracing it as a requirement in the centre of our life.

The article titled "Leadership Optimisation by Effective Time Management: A Comprehensive Study" published by Navya Bajaj on 16 November 2024 examines how time management skills of leaders affect their ability to make decisions, solve problems and resolve conflicts.

Results show leaders who practice time management strategies reduce decision-making time by 30%, increase their problem-solving abilities by 25% thanks to planned work techniques, and manage to decrease team conflicts by 40%.

What are effective time management strategies? How can we use our time efficiently?

1.       Eisenhower Matrix

 According to this matrix, the duties assigned to one are classified under four primary groups according to their importance and urgency.

-          Urgent and Important: Work which must be performed immediately;

-          Important but not urgent: Strategic work which require pre-planning (which could lead to loss of time if pre-planning is skipped);

-          Urgent but not important: Works which can be delegated to others (work which can be performed by personnel at lower levels of competence);

-          Neither Urgent Nor Important: Action which cause loss of time, like arbitrary meetings, sitting down to read the news or browse social media.

2.       Promodoro Technique

 This system developed to improve time management and increase productivity was first suggested by Francesco Cirillo. The technique is built on a practice of 25 minutes of intensive work followed by 5 minutes of rest across the work hours.

The technique envisions a long rest of 15 to 30 minutes after every four cycles of 25+5=30 minutes (i.e. 30x4=120 minutes).

In this method the goal is to have a shorter work period, during which the brain is better focused by avoiding any unnecessary matter. This decreases distractions and lowers the rate of errors.

3.       Pareto Principle

This principle suggested by Italian economist Vilfredo Pareto to increase productivity in time management argues that 80% of effects come from 20% of causes.

To provide an example, it can be easily seen that for most companies 80% of revenue is generated from only 20% of the customers.

Based on this example, we can see that accomplishing the most important 20% of our tasks leads to 80% of our results.

In this context, the most important point is to be able to determine that critical 20%.

4.       Time Blocking

This is a time management technique based on planning by allotting time blocks for certain tasks and activities. In this method we create time blocks for each task on our schedule and aim to focus on and complete the task in the allotted time block.

In order to utilise this method effectively the first step must be to list all tasks in full detail.

Then, logical time blocks (not too short, not too long) should be determined for each task (e.g. gathering current sector information and other news from predetermined sources between 09:00 and 10:00 in the morning).

Finally, unless something extraordinary happens, we only focus on the said task in the allotted time block.

This reduces distraction, utilises time efficiently and increases productivity.

For example, Elon Must plans his daily activities in 5 minute blocks in order to manage his time. This method aims to complete tasks in a shorter and clearer periods of time.

5.       Developing a Note Taking Habit

While not a direct time management technique, note taking is an important habit which indirectly affects time management.

-          Taking notes during the work day signals to the brain that the current task is important. It helps to focus one's attention.

-          According to research, people forget 60% of what they hear in 24 hours. However, note taking lowers this loss by 20%.

-          Writing down daily, weekly and monthly goals creates a more ordered work schedule.

-          Note taking decreases the time spent looking for a past anecdote or statement. This provides significant time savings.

So, what are the traps stealing our time in business? What keep us away from success?

1.       Multitasking

Human brain is not a system built to manage more than one task with the correct focus at one time. According to American Psychological Association (APA), multitasking is an important problem decreasing personnel performance by 40%.

Nevertheless, there are of course some people able to focus on multiple tasks in the world of business.

However, these are classified in "star worker" category. And, even these people face decreases in productivity when focusing on multiple tasks.

In short, multitasking results in problems like distraction, errors and longer completion times.

2.       Postponing

This is a chronic problem faced by many people domestically and globally. Personnel get into the habit of postponing tasks, even when they are important and urgent. These cycles of postponement result in the personnel forget about the task, performing the task incompletely, lose productivity and face more stress in general.

Today this habit is so widespread that personnel came to postpone their tasks for reasons as weak as hours-long breaks, long and interminable meetings on unnecessary subjects half the time, crowding in for chatter and even a simple dislike for the one forwarding the task to them.

The only way to prevent this problem is to raise personnel awareness regarding business culture and importance of time. This can only be achieved by leaders who are able to manage their time well.

3.       Disruptions and Notices

Disrupting the focus of personnel for any reason results in a decrease in productivity. According to research done by UC Irvine University, a worker is interrupted in their work once every 11 minutes on average. The same study shows refocusing on the task takes the worker 23 minutes.

The way to avoid this is to turn off unnecessary phone notices, allotting daily time blocks for meetings and communication, and dividing work hours into uninterrupted time periods.

4.       Lack of Planning and Goals

Lack of planning becomes manifest when time is used inefficiently and priorities are not determined.

When they do not know what to focus on, constantly multitask or do not have any guidance on their goals, personnel fall victim to lack of goals.

In result, the personnel get thrown around like rudderless a boat in the storm. They spend hours for wrong tasks (which can also be tasks officially assigned to them but ignored by the leader afterwards).

The way to avoid this problem is to prepare daily and weekly schedules recording tasks in writing, listing urgent and important tasks, determining achievable and clear goals, and ensuring the leader assigns tasks to the personnel to achieve real results and not just to keep them busy.

5.       Not Being Able to Say No

Many workers feel they cannot say no to their colleagues or leaders for different reasons. This results in them failing to manage their time and acting according to priorities of others. Especially in today's world additional tasks, untimely and unnecessary meetings result in important work being pushed off.

This can be avoided by drawing lines, protecting our time and postponing tasks we can say no to.

In addition to all the methods to follow and problems to avoid detailed above, technological boons like scheduler software, memos, note programs, business planner packages and ERP systems allow teams to plan their tasks more easily, monitor processes more clearly and adapt to changes more comfortably.

At the end, time management can be defined not as performing more work, but as working smartly by focusing on the correct tasks.

In other words, it is possible to make great differences by making small changes in our business life, and this depends only one your own choices.

Adopting note-takin culture and organising your thoughts can allow you to use your time more efficiently.

Time planning, task prioritisation and use of effective strategies will bring success in the world of business. Utilising technology to optimise processes will also increase efficiency and prevent unnecessary loss of time.

In summary, those who manage time manage the future!

Adil Can KAVCAR

27.12.2024