Why Entrepreneurs should prioritize time management?
The great management theorist Peter Drucker once said: “Time is the scarcest resource and unless it is managed nothing else can be managed.”
We’re in a race against time; the goal is to develop effective ways to manage it as we only have so many hours in a day to accomplish our goals.
Why does time management matters to Entrepreneurs?
There isn’t a specific thing for an entrepreneur to manage and time happens to be the most important one.
An entrepreneur should prioritize the tasks depending on the urgency, allocate time and delegate the others thereby improving the entire company’s efficiency and effectiveness.
Here are some of the best practices and tools that can help entrepreneurs to prioritize time management:
Even if we trust our memory, we might forget something and misremember details. If possible, write every task. With the modernization of task and time management tools, one can easily schedule the day by using google calendar or go with the traditional way of keeping a notebook. You choose!
Procrastination often makes you put off doing things or leave them to the very last moment, to overcome this and finish all your tasks, follow the 2-minute rule in which all you have to do is devote 2 minutes to the task you have been delaying. Easy, isn’t it? It is not necessary to finish the task in 2 minutes, it’s more about beginning the process.
Telephones and emails can sometimes be distractions disguised in the form of work. These can be eliminated by prioritizing the tasks depending on the urgency. This can be done by following some basic steps to categorize the daily work:
Must do: Include tasks that need uttermost priority and need to be completed immediately.
Should do: These can be a task that might need your monitoring for productive outcomes.
Would do: Tasks that are required to be done but have no repercussions for a conclusion.
Could do: These tasks don’t need to be completed immediately nor do they have any repercussions.
Allocating Unstructured time
Sometimes unstructured time may have you thinking you’re busy but might not make you feel productive. However, unstructured time can be turned into an important aspect of time management. Don’t push yourself into physical and mental exhaustion, your health is your wealth as an entrepreneur. It is not necessary to keep doing tasks in your unstructured time. Give yourself time to rest, rest will give you energy and help you focus better on work.
Lastly, for the right time management, it isn’t important how much time you have, but how you make use of that time. You may be filled with multiple tasks, business ideas, plans but when it comes to clearing some tasks you can follow some tips to help streamline your work and be more productive.