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12 March 2023 10 Min Read

Time Management – Control Your Most Valuable Resource

More often than not, time is the last thing on our minds. We have our priorities in life and are focused on other things. But, whether we think about it or not, time goes by, and it doesn’t stop for anyone or anything.

So, if you think about it, time is the most scarce resource. It is all we have until we don’t. And when it’s gone, it’s gone. There’s nothing you can do to return it.

Still, there are a lot of misconceptions when it comes to time. My favorite is that longer work hours bring more profit. While I have learned this the hard way, I can say it’s not true. In reality, working more lowers your concentration. Therefore, you are bound to make mistakes, lose focus, and slack in the workplace.

More Work Does Not Equal More Money

As a young entrepreneur, I understand how difficult it is to make ends meet. Often, work has gotten the best of me. I have worked 12 hours a day, and sometimes, even more. However, I have realized that it’s ineffective, not productive, and not worth it in the long run.

So, while it’s important to acknowledge time as a resource that you should appreciate more than anything, one thing matters even more – how well you spend it.

Our choices determine the amount of money we make and the direction of our life. The ideal outcome is to become financially stable and have free time. And while this might sound too good to be true, I assure you it’s possible.

If you are in a situation where you overwork yourself and still don’t make enough money, it’s time for a change. You’ll need to focus on smarter working. It requires courage, better decisions, and good time management.

The Basics of Time Management

By definition, time management refers to the ability to use your time effectively or productively. It enables you to organize and plan how to divide your time between various activities. If you do it properly, you’ll be able to finish more things in less time and work smarter, not harder. In addition, you’ll feel less stressed and pressured even on a tight schedule.

Time management finds its way into everything, whether you are striving to reach your business goals or manage your day better. So, it would be best to learn to manage your time effectively. After all, the highest achievers do, so why not copy them?

Note

Effectively spending time means finding the perfect balance between what you WANT to do and what you HAVE to do.

While time management is complex, here’s a summary of the time management process:

Goal Setting – the things you want to do.
Planning – the steps you are going to take.
Prioritizing – the things that bring you long-term benefits.
Organizing – the things that you find difficult to do.
Evaluating – the things that you’ve already done.

Essentially, your tactics depend on what you are trying to achieve. The key thing with time management is to do it on your terms. However, be very strict once you set up the rule. Without discipline and a good plan, you won’t be able to achieve your goals.

My 10 Favorite Time Management Tips for Entrepreneurs

Although there isn’t a one-fits-all alternative, some of the following things can be life-changers for most people. Well, at least they have been mine.

Sort Out Your Priorities

Some responsibilities are more important than others, and some things are more valuable than the rest. So what happens when you spend your energy on the wrong tasks or people? You have no energy left for the right ones.

Making a list of your biggest priorities and following it will facilitate your work and life overall. Another good tip is to start your day with the most challenging tasks.

Studies show that you are most focused and efficient in the first few hours of waking up. So, although you might be used to the opposite, once you start changing this aspect of your life, you will see your productivity rise substantially. Therefore, you will be able to achieve more by doing less.

Furthermore, it would be best to recognize the value of writing things down. For instance, you can use the popular Google Calendar or a similar time management and scheduling calendar service. If you are more traditional, you can get yourself a notebook and put your plans on paper instead.

Important

As an entrepreneur, you can forget about a normal, scheduled week. Things can go wrong in a matter of seconds. So, I recommend you prepare and develop mental plans B and sometimes even C. It will allow you to pivot from your schedule without feeling guilty.

Try To Get Up Earlier

Most young people think staying late is cool and promotes an entrepreneurial spirit. I believed in this misconception myself. Well, that’s until I realized that getting up earlier is the real deal.

Many successful people have this in common. For instance, say you wake up at 6 AM. You’ll be able to finish most of your obligations by 12, and you’ll still have the whole day in front of you. Consequently, you’ll be able to “squeeze in” a quick workout, a coffee break, or watch an episode of your favorite TV show, all before lunch.

Still, to remain well-rested and productive, go to bed earlier and have a good night’s sleep.

Set Up Realistic Goals

We all have certain goals in life that we want to reach. However, to succeed, these goals have to be realistic. Aspiring for greatness is nice, but reaching it demands patience and hard work.

Start by setting smaller goals, possibly every day, week, or month; how you approach these smaller goals determines whether you can reach the bigger ones.

Remember, even small steps lead you forward and should not be underestimated.

Don’t Multitask EVER

If you think multitasking does you a favor, I am here to tell you that it doesn’t. You lose quality when you divide your talent and attention and focus on a few tasks at once.

Warning

It might seem like you are doing a lot when in reality, you are just losing your time and nerves. The result is often many mistakes and the need to repeat and correct everything.

The better alternative is to focus on a single task, i.e., attention management. I suggest you dedicate your full focus and undivided attention and work in isolation.

For instance, you can set up a timer. You should eliminate all remaining tasks until it goes off, including checking your phone, email, etc. Then, you can have a short break and decide whether to continue with the same task or switch to another one. When you are ready to continue, set the timer again.

Such focus will boost your effectiveness and productivity and help you finish a job in less time.

Utilize Automation for Time Management

Technology exists for a reason, right? So, why not use it for time management?

It can cut the time it takes for you to finish a task in half. At the same time, it will help you skip the monotony of performing repetitive daily tasks.

For instance, you might need to set appointment reminders, post on social media, reply to emails, handle recurring expenses or invoices, track projects, purchase supplies, and so on. Such tasks don’t require your attention and energy, so you can easily automate them.

Automation will save you time and boost productivity, freeing time for more meaningful tasks.

Learn To Say NO More Often

Saying no to distractions is the key to time management. If you want to succeed, you must forget about feeling obliged to say yes to everything.

Do you think people will perceive you as rude? Let them. Setting boundaries is not rude, and it’s time to recognize that.

Try to identify time suckers, whether it’s friends, family, or potential clients. Moreover, choose your battles and make discussions brief. Not everything deserves attention, and even if it does, try to limit the time you dedicate to it. Finally, select projects based on their time-money value and refuse anything that won’t pay for your valuable time.

Try The 2-Minute Rule for Time Management

You can easily waste valuable time by procrastinating, postponing, or delaying tasks. You might feel like you have time, you lack motivation, or you simply don’t feel like doing it at the moment. Either way, the 2-minute rule can be a game-changer.

Start by devoting two minutes of your time to a task. It doesn’t mean you must finish the task. The point is to start and cut the time it takes for you to take action. And the key is once you do, the probability of finishing the task increases significantly.

Delegate and Ask for Help

Distractions are your number one enemy when it comes to time management. As mentioned earlier, prioritization refers to choosing what tasks deserve your time and separating them from those that don’t.

But what happens to the tasks you choose to move down the list? Delegation!

The best way to delegate tasks is to get a personal assistant or hire a freelancer. However, if you cannot afford to pay someone to give you a hand, you can ask your family, friends, or colleagues for a favor. Still, don’t forget to reward them somehow and appreciate their efforts. This way, you’ll be able to ask them again in the future.

Give Yourself A Break

Don’t eat your lunch at the desk, don’t do meetings while walking your dog, and leave your phone if you are in the restaurant. You should be able to take a break from work. So, stop feeling guilty for doing so!

I made this mistake for a long time; I felt obliged to be available 24/7 on my social media accounts. However, I didn’t realize I was spending precious time with my loved ones, and I was hurting my body. I was constantly stressed because I didn’t have any time off.

I warmly recommend you take a walk or do a stretch, use time to plan and reflect, and don’t oversee the importance of socializing and building relationships.

Value Your Time, So Others Will Too

I spent too much time with people who never really cared about my growth or respected the fact that I spent my free time with them. Fortunately, they taught me a valuable lesson that I must value my time. Otherwise, others won’t either.

If you underestimate yourself, others will too. Similarly, if you don’t have respect for what you do, others won’t either. And if you don’t value your time, don’t expect other people to do it.

Appreciate every second and every minute of every day. Once you start doing that, you’ll see how others turn to understand and value you more. They will see just how much they mean to you and that the time you spend with them can be measured in quality, not quantity.

After all, losing people is easy if you are too focused on making money. Meaningful relationships are based on mutual respect. Therefore, you must find time for your loved ones and yourself before it’s too late.

When you dedicate your free time to the right people, trust me, they will notice that you genuinely care about them. So, show people you value their time, and they will return the favor.

Important

Don’t waste time on toxic people; the right ones are right in front of your nose. Sometimes it just takes time to see it.

The Bottom Line

You might feel confused about what you should prioritize and what tasks deserve your focus and attention. So, ask yourself, if this was your last day on Earth, what would you do? Seeing time as a limited resource is incredibly eye-opening and certainly motivates you to take action and do it fast.

Time waits for no one. It doesn’t wait for your goals or dreams, and it certainly doesn’t wait for you to lose your fear and start doing the things that make you happy. So, next time you think about putting the things that matter to you on hold, remember that you are wasting precious opportunities to improve your life.

Money might be proof of work and dedication. Still, they are not more important than your happiness. So, I advise you to practice good time management but always keep your eyes on the prize — your happiness and well-being. Make room for the people you love and the things that make you smile.

And once you take charge of your life, you will find it easy to have everything else under control, including your time and money!

Frequently Asked Questions

Yes, time management is one of the most required skills in today’s market. Prioritizing, delegating, organizing, strategic planning, and problem-solving are a few popular examples of time management skills.

The main benefits of learning how to manage your time include better work-life balance, less stress, better focus and productivity, less procrastination, fewer distractions, more freedom, and more energy and time to think.

Time management puts you in control and gives you direction when you are overwhelmed by work. Consequently, it boosts your productivity and helps you reduce long-term stress.

Studies show that strengthening time management training can reduce depression and anxiety levels.

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