Time management is an act of controlling the amount of time that one spends in accomplishing a task. This involves various skills and techniques. It increases a person’s productivity and at the same time it helps in eliminating stress at work or in school.
Strategies in time management start with knowing and setting a person’s goal. From this, one could make a list of things or tasks to accomplish for a specific time. One may adapt a task schedule in a weekly or monthly basis. It leads to being able to organize things and preventing the waste of time. One should know how to prioritize tasks. The task that is of highest importance should be the first one in the list. Writing an action plan would be helpful in making sure all the tasks are accomplished.
Time management has a great impact in business. Pareto principle is one of the concepts of time management. Also known as the 80-20 rule, it says that 80% of productivity is attainable in accomplishing 20% of the work. In the same way 80% of the outcomes could be due to accomplishing 20% of all the tasks. This principle speaks about productivity in accomplishing tasks in which time is an important factor.
What is the importance of time management in business? It is always an aim of businessmen to increase the sales and with it is the need to increase the supply of a certain product. For example, to be able to meet the consumer’s demand for canned goods, the company needs to increase productivity to supply the products at a specific time. An aimed level of productivity would not be met if there is no enough time to accomplish the tasks. To be able to meet the goal, the wise use of time is very important.
Importance of time management in business and in the finance field:
- Lowers the cost of production- if time is well managed, a goal would be met without increasing the cost of production. If a business establishment could reach its aim with a much lesser time they could save money spent to facilitate production of supplies.
- Increases productivity- a factory that makes good use of time could yield more products in a day than a factory that manages time and work poorly.
- Ensures quality- with an ample time to work on the tasks, one could end up with outputs that are of good quality.
- Meeting the clients demand- if time management is applied at work or in business, due dates could be met and this may cause client satisfaction.
Time management is not only important in business but in every task that we do. It increases productivity, saves money, yield better outcomes and even lessens a person’s stress.