How do you manage your time ?
Value of Time:
The value of time is how much somebody gives or takes for an hour of their labor. The value changes depending on what type of work you do and which industry you are working in. In transport economics, the value of time is the opportunity cost of the time that a traveler spends on their journey. In essence, this makes it the amount that a traveler would be willing to pay in order to save time, or the amount they would accept as compensation for lost time.
In general, when we get overloaded with the task, it is important for us to define the priorities and allocate our time accordingly. Time management skills are essential because it helps us use time wisely and stop wasting time. We become more focused and productive when we are in charge of how we use our time. Productivity leads to profitability. So, good time management can add to your bottom line. The benefits of effective time management are immense:
Effective tips to allocate the time -
When you allocate time, you can:
Time Management Skills
Good time management begins with the right set of skills. You cannot manage your time better if you don’t develop the essential time management skills. These skills take time to create and will vary from person to person. Finding what works best for your personality trait is necessary.
Let’s analyze the core time management skills and how to develop them.
1. Make a Plan
Effective time management isn’t achieved randomly. It involves a good amount of planning. Developing a strategy for which tasks are important, task sequences, calendar management, meetings, project plans, etc., can help you calibrate the course of the day and not go astray.
2. Create a Priority List Rather Than a To-Do List
Think about what needs to be done and prioritize the most critical tasks.
Refrain from creating to-do list of all tasks to be done. Instead, create a list of the tasks based on priority and check off items as you complete them. This helps to drive a sense of accomplishment and motivation. The best way to develop planning skills is using calendar tools like Google calendar.
3. Start Early
Start your day early to take full advantage of the day. Most successful people get up early in the morning and do some quick exercising before heading to work. If you start early, you have plenty of time to think and plan the day. Early in the morning, you are more calm, creative, and clear-headed. This means you have all the ingredients to be more productive.
4. Breakdown Every Task Into Small Chunks
Zero in on what you want, and build smaller goals that ladder up to your desired goal. Group all related tasks into smaller groups that are easy to manage and tackle. Thus, you can better visualize and take steps to reach your goal.
5. Practice Decision Making
What we do with the 24 hours in a day is what makes the real difference in time management. The ability for good decision-making about time is one of the top time management skills. Prioritize and decide which tasks to handle first and say no to.
6. Delegate tasks
Task delegation means proper management of tasks. Learning how to delegate is very important in developing time management skills. Delegating work to your subordinates depending on their skills and abilities will free up time for you and make your team members feel valued and motivated to perform well. By delegating or outsourcing whenever possible, you give yourself time to take on the most challenging tasks. Thus you move closer to the goal of becoming the most efficient version of yourself possible.
7. Set SMART Goals
Set goals that are specific, measurable, achievable, realistic, and secured within a time frame. Be specific with the outcomes you want to achieve and allocate the time needed to reach that outcome.
8. Set Up Deadlines
Set realistic deadlines for task completion and stick to them. Try to set a deadline before the due date to deal with other tasks that may get in the way.
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9. Be Mindful of When You’re Going Off-Track
Procrastination affects productivity and causes wastage of time and energy. We tend to procrastinate when bogged down or feeling bored. Break up challenging tasks into smaller activities to stay engaged and on track.
10. Learn to Set Boundaries and Say No
Time is your most precious asset, and good time management means getting comfortable with saying ‘no’ to tasks that are not your priority. Saying no on-time saves you time to focus on more important things. Learn how to set boundaries for yourself, so you don’t end up biting more than you can chew.
11. Minimize Distractions
Anything that distracts you – emails, texts, social media – can make you lose focus and become less productive. Eliminate these distractions and take control of your time so you can get more work done.
12. Deal With Stress Wisely
Stress can affect our productivity. We often feel stressed when we take on more work than we can accomplish. It’s crucial to identify what works for you when it comes to managing stress response. Find effective ways to deal with stress, including taking a short break, exercising, meditating, practicing a hobby, calling up a friend, or listening to music.
13. Avoid Multitasking
Multitasking sounds like you’re getting more tasks at once. But, studies have proven that it actually hampers productivity. Therefore, rather than multitasking and splitting your attention between a few different tasks, focus on getting one task done and moving on to the next. This small change can improve your outcomes. Bonus: You’ll feel less drained!
14. Use the 20-Minute Rule
The 20 minute increment block is one of the most essential time management skills. Prepare to tackle an important task and set the alarm for 20 minutes. Focus singularly on the task and give it your best shot until the alarm rings. Now decide if you’re going to put the task down or finish it. Repeat until you’ve completed the task.
15. Take Time Off
Sometimes the best thing to do is give your mind a break from the task at hand. Taking a break is a great way to give your brain a chance to reset. It enhances focus and creativity and results in better problem-solving.
16. Build a System and Follow It Diligently
Try out different techniques and figure out what suits you the best. Put the selected methods together to build a system that works and helps you improve. Follow the system regularly to get the most value out of it.
Famous people who allocate time (+ what you can learn from them)
Elon Musk’s 5-minute rule: This is the billionaire entrepreneur’s twist on time blocking – Musk plans his day out in five-minute increments or ‘time blocks,’ and each block is assigned to a specific task or activity. For example, he would respond to overdue emails, eat meals, or hold work meetings using this time-blocking method.
Warren Buffett’s 2-list strategy: The world-famous investor and CEO of Berkshire Hathaway has a time-management technique that he’s been using for decades. He starts each day by making a list of the most important tasks he needs to do, then he makes a second list of things that he’d like to do if he had the time. He then focuses on the tasks from the first list and only moves on to the second list only if he’s completed everything on the first.
Daymond John’s two birds with one stone lifestyle: The famous shark tank investor says he loves to maximize his time whenever he can – if that means doing emails on the plane (instead of the office), he does. If that means recording a podcast while on a walk, he does. John says that time is the most precious commodity anyone has, and it should be used wisely.
Jack Groetzinger’s efficiency game against himself: The co-founder of SeatGeek, one of the biggest ticket search engines in the world, has an estimated number of minutes for all tasks. He uses a software to record when he begins and ends each item. Every day, he challenges himself to get the job done before earlier than his estimates – and he actually does the math (number of actual minutes divided by expected minutes) to gauge his true work efficiency.
Time Allocation in Business
Time allocation in a business context is important for a few reasons.
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