Efficiency is a word that often loses its meaning due to repetitive use. In contrast, others would associate it with speed in delivery. Some view it as the performance sense of achieving the highest possible output for the least input. From an entrepreneur’s perspective, this definition is a blend of both. This means that their speed in taking action and ability to get the most out of every interaction makes them impactful while operating under the concept of limited time.
However, one of the most significant shortfalls shared by many business owners doesn’t fall between either delivery or performance, but rather the mismanagement of time and failure to protect it from unnecessary distractions and people. While singing the praise of time management isn’t a novel idea, only a few entrepreneurs ever master the ability to protect their time and increase their work rate.
Maximizing Personal Productivity Yields Better Results
The global economy is going through a transformative period. While others see this as a threat to stability, these disruptions provide the perfect opportunity to get your startup two steps ahead of the competition. Even so, much of what your company can achieve rests on maximizing personal productivity. Those proficient in time management position themselves better to capitalize on emerging demand, reduce the number of stressful work episodes, and influence employees to replicate the same professional behavior:
- Capitalize On New and Urgent Opportunities: Opportunities are everywhere—from competitive employment programs for acquiring new talent to the revolutionary global finance sector, with even Square Enix pushing for the Metaverse. But for any entrepreneur to capitalize on new and urgent opportunities available in their respective industries requires extra time to explore and connect with experts. As a result, any business owner that successfully protects and manages their time will find themselves with more freedom to expand and aim for new heights.
- Reduced Number of Stressful Work Episodes: From a more personal perspective, productivity is deeply connected with one’s mental well-being and motivations. Many can agree that mismanaged schedules can create stressful work episodes. In contrast, an individual that sets time boundaries and accomplishes tasks on time has relatively zero extra quotas to worry about apart from the occasional crunch work expected from startups. That being the case, this entrepreneur can improve the quality of their work and help other areas of the business.
- Influences Employees to Do the Same: One effective way time management improves productivity is by influencing other team members to replicate the same in their work. So while you’re putting in extra hours and meeting deadlines as soon as they come up, you can expect your other teams to step up. Of course, you’ll want to keep your business on the right side of the law. You can hire process servers and an outsourced accounting department to do their best to hold the same standard. For that reason, it creates a domino effect of increased personal productivity for everyone working with and for you.
Utilize Time Management Essentials at Your Disposal
With these benefits in mind, some conclude that upholding such a strict time management standard is difficult to achieve and will take practice to master successfully. And while the latter is valid, several time management tools and essentials exist to help streamline the process, like the habit of executing plans through time-boxing and learning how and when to exit conversations:
- Execute Your Plans through Time-Boxing: To-do lists work great for beginners. But since entrepreneurs battle with spontaneity and swift decision challenges daily, boxing specific tasks through time divisions is far more effective. For example, your schedule between 8 AM–10 AM can consist of planning, communicating, and presenting to key personnel, noting the actual time spent per activity. In doing so, you can keep track of what responsibilities often take a more considerable time investment and better monitor your progress throughout the day.
- How and When to Exit Conversations: Time management isn’t just about budgeting your 24 hours in schedules. It also includes the skill of saying no, declining offers, and knowing when to exit unproductive conversations. An excellent tip to remind yourself during these specific situations is to evaluate its value against your professional goals and the company’s objectives. If it fails both criteria, you can quickly move forward. As a result, you can better allocate the rest of your day for more productive investments of time and effort.
In conclusion, eliminating clutter from your schedule and minimizing the risk to an acceptably low level is essential for entrepreneurs looking to get more from their time and scale their business ideas much faster. Suppose you don’t spend those extra hours directly on company-related assignments. In that case, it allows for more freedom to self-reflect on leadership and work on your personal development.