MANAGING TIME For A Competitive Edge

MANAGING TIME

For A Competitive Edge

“I recommend you to take care of the minutes; for the hours will care of themselves.” – Cervantes

Time is man’s most precious asset. Although, it is a scarce resource but it is available to all equally- 24 hours/day; 198 hours/week; 8760 hours/year. The definition of time is narrow. It varies from person to person. To a manager 1 pm would mean lunchtime. For an executive 1 pm might mean an important meeting to attend to. But all neglects time. We take time for granted. Although, time appears to be plentiful, actually it is very limited.  Time once lost is lost forever.

Time is one of the elements, which eludes the manager. Most managers complain that they do not have enough time. To get most from the time available to us we have to use it effectively. Managing time is an integral part of the management process. In fact, time management is an inseparable part of our life. Those who can use their time well can actually control their life and can achieve their goals. 

Time is the dimension within which things change.

Yesterday is a cancelled cheque,

Tomorrow is a promissory note,

Today is ready cash. Use it.

“Time is the school in which we learn. Time is the fire in which we burn.”- Delmore Schwartz

Principle Of Time Management:

Dr Bhatia has also mentioned the principles, which will help individuals to use their scarcest resource and become masters of change and not its victim.

Principle of Brevity, Principle of Habit, Principle of Proper Planning, Principle of Prioritisation, Principle of Effectiveness, Principle of Equal distribution, Principle of Time Estimates, Principle of Completed Staff Work, Principle of Delegation of Authority, Principle of Analysis, Principle of Management of Exception, Principle of Interruption and Control, Principle of Implementation, Principle of Follow up, and Time is irreplaceable and irretrievable.

If we follow the principles of time management, we can streamline procedures, cut down paper work, delegate effectively and make proper use of time. Before we can manage our time effectively, we need to know how we use our time. One should be a self-auditor.  One should devote at least five minutes every night to review and analyse how the day has gone by.  Time analysis is a prerequisite to time management. What we can do to improve the way we spent our time. The key to time management is to work smarter not harder.

“Why kill time when we can employ it.”- French Proverb

Goal Setting Towards Effective Time Management

“There is no achievement without goals”- Robert J. McKain

Nothing can be achieved without having a definite view of what we have to achieve. The magic begins when we set standards i.e. the measures with which we will compare our actual performance. It is then the switch is turned on and the current begins to flow. These standards should be as specific and as measurable as possible. The vague the measures are, the futile the time management would be.

Goals help individuals to get what they really want. Goal setting is really a positive activity.

“People with goals succeed because they know where they’re going”- Earl Nightingale

Goals can be classified in to two major categories:

1.  Short span goals i.e. Day-to-day activities like

Ø    Encourage good Work

Ø    Reduce costs

Ø    Carry out assigned task

2.  Long span goals i.e. Building for the future like

Ø    Improve Operations

Ø    Build teamwork

Ø    Design better systems

“An age builds up cities; an hour destroys them.”- Seneca

Personal time wasters

Often, executives indicate external factors to be the primary sources of time wastage. But a proper time analysis will reveal that the ‘man within’ is the main source of generating time wasters   like indecision which leads to shifting from one task to another, tension which can disrupt thought processes, insecurity which makes a manager duly defensive etc.

Managerial time wasters

Managerial factors also results in mismanagement of time. Lack of priorities, unclear objectives, incompetent subordinate etc leads to time wastage.

Organizational time wasters

Several bosses have the habit of destroying the priorities of their subordinates, by putting forward to them their own priorities. The conflict of the priorities of the subordinates and the bosses results in the wastage of time. Bosses should encourage subordinates to ask questions and seek agreements on priorities. If necessary, he should be ready to compromise. They should follow “Open Door Policy”.

Environmental time wasters

Constant interruptions, endless telephone calls, visitors etc also hampers proper time management. There are some social myths as regards time in every organization: the harder one works, the more he gets done. This preoccupies the mind of the subordinates and they try to get rid of the work. This prevents effective participation from the subordinates. Consequently their efficiency is degraded. The achievement of the organizational goals is hampered.

There is also a mythical belief that those who put in long hours are sure to be rewarded by their bosses. Or the managers who are most active get best results. But this is not the time you put in rather the result you produce determines how efficient you are.

Follow the golden rule

“Work Smarter not harder”

“Winners don’t do different things they do things differently.” – Shiv Khera

Tips On What To Do About Common Time Wasters:

Ask yourself the question, “What is the best use of my time right now?” Do it now.

The following are some practical tips for identifying and overcoming time wasters:

Time Wasters                                Possible Tips

Poor communication           - Be brief and clear                    - Develop the art of listening

                                         - Mark the letter directly to the

                                           person concerned

- Examine the necessity of

  putting it in writing

Procrastination                   - Use alternative means

                                         - Find the cause

                                         - Set priorities

- Avoid taking too much work  

  at a time     

Time Wasters                                Possible Tips

Inability To Say ‘No’            - Stick to your decision

                                         - Say ‘no’ firmly and politely  

                                            without offending

Taking On More Than

What Can Be Managed       - Schedule for unforeseen

                                         - Differentiate between ‘urgent’

                                           and ‘important’  

Failure To Delegate             - Overcome the need to do  

                                           everything yourself

                                         - Delegate, do not abdicate

                                         - Have trust in your staff

Visitors                              - Go to a subordinate’s seat to 

                                           sort out the problem

                                         - Start your meeting briskly

                                         - Keep a wall clock in full view

                                         - Terminate conversation by

                                           standing up

Meetings                            - Plan the meeting in detail

                                         - Do away with pleasantries

                                         - Miss some unimportant

                                           meetings

Time Wasters                                Possible Tips

Telephone                          - Learn to say ‘no’ – it is easier

                                           on the telephone

                                         - Fix time for ‘availability’ for

                                           receiving call

                                         - Encourage call back system

                                         - Plan outgoing call- it is better

                                           to place them together

Travel                                - Schedule for delays, missed

                                           connections, etc.

                                         - Plan your trip in detail

                                         - Identify the work that can be  

                                           done while travelling, take the 

                                           necessary papers

Subordinates                      - Encourage ‘feedback’

                                         - Delegate as much as you can

                                         - Discourage dependency; 

                                           encourage them to think out 

                                           problems

                                         ­- Clear communication

                                         - Develop the art of listening

“You will never ‘find’ time for anything. If you want time you must make it.”- Charles Buxton

Scheduling Time Around High Priority Activities:

For maximizing your time, you should schedule your time around high priority activities.

‘Do first things first’.

Develop a general work schedule selecting your most productive time for critical activities.

Reserve at least one hour of uncommitted time each day to take care of the unexpected. Above all give yourself time to think.

Pareto’s Principle – the 80/20 Rule:

- ’80 percent of sales come from 20 percent of customers’

- ’80 percent of sick-leave is taken by 20 percent of employee’

- ’80 percent of dust is on 20 percent of floor area’

- ’80 percent of telephone calls come from 20 percent of all callers’

The 80/20 rule suggests that in a list of ten items, just doing two of them will yield most of the value. Find these two, label them and get them done.

 It is again to remind you not to get bogged down on low-value activities but to focus on the 20 percent, where the high value is.

“Time is running a race with you. Delay means defeat, because no man may ever make up a second of lost time.”- Anonymous

A Conclusive Note:

Time can be divided into three categories- biological, business and social.

Biological time Management

This involves managing needs of the body like sleep, food, digestion and regular exercises. You can use most of your time if you are fit and fine. This requires balanced diet, proper sleep and regular exercise.

Business time Management

This involves time saving techniques in the office and also carefully utilizing it. Always finish your work assignment in time; for example, all correspondence work should be completed in one stretch.

Social time Management

This involves the time you use for yourself, for family, friends, etc. Basically one must treat all the days alike, that is, treat working days and holidays the same way or else it upsets the routine. Find out time for your family, friends and other social relations everyday. Make a balance in your professional and social life.

Four things come not back;

The spoken word;

The sped arrow;

Time past;

The neglected opportunity.

Omar Ibn, Al Halif