Business – Trying to manage time

Time management seems to me to be a paradox. While time can’t be altered in any way – we have what is given to us, no more and no less, and it’s the same as its always been, since the dawn of time in fact – we never seem to have enough of it. We don’t have time for a host of things that we keep putting off, never get to, and feel guilty about. It is no wonder that a new definition of tomorrow could be “that mystical land where 99 percent of all human productivity, motivation and achievement is stored”!  Is this a product of our times or has it always been a challenge?

I think of the amount of time our great grandparents had.  They worked much longer hours than we do, they had no electronic or mechanical helpers to do menial tasks, yet they never complained about having no time. We’re the complainers, yet we have more time than they ever did. The issue may be that we have too many options to fill that time. Time management then becomes an issue of choice– if we don’t choose to do something that needs to be done, and is important, there is always something else that we can do, that could be less important but more enjoyable.  

It’s the same in business, even more so during these times. Business is hurting, demand for most products and services is down, costs need to be shaved, but things still need to be done, often with fewer resources. The cycle of business still needs to happen, even if the pot at the end is smaller. What happens during times like these is that urgent tasks are done, while non-urgent tasks are not. 

I find business owners almost ignoring the other consideration – importance. The urgent and important will be done, but the non-urgent and important will not. 

The important, but not urgent, are things like strategy, planning, costings, staff management, and leadership, all critical for the long-term health of a business. If they are not done, they will become urgent, sooner or later. And when these things become urgent, they could take a long time to fix.

What can we do about this? There is a long list of hints, quick fixes and shortcuts, but two practical solutions stick out to me. Firstly, this is not the time to be a perfectionist. You only need to be one percent better than your competitor. Spend the time that you would have spent on being perfect, on doing other important things.  

Secondly, follow the 80/20 rule – the Pareto Principle. What this tells us is that 20 percent of the time will produce 80 percent of the work. So, the remaining 80 percent of the time is when we fiddle, make small changes, procrastinate. Figure out how much of that 80 percent is really necessary and use the rest of it to execute those other critical areas.