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Last Updated on August 20, 2019

The Importance of Time Management: 8 Ways It Matters

The Importance of Time Management: 8 Ways It Matters

No matter how you slice it, there are only 24 hours in a day. Time is a finite resource, and it’s up to you to make the most of it.

If you lose money, you might get a chance to make it back; but a wasted hour is irreplaceable.

While we can’t add hours to our day, I can help you understand the importance of time management, and how time management helps you maximize the time you do have. This isn’t just a skill for entrepreneurs to master. Everyone could benefit from managing their time more effectively and appreciating it for the finite resource that it is.

The Importance of Time Management

The importance of time management comes down to how much it impacts your personal and professional life. Time management is organizing your day so that you find the best use for every moment.

Excellent time management allows you to create a healthy balance in your workflow and home life.[1] The consequences of failed time management include missing deadlines and living with excessive stress.

Even if you’ve failed to manage your time in the past, it’s never too late to change. Set deadlines, get organized, delegate tasks, and prioritize your to-do list to get the most value from your time.

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Why Time Management Matters to You

With the right time management skills and tools, you will experience a lot of benefits from good time management. Here are 8 reasons why you should start to manage time better:

1. Do More with Less

Knowing how to manage your time means that you’ll be able to accomplish more in shorter periods of time with less effort. Think about how much more you accomplish when you truly focus.

Prioritizing and matching tasks to blocks of available time is one way to do more with less effort. Instead of trying to do deep work in the ten minutes between meetings, complete a minor task. This frees up larger blocks for projects that require concentration.

If you find an extra hour of productivity in your day by using your time wisely, that gives you an additional 250 productive hours at work every year.[2]

2. Make Work Fulfilling and Life Meaningful

There’s nothing more frustrating than spending a day being completely busy but also entirely unproductive. A feeling of accomplishment helps you stay motivated at work. At home this translates into being able to relax and enjoy your time.

By being conscious of how you use time, you’ll have more of it to spend on the things you love.

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3. End Indecisiveness

Worrying about whether you have made the right choice can be time-consuming. Naturally, big decisions take up a lot of time but the small decisions you make every day can also be huge time-wasters. Deciding what to do next on your to-do list, for example, can have a major time cost.

Instead of staring blankly at your to-do list wondering what to tackle, create a plan or a routine.[3] This keeps you from using any of your precious minutes questioning what you should do next.

4. Achieve Goals Faster

Many people have big goals to feel fulfilled. But without understanding the importance of time management, these goals could sit on the shelf indefinitely.

For example, perhaps one of your goals is to lead a healthier lifestyle but you can’t seem to carve out time for gym sessions. Chances are, the time you need already exists. You just have to find it. By making the time to attend to your health, you can make necessary and desirable changes quickly.

5. Boost Confidence

Time management can improve your confidence. You’re more likely to take care of yourself properly if you have the time to do so. You’ll look and feel more put together before you even set foot into your work space.

In addition, you’ll get a regular boost from feeling a sense of accomplishment. Meeting your deadlines and exceeding expectations is a huge motivator. On the flip-side, failing to meet deadlines and struggling to keep up leads to burnout.[4]

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6. Have More Energy to Achieve More

Constantly feeling worn out and stressed is miserable. It also makes it hard to take on new challenges. An efficient workflow gives you the time to build new skills to improve your work.

This doesn’t only apply to work, though. Think of how much more exciting life is when you feel energized. With a boost of energy, you’re more likely to try a new hobby or go on an adventure instead of planting yourself on the couch.

7. Make More Time to Do the Things You Love

After you consider the amount of time that it takes for you to sleep, work, eat, commute and attend to your personal hygiene, you have about four hours per day to devote to the things you do for fun.

By learning to manage your time, you’ll have more opportunities to work on personal growth, spend time with family or visit friends. This quality time is priceless.

8. Reduce Stress and Avoid Feeling Overwhelmed

In a given day, you might be tasked with creating a mock up for a project, taking your child to practice, leading a discussion at work and buying groceries. When every task on your to-do list seems equally important, you’ll become overwhelmed.

Good time management allows you to look at your to-do list, categorize, and prioritize everything that’s expected of you. You’ll readily see the distinctions between work-related and personal tasks. You’ll know whether you can delegate some tasks or shuffle items so that you can be more effective.

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The result is a calmer and more-accomplished you.

Final Thoughts

Time isn’t an infinite resource for us. By becoming excellent at time management, everyone can make the most of the time they are given. Failing to manage your time means a lot of time wasted and you can never get it back. Succeeding opens a world of possibilities.

By sharpening your time management skills, you can expect to be more confident and effective at work. You will feel a strong sense of purpose when you produce your best work.

You’ll also have more time to spend with your family, take care of your own health and wellness. Overall speaking, you’ll drastically improve your life!

Find out how you can boost your time management skills here: 10 Practical Ways to Improve Your Time Management Skills Drastically

Effective time management leaves you energized, which translates into living fully and trying exciting things in the new time you’ve found in your day.

Featured photo credit: Stocksnap via stocksnap.io

Reference

More by this author

Leon Ho

Founder & CEO of Lifehack

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Last Updated on November 18, 2019

How to Prioritize Right in 10 Minutes and Work 10X Faster

How to Prioritize Right in 10 Minutes and Work 10X Faster

Everyone of my team members has a bucketload of tasks that they need to deal with every working day. On top of that, most of their tasks are either creativity tasks or problem solving tasks.

Despite having loads of tasks to handle, our team is able to stay creative and work towards our goals consistently.

How do we manage that?

I’m going to reveal to you how I helped my team get more things done in less time through the power of correct prioritization. A few minutes spent reading this article could literally save you thousands of hours over the long term. So, let’s get started with my method on how to prioritize:

The Scales Method – a productivity method I created several years ago.

How to Prioritize with the Scales Method

    One of our new editors came to me the other day and told me how she was struggling to keep up with the many tasks she needed to handle and the deadlines she constantly needed to stick to.

    At the end of each day, she felt like she had done a lot of things but often failed to come up with creative ideas and to get articles successfully published. From what she told me, it was obvious that she felt overwhelmed and was growing increasingly frustrated about failing to achieve her targets despite putting in extra hours most days.

    After she listened to my advice – and I introduced her to the Scales Method – she immediately experienced a dramatic rise in productivity, which looked like this:

    • She could produce three times more creative ideas for blog articles
    • She could publish all her articles on time
    • And she could finish all her work on time every day (no more overtime!)

    Curious to find out how she did it? Read on for the step-by-step guide:

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    1. Set Aside 10 Minutes for Planning

    When it comes to tackling productivity issues, it makes sense to plan before taking action. However, don’t become so involved in planning that you become trapped in it and never move beyond first base.

    My recommendation is to give yourself a specific time period for planning – but keep it short. Ideally, 10 or 15 minutes. This should be adequate to think about your plan.

    Use this time to:

    • Look at the big picture.
    • Think about the current goal and target that you need/want to achieve.
    • Lay out all the tasks you need to do.

    2. Align Your Tasks with Your Goal

    This is the core component that makes the Scales Method effective.

    It works like this:

    Take a look at all the tasks you’re doing, and review the importance of each of them. Specifically, measure a task’s importance by its cost and benefit.

    By cost, I am referring to the effort needed per task (including time, money and other resources). The benefit is how closely the task can contribute to your goal.

      To make this easier for you, I’ve listed below four combinations that will enable you to quickly and easily determine the priority of each of your tasks:

      Low Cost + High Benefit

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      Do these tasks first because they’re the simple ones to complete, yet help you get closer to your goal.

      Approving artwork created for a sales brochure would likely fit this category. You could easily decide on whether you liked the artwork/layout, but your decision to approve would trigger the production of the leaflet and the subsequent sales benefits of sending it out to potential customers.

      High Cost + High Benefit

      Break the high cost task down into smaller ones. In other words, break the big task into mini ones that take less than an hour to complete. And then re-evaluate these small tasks and set their correct priority level.

      Imagine if you were asked to write a product launch plan for a new diary-free protein powder supplement. Instead of trying to write the plan in one sitting – aim to write the different sections at different times (e.g., spend 30 minutes writing the introduction, one hour writing the body text, and 30 minutes writing the conclusion).

      Low Cost + Low Benefit

      This combination should be your lowest priority. Either give yourself 10-15 minutes to handle this task, or put these kind of tasks in between valuable tasks as a useful break.

      These are probably necessary tasks (e.g., routine tasks like checking emails) but they don’t contribute much towards reaching your desired goal. Keep them way down your priority list.

      High Cost + Low Benefit

      Review if these tasks are really necessary. Think of ways to reduce the cost if you decide that the completion of the task is required.

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      For instance, can any tools or systems help to speed up doing the task? In this category, you’re likely to find things like checking and updating sales contacts spreadsheets. This can be a fiddly and time-consuming thing to do without making mistakes. However, there are plenty of apps out there they can make this process instant and seamless.

      Now, coming back to the editor who I referred to earlier, let’s take a look at her typical daily task list:

        After listening to my advice, she broke down the High cost+ High benefit task into smaller ones. Her tasks then looked like this (in order of priority):

          And for the task about promoting articles to different platforms, after reviewing its benefits, we decided to focus on the most effective platform only – thereby significantly lowering the associated time cost.

          Bonus Tip: Tackling Tasks with Deadlines

          Once you’ve evaluated your tasks, you’ll know the importance of each of them. This will immediately give you a crystal-clear picture on which tasks would help you to achieve more (in terms of achieving your goals). Sometimes, however, you won’t be able to decide every task’s priority because there’ll be deadlines set by external parties such as managers and agencies.

          What to do in these cases?

          Well, I suggest that after considering the importance and values of your current tasks, align the list with the deadlines and adjust the priorities accordingly.

          For example, let’s dip into the editor’s world again.

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          Some of the articles she edited needed to be published by specific dates. The Scales Method allows for this, and in this case, her amended task list would look something like this:

            Hopefully, you can now see how easy it is to evaluate the importance of tasks and how to order them in lists of priority.

            The Scales Method Is Different from Anything Else You’ve Tried

            By adopting the Scales Method, you’ll begin to correctly prioritize your work, and most importantly – boost your productivity by up to 10 times!

            And unlike other methods that don’t really explain how to decide the importance of a task, my method will help you break down each of your tasks into two parts: cost and benefits. My method will also help you to take follow-up action based on different cost and benefits combinations.

            Start right now by spending 10 minutes to evaluate your common daily tasks and how they align with your goal(s). Once you have this information, it’ll be super-easy to put your tasks into a priority list. All that remains, is that you kick off your next working day by following your new list.

            Trust me, once you begin using the Scales Method – you’ll never want to go back to your old ways of working.

            More to Boost Productivity

            Featured photo credit: Vector Stock via vectorstock.com

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