How Business Leaders Manage Time Underpins Success
Time is a widely used term, yet we seldom stop to consider it in any depth.
The Oxford Dictionary (G.B., 2001) defines time as “The indefinite continued progress of existence and events in the past, present, and future regarded as a whole”. We use watches, clocks, and calendars to ‘measure time’, yet these do not define “progress of existence and events”. In business, the only constant is change, meaning that time in business is not measured by the clock/calendar, rather by the pace of change in the market that we operate in. A year in business in 1953 was entirely different to a year in 2023.
As a business leader, it is essential to take advantage of time at a market, organisational, and personal level.
Markets are continually changing due to technology advancements, customer preferences and competitive pressures. As Director or the Enterprise Line of Business for Asia at Cisco Systems around the turn of the Millenium, I presented across Asia advising audiences that Cisco’s mantra was “The Internet will change the way we work, live, play, and learn and that if you don’t move from ‘bricks and mortar’ to ‘clicks and mortar’, your business will become irrelevant”. Today, that advice is reality. There is no aspect of business that has not evolved, with having a substantial ‘online’ presence and capability being fundamental to business success, especially in retail and services marketing. To manage time in your market environment requires rapid planning and execution, not measured in ‘years’ but in significant events that you can implement in the fastest ‘time’ possible to create market advantage over your competition.
Organisational time management is an essential component of business effectiveness. The accounts of a business provide rich feedback on organisational time. How do you cut the time taken to produce the revenue? What time can be saved in producing the product? How can expenses be reduced by doing more in a shorter time? What can be done to reduce aging inventory? How can profits be invested to cut production times? Etc. Your people don’t enjoy wasting time and are often inhibited by inefficient processes. Focusing on reducing wasted time in inefficient processes will enable them to be more effective, leading to their greater satisfaction, hence reduced staff turnover, and improved profits.
The business leader sets the culture for time management. Personal time management is essential. You can create time by prioritising what you do, delegating essential tasks wherever possible through empowering your team, and eliminating ‘busy’ tasks that are often counterproductive. The next time you say or think “I just don’t have enough time!”, ask yourself: “What am I doing to ensure the important tasks are done, and the unimportant tasks are effectively managed or eliminated?” “What is my written plan that I execute relentlessly?”. If you prioritise busy tasks ahead of important tasks, such as spending face to face time with your people working on the business, strategizing, thinking, and ‘re-charging your batteries’, you are wasting all categories of ‘time’.
Failing to understand time and how you can use it to advantage makes it your enemy. Effectively managing market, organisational, and personal time makes it your friend and strategic ally.
(No AI was used in producing this article).
Philip Belcher MBA, FAICD, FIML is Principal of LSE Consulting Pty Ltd, a specialist leadership and management advisory company.
www.lseconsulting.net.auwww.lseconsulting.net.au,
