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Time management and the value of time

Wouldn’t we all be better off with better time management?

Ironically, time is the most valuable thing in the world and the one thing that no one can control.

Focus on what you can control

If we cannot control time, focus on controlling what we can do with the time we have. This is very important in both your business and our personal life.

How many times have you heard someone say “I’m busy” or “I just can’t find the time”? This lack of control greatly impacts our productiveness and personal relationships.

So what is the true value of time?

An interesting analogy has helped me put a lot of things into perspective and shaped how I organise my to do list, leisure and working hours.

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Firstly, to understand the true value of time, you have to put a monetary figure on it.

They say TIME IS MOMEY; this is true in your personal life and work.

When you buy something you’re exchanging your time for the good or service.

This is because when you are working your time is exchanged for the money which you used to buy it.

The time equation

If you value your time at £30 an hour (example, choose your own).

Value of time = £30 an hour.

If you waste as little as one hour per day, every day for a week. The total amount will be £210 per week that is essentially wasted.

With 1 hour wasted a day, that £14,040 wasted a year.

The figures are startling.

Robbery 101

Once you understand your true value you can keep a conscious mind as to your daily life and question where you waste time.

You can also find where you can gain some time and how that time could be used to be more productively.

Be wary of the ‘productiveness nothingness’ (e.g spending many hours distracted on your smartphone)

waste time using your phone

The average person spends 3.6 hours per day on his or her phone

If we use the same calculation, that would be a loss of £108 per day.

As your time value goes up, so does the cost of time wasted.

That’s why time management is so important. The resulting effect of  distractions when working and the inability to focus on one thing at a time adds up.

‘Productiveness nothingness’ is when you feel like you’re working but the majority of your time is spent doing nothing.

  1. Checking emails
  2. Social media
  3. Updating your status
  4. Pointless conversations
  5. Ineffective meetings

These 5 are all examples of “nothingness” that nevertheless makes one feel like you’re working.

How To Manage Your Time

Those that value their time aim to do more work with less of it. This can be done by compressing their 8 hour work into 4 hours with no distractions.

You might be saying to yourself  “that once I increase my time value then I’ll start valuing my time more.”

But the truth is the reverse.

To increase your time value, you need to value your time NOW.

Valuing your time and time management helps you make better decisions.

For example it helps you decide on things such as what events to go to, what meetings to attend, and what work to do.

If you know what your time is worth or should be worth, then use that to make better time management decisions.

Start with the right branding for your business.

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