Why time management is so crucial for business owners

Peter Drucker once said, “Time is the scarcest resource and unless it is managed, nothing else can be managed.” We could not say it better ourselves. Understanding why time management is important, will change the way you look at your business and harness opportunities to increase your bottom line. To do so, we first need to understand time itself; 

 So firstly, “What is time?” Here is the definition of time in physics: 

“Time is defined by its measurement: time is what a clock reads. In classical, non-relative physics, it is “scalar” quantity (often denoted by the symbol) and, like length, mass, and charge, is usually described as a fundamental quantity.”” 

Secondly, “What is the concept of time?” (according to ScienceDaily): 

“An hour consists of a certain amount of minutes, a day consists of hours and a year of days. Time is represented through change, such as the circular motion of the Moon around the Earth. The passing of time is indeed closely connected to the concept of space.” 

We can see from the above definitions that it’s literally a science—all on its own—to define time as a substance or value. All I know is that time is fleeting and something we  cannot alter or change. We cannot add or subtract not even one second. 

We all have 86 400 seconds per day and that’s it – no more and no less! With this in mind, do we manage our time or does time manage us? If you really want to get the best out of your God-given-86 400-seconds, you MUST manage yourself in order to maximize your outcomes. 

The first historical account we have of time is in the Bible, when God created day and night. As far as we know, time was first measured with the invention of sundials in ancient Egypt circa 1500 BC. Even then, the measurement of time was not the same as the methods we use to measure it today with clocks. The basic unit of measurement for time then was the 12-hour periods of day and night. 

The big question then is “why do we value time?” Here are four points to take in to consideration when planning to maximise your time management, not just in reaching your business goals but in any area of your life:  

  1. Time is a commodity which we cannot get back once it is passed. As I am writing this the seconds are ticking by and all that remains for me is the document you are reading and the memory of writing it. So, if you do not use the time spent in your life on something worthwhile and productive, is it then fair to say that you have wasted the continuum called time? 
  2. Effective time management is reliant on your ability to harness time. We easily say things like “time is money” or “time flies” or “time stands still” yet when we analyse our behaviour we have to agree, that it is our daily activities that determine our ability to harness time effectively – or not. 
  3. Time is infinite. Nothing is able to stop time and nobody can determine the end of time, nor can you determine the end of your own time on this planet. Make sure you use each second wisely.
  4. Time relates to the Past, Present and Future, yet we can only live in and influence the Present. The Present is shaped by the Past and the Future is shaped by the Present. 

“What you think of as the Past is a memory, stored in the mind of a former Now. When you remember the Past, you reactivate a memory trace – and you do so Now. The Future is an imagined Now, a projection of the mind.” – The Power of Now, Eckhart Tolle. 

The bottom line at the end of it all is that Time—for us all—will end. The only thing we are able to leave behind is the legacy of what we did with our time on earth. Will your remaining legacy be one of impact, success and something that can empower others for generations to come, or will it be a few moments in time at the end of your life, filled with regrets and missed opportunities? 

Pieter Gruenbaum, ActionCOACH Business Coach
pietergruenbaum.actioncoach.com | pietergruenbaum@actioncoach.com 

Photo by Jon Tyson on Unsplash