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What is the importance of Time Management?

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20th Nov, 2022
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What is the importance of Time Management?

Time management is an effective way of planning and organizing time and schedule based on priorities and activities. Proper time management is necessary for running an organization, business, or any form of work to reach goals. Wise management of time leads to a balanced, stress-free, and happy work-life balance that encourages benefits in every area of life. Time management can help sort your priorities better, leading to better productivity and appropriate time investment. 

Prioritizing time and managing it with ease is a smart way to work. It will teach you how to work smarter instead of harder, so you achieve more in a lesser time. However, workplace time management is integral in maximizing your strengths for your current and future endeavors, especially if you run a startup or work in a startup as a freelancer. Maximizing your available time will take your business to greater heights. Companies that have significantly grown in the market have exercised proper time management in their business operations. 

Dos and Don’ts of Time Management

Time management skills will either make or break your work productivity. For leading a stress-free lifestyle, there are certain strategies you need to follow to enhance your time management skills:-

Strategize: Planning is the most significant part of proper time management. You must determine the most productive time for your work and diverse activities to schedule accordingly. Make sure you keep the most challenging and important tasks for this particular time and simpler, shorter tasks for when you are least productive. 

Prioritize Tasks: Prioritizing projects as per their importance and urgency is another way to manage time and increase work efficiency. Leave the projects and tasks that are the least important for later so you have more time in hand to focus on more crucial projects.

Get rid of distractions: Distractions like smartphones, social media sites, and over-talkative coworkers can be the worst enemy of your productivity and disrupt your schedule. Research says that a significant number of employees in a workplace are distracted for at least three hours of a single workday. To avoid the temptation of a distraction, you can either switch off or lock your smartphone during your time of work. Additionally, you can use a browser extension to block certain distracting websites. 

Avoid multitasking: Multitasking seems like an efficient and time-saving way to get extra work done. But, it can potentially decrease your productivity because you might get overwhelmed, make mistakes and end up not finishing either of the tasks. Give your full attention to one task at hand instead of taking up too many.

Reward Yourself: Rewards can be highly motivating, help you manage time more efficiently, and work as a motivating factor to complete your tasks. A small reward like a 10-minute walk or a small chat with your colleagues for accomplishing a task in a day will keep your spirits high. This will enhance your work productivity while maintaining a proper work balance. 

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Benefits of Time Management 

Time management has the ability to reap exceptional benefits within a limited amount of time. Here are some of the major advantages of time management:-

  1. Reduced stress: Efficient time management can significantly reduce your stress level and give you the confidence you need to accomplish your tasks. Efficient control of your time also reduces anxiety by helping you meet deadlines that can become overwhelming and tiring. You automatically sleep better and create a healthy work-life balance with increased productivity, confidence, and less stress. To reduce stress, identify the main causes that disrupt your time management and think of ways to eliminate it to avoid feeling overwhelmed.
  2. Better work-life balance: A healthy work-life balance between your professional and personal life is considered a reward for efficient time management. Increased productivity at work reduces the risk of being overwhelmed by tasks and meeting deadlines. As a result, you obtain a peaceful state of mind and a significant amount of time to spend with family and work on building important relationships. Time management allows you to value each second and the potential of productive tasks you can accomplish within this time.
  3. More freedom: With efficient time management techniques, you get more freedom and time to spend on your hobbies, personal priorities, and things you like. Prioritization is also an essential element in time management. Apart from achieving your goals, time management can directly impact your personal life, deepening important relationships by giving them your time. Your personal quality of life significantly improves with time management, as you have more time to pursue your hobbies. The best action to carry out this plan is to chart out what you would like to achieve if you get a few additional hours to yourself and work to make them a reality.
  4. Greater focus: Proper time management improves your focus, increasing productivity. Greater focus will help you grab better opportunities and additionally allow you to give more time to important projects, targets, and people. Proper prioritization and management of time is a good way to build good work habits enhancing the health and efficiency of your work life. You can achieve goals faster by focusing entirely on your current work, allowing you to work on your personal goals.
  5. Higher productivity rate: It is well-known that efficient time management increases your productivity level, helping you get work done faster. You can easily pinpoint your goals and priorities, which will help you achieve better results and higher productivity. Daily planning is the soul of time management that works out to plan every activity of your day. Sort your daily priorities to effectively implement plans and tasks queued throughout the day.
  6. Less procrastination: Procrastination can easily result in unclear goals and poor time management. You are bound to lose focus and procrastinate if your goals are not clear and charted out for the day. Being an effective time manager strengthens your motivation and will to achieve your goals faster and ensures that you feel in control and not overwhelmed. This leads you to focus more on your priorities instead of procrastinating, wasting time, and missing deadlines. Determine the biggest causes of your procrastination and work towards eliminating them from your life. 
  7. Things become easy and simple: Effective time management skills enhance the health of your work life by making it simpler and easier. Charting your priorities following the importance of your goals is bound to give you the confidence you need, increasing your capability. You will rarely feel frustrated and overwhelmed if you make a to-do list about said goals and priorities.
  8. More energy: This is one of the most significant advantages you can achieve with effective time management. With higher energy, your motivation to work increases instead of you feeling tired and overwhelmed with your workload. More energy leads to more focus, which increases your productivity for a longer period. Make sure you take regular breaks in your work day and plan your schedule accordingly. 
  9. Thinking time: WIth proper time management, you get more opportunities to think, plan, and strategize on your future priorities and later goals. You will barely have time to think about how to grab bigger opportunities and work on them with poor time management skills. Efficiency in time management gives you the additional time you need to build better strategies and creative planning. 

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Conclusion 

There are ample advantages that time management will give you in the long run. You will see a significant improvement in clarity, capability, and confidence towards achieving greater goals. However, with proper time management, you can also successfully build a lucrative career in your field of choice. 

upGrad provides some of the best Executive MBA programs to help you shine in your career. 

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Profile

Karan Raturi

Blog Author
Karan Raturi is the General Manager of upGrad North America. He has also led various finance, strategy, and operations teams at Wayfair, Kurt Salmon, and IBM.
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Frequently Asked Questions (FAQs)

1What problems can one face with the lack of time management?

Without proper time management, the following problems can arise:- Poor work quality, Missing deadlines, Increased stress, Poor work-life balance, and Damage to professional reputation.

2What are the 4 Ds of time management?

The 4 Ds of time management are as follows:-Delete, Delegate, Defer and Do.

3What are the three basic principles of time management?

The three main principles of time management are:- Planning, Checking, and Organizing.

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