define conceptual literature review Time is money. Or so the saying goes.
I’m sure most of us would agree. In many cases we’d rather lose a few extra bucks than have our precious time wasted.
Time (just like money) is a valuable resource and how we use it often determines how successful we are.
You can re-earn lost money. But none of us can back get wasted time.
Yet very few us actually take the time to budget our time effectively.
Although we may know exactly how much we intend to save, spend and invest financially, our time management is often left to quickly drafted checklists or continuously changing timetables. We rarely budget our time properly and stick to it.
But great leaders are different. They realise the more they value something, the more exactly they prepare to budget for it properly.
Especially our personal egg-timers which only seem to speed up through life the older we get.
Here are some ways how great leaders budget their time effectively.
research paper on children They align with priorities
In the fast paced, ultra-competitive, continuously connected world we live in today, it’s easy to lose track of what is really important.
We all know that health, family and pursuing our passions are more important than simply working under pressure to earn cash, wasting time on the net or spending hours on end in the office.
Yet when we look back at how we actually spend our time, our priorities and time management is often not aligned. Working 14 hour days and spending 20 minutes in the morning with our kids is not how things most of us want to be.
Great leaders understand that to budget time effectively, it’s essential to align with priorities. To make sure the highest priorities have the most time spent on them. Only then can we achieve satisfaction.
Great leaders assign most time to what’s most important.
go to link They commit to a system
The most common reason why most budgets fail, is because resources are overspent.
In the face of short term pressure or the pursuit of unrealistic expectations, we’ve all spent much more time on things than we originally planned to. Meaning we often have less time left for the things that really matter.
Great leaders understand that to stick to a budget, it’s essential to commit to a system and cut all possibilities of retreat. By doing so, we develop consistent actions that force us to follow the game-plan and eventually become habit.
Don’t just intend to do things. Commit to specific actions and cut all sources of retreat.
Rather than promising to spend more time with the kids, commit to dropping them off and picking them up from school. Instead of trying to fit in the gym session, buy a bike and cycle to work. Don’t just answer emails 24/7 – turn your phone off after 8pm.
The more successful you become, the greater the demand on your time.
The only way to keep up is to build an effective system.
Great leaders build great systems.
enter site They measure
Budgeting any resource can only work if you know what results you are getting.
Otherwise it’s impossible to optimise, improve or even know if your efforts are worthwhile in the first place.
Just like a good business executive keeps a P&L for cash, a good leader keeps a P&L for their time and efforts. They realise the importance of knowing how effective their time management has been and whether it is getting the most effective results.
It allows the opportunity to grow as well as empower others to use their time more effectively.
Great leaders understand the importance of measuring their efforts.
Following a financial budget allows you to begin to work towards having the things that you want most.
This is even more true when budgeting your time.
Hiring managers can gain much from those people who allocate their time effectively and in line with their priorities.
It’s a formula that promises success.
How do you budget your time?