There are many factors to consider if you are running a business today. From payroll to expenses, to taxes, those are things you have to keep in mind. How about the time spent working on the business? A more pressing question is, why is time important in business? Time management is a critical component of any successful business. A key aspect of the business is time, and I will discuss a few reasons why in this post.
UPDATED: JULY 9, 2022
Time management is a lifelong skill to master
As I went over earlier, time is key to running any successful business. How you use that time spent can be well-intended; but other times, you may unnecessarily waste that time as well. I will go over three primary reasons to think about time differently- especially when it comes to running your business.
A lot of people struggle with managing their time these days. One big reason is there is no direction or focus on how they go about utilizing their time.
In business, it’s no different than if you were to manage time in your personal life. Being able to manage your time with a clear direction can help keep your business growing.
If you continuously learn how to manage your time, you’ll find new ways how to navigate through some struggles. Especially if you’re the only one who does everything in the business: It’s common for people to start out as a one-person business.
Here are a few reasons why time is that important in growing your business.
- Time is a non-renewable resource
- Time is how you manage your business and people skills
- Time gives you more freedom in life
Time is a non-renewable resource
Unlike with money (where you can make more of it), you cannot make up your time or go back to the past. Once you use that time up, you can’t get any of it back.
As your business grows, you will need help at some point. Unless you want to keep doing everything by yourself, it may be difficult to get that business to the next level.
Time is how you manage your business and people skills
If you do not know how to manage your time, it’ll be a struggle running your business. Along with that, managing other people (teams) can be a little challenging.
Why do I say that? To be successful in business, you have to understand your business, and know how to manage people who work for you. Having some coordination in effect can help get your business in the right direction.
Having good communication skills comes a long way as well. So properly communicating with your team is a must to bring the best results possible.
Time gives you more freedom in life
When you’ve mastered time management, it opens up more of your time to do things each day. You essentially have more freedom to do things that you want to do- whereas maybe you didn’t if you stuck with working for someone else.
When your business grows, you will want to outsource or hire people to take on other tasks. In other words, you’re buying time from others who will do tasks you don’t want to do. Or maybe, doing work that does not move the needle forward in business.
When it comes to the small tasks, you want to delegate or outsource them if you feel it’s not a valuable use of your time. That’s the key to breaking up a time to do things that matter the most- work not only you enjoy, but that will get your business to the next level.
Time freedom can be one of the best things you achieve in life. When you have that type of freedom, there are a lot of opportunities to take advantage of going forward.
Final Words
For a lot of new entrepreneurs (and even seasonal ones), using your time is such a key factor in the growth of any business. If you don’t have time at the center of everything else, it’s time to reconsider what’s more important moving forward.
If you think about time management more often, you’ll have a better understanding of what you need to be doing in your business. If you can prioritize that component, you’re one step ahead of the game.
Your Turn: Do you consider time to be a useful resource?
I would like to get some of your thoughts on this topic. Have you considered further why time is a valuable resource?
Do you put time first and foremost in your business? If so, how well do you spend it? Is there anything that can be improved upon?
Feel free to share your thoughts by leaving a comment below. I look forward to reading your responses, and I’ll gladly respond promptly.
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Eric is a content writer and the site owner of notimekillers.com. He takes great pride in helping people manage their time and grow their businesses. Eric is a firm believer in time freedom, as he believes in taking ownership of time. “Time is your most important asset. It can be your best friend or worst enemy. How you use your time can shape the future you desire to have.” In his leisure time, Eric loves to write and read whenever possible. He enjoys going for long walks outdoors while doing in-home workout videos every week. You can follow Eric on LinkedIn.
