Manage your time well and get rich

I would have done better if I had enough time” is a
common refrain. Many people offer time as an excuse
for failure.

But experts are of the view that nobody can have all
the time in the world to accomplish any task. Success,
they stress, lies in effective management of available
time.

The Lagos State Chairman, Nigerian Institute of
Architects, Mr. Enyi Ben-Eboh, says time is essential
to everybody.

Some people describe time as money. To others, it is
like sword, which may harm the holder if not properly
used.

A management expert, Karen M. Williams, writes in the
Ohio State University Fact Sheet that poor management
of time will prevent a business from reaching its full
potential. According to her, “All of us have the same
amount of time; the challenge is using this resource
effectively.”

The view is amplified by Ben-Eboh, who says, “People
who manage their time better tend to get more reward.
All of us have 24 hours in a day. But some people
accomplish more than some others in 24 hours. They are
people who do the right thing at the right time.

For instance, he notes that professionals are involved
in service delivery. They, therefore, must be time
conscious to achieve success.

According to him, “Once somebody commits his fund to
you for something, he expects quality service delivery
at the appointed time.

“But if you fail to deliver the job at the agreed
time, no matter how good you are, nobody comes your
way again.”

He also says, “Time is one of the critical points in
project management. Time management is important to
the project because it determines its delivery and it
will be the basis for measuring its success.

“It is dangerous to take more than you have the
resources, including human, material and time, to
attend to. It is better to tell the person politely
that you cannot do it than end up disappointing.”

Karen offers some suggestions on how to use you time
effectively so that your business will achieve optimum
performance.

Noting that time management problems often stem from
poor work habits; she urges, people to resolve to
manage their time and not let time manage them.”

In practical terms, the expert advises that you can
analyse how you spend your time.

She said, “It is a good idea to keep a log for several
days, listing your activities and how much time you
spend on them. After three or four days, look at these
activities and ask yourself: What major activities or
events cause me to use my time ineffectively? After
this exercise, you may be able to pinpoint your own
time wasters.”

Some of the major time wasters that have been
identified include telephone interruptions, meetings,
visitors, excessive paperwork, bureaucracy, and
communication breakdown.

Success, they stress, lies in effective management of
available time.

An Italian economist, Vilfredo Pareto, who did a study
on the unequal distribution of wealth in his country
in 1906, observed that 20 per cent of the people owned
80 per cent of the wealth.

Analysing the outcome of the study, the supporters of
the theory claim that since 20 per cent of your people
produce 80 per cent of your results, you should focus
your limited time on managing only that 20 per cent.

They conclude that of all the things people do; only
20 per cent really matters. It also follows that the
20 per cent produces 80 per cent of your results.

They, therefore, maintain that the principle can be a
veritable tool for time management by individuals.
Thus, it will be a reminder to focus on the 20 per
cent that matters.

They assert that you can be 80 per cent effective by
achieving 20 per cent of your goals. If you have a
daily to-do list of 10 items, you generally can expect
to be 80 per cent effective by successfully completing
only the two most important items on your list.

Karen supports the view, “If you specify your
destination before you begin, you will make the best
use of your time. Being specific is no more than
setting goals. Without goals you become sidetracked
easily and waste time.”