business career entrepreneur success

Assessing Time and Prioritising

The value of setting goals

Time management is a way to assess and prioritize your time to organize your work processes for maximum efficiency, effectiveness, and productivity. Successful businesspeople appreciate the value of their time. They realize that time needs to be managed just like any other valuable asset. These high achievers understand the importance of a clear set of goals. There are many benefits of setting goals:

  • you’ll be better able to define what you want out of your career,
  • you’ll be able to establish specific targets to help you advance,
  • you’ll be able to measure your progress toward reaching those targets you can build an effective and efficient work schedule

The Pareto principle

Time management involves establishing what you need to accomplish — your targets and goals — and then comparing that with what you actually are accomplishing. Your degree of success — or personal productivity — will depend on your ability to set priorities for your tasks and activities.

Good productivity isn’t just a result of hard work and dedication. If goals and work efforts are not properly aligned, your results will be disappointing. Improving productivity involves a concerted effort to take control of those things that have a detrimental effect on progress toward achieving your goals. But sometimes it’s difficult to know where to begin. In cases like this it can help to start with one of the better known principles of business — the Pareto principle.

The “Pareto principle”– also known as the 80/20 rule — deals with cause and effect. It asserts that 80% of effects come from 20% of causes. When the best approach to achieving your goals is unclear, applying the Pareto principle can give you a point at which to begin. Applying the Pareto principle to personal productivity suggests that 20% of the tasks you perform result in 80% of the successful results you achieve. So it makes sense to identify the most valuable tasks in your schedule and devote more time to them.

Assessing time and prioritising tasks

It’s difficult to accurately gauge how much time you spend doing your job. This is because the mind tends to forget the routine tasks and more mundane activities that make up so much of a typical workday. To get the most value out of your time, you’ll need to get an accurate picture of your workday. First, you’ll need to identify how you spend your time, and then assess whether you’re spending that time wisely.