Time and Business Management

Do you believe that time is infinite? In business management, it certainly is not. In the perspective of a business organization, time is a limited resource. Everything that the entity does all happens on a definite time line. Businesses exist and cease to exist at particular points in time. They all open and close on scheduled periods. Therefore, for businesses, time is not infinite; it is as valuable as a natural resource.

This is exactly why time management and business management are inseparable. Like individuals, businesses must properly manage the limited time they have, no matter how great or small. Hence, in business contracts, time is of an essence. In fact, time is considered an element of business management. This article presents an overview of the two main aspects of time management from the point of view of a business.

Prioritizing Tasks

In order to maximize the use of limited time, a business organization must prioritize the tasks at hand. It must identify which things it needs to accomplish and which ones it wants to attain. In some cases, this is fairly easy to do while not quite as easy in others. The tasks which are necessary to realize its mission, vision, goals, and objectives need to be done first. These can be observed in all levels of the organization - from the creation of a three-year plan, to monthly targets, on down to daily work schedules - and all within the element of time: years, months, days, and hours. In other words, keep in mind; first things first in business management.

Task Delegation

Once specific tasks have been identified and prioritized, it is now time to assign those tasks to certain people. Business management, by definition, involves getting things done through other people. Therefore, businesses of all shapes and sizes need to delegate tasks to individuals who are capable of carrying them out effectively and efficiently. This is clearly seen in such ideas as specialization and separation of duties, where certain people perform certain tasks within a certain time. Therefore, the people to whom the tasks are assigned, especially the urgent ones, must be themselves capable of handling the immediateness of the tasks. The purpose of business management will be rendered futile if the people enforcing the tasks are not ready to implement the tasks the soonest.

Business management without time management is like a car without fuel-it simply won't start. Everything that the business does all happens "somewhere in time." The function of business management is to determine exactly where.

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Time and Business Management

Reviewed by smith
Published : 2012-03-27T09:27:00-07:00
Rating : 4.5