Every successful entrepreneur will tell you the importance of time management. A good entrepreneur will give equal importance to both form of investments; money and time.

An entrepreneur sets goals and deadlines for himself and his organisation. A goal without a deadline is not a goal at all. The path to achieve goals is never free from hurdles. Time is a precious asset. If not managed properly, it results in major losses both tangible and intangible. It is therefore important to learn good practices on time management to meet deadlines and goals in your journey towards success.

Set goals first

Set your main goal. It should be achievable and defined in clear terms. Spend sufficient time and think of resources that you will need. Analyse your weaknesses and strengths in achieving this goal. A goal set thoughtfully saves time when you start with implementation. Break the goal into individual tasks and list the actions required to accomplish task.

Plan your actions before implementation

Planning is the key to success. Successful entrepreneurs spend more time in planning which saves time in the execution of plan. One must develop a good habit of planning each and every activity whether big or small. Planning your daily actions, weekly and monthly activities, eliminates distraction and helps you to use your time more efficiently.

Prioritize your actions

Having planned various actions, start scheduling your time. Identify what is urgent, high and low priority task. Urgent and important tasks are normally those without completion of which you cannot move forward. Trying to accomplish easier and softer tasks first does not save time. Attend important tasks first.

Set time limit for each task

If you fail to set time limit for a task you will derail your plan of implementation. Estimate time needed for each task, put down its start and finish date with time. Check regularly whether you are on track as per the schedule. Cultivate a habit to adhere to the schedule so that your colleagues and sub-ordinates emulate you. Monitor their adherence to the schedule from time to tome. This communicates your concern about the importance of meeting the deadlines.

Reward your own efforts and those of others

Achievement and appreciation motivates a person to do more. Words like “Good!”, “I am pleased”, “Well done” motivate a person and give a sense of achievement. A feeling of self appreciation boosts your motivation level and makes you ready for the next task to be achieved.