Why should CEOs manage time better?
Better Time Management – More Productive CEO
When a business owner asked what are they doing to grow their business
The most common answers would be making strategic plans for the business, product or service development, strategic partnership, or looking for more market growth opportunities.
Then, if you ask them if they are focusing on this, the most common answer will be “No.”
What is it that these business owners are doing?
According to a 2015 Small Business Pulse Survey, it has seen that business owners are only able to work on these critical areas for 32% of their time. It is not because they are working for fewer hours. The same survey says 63% of the owners are working for 50 hours a week. But still, they are unable to focus on what they should.
Challenges faced by CEOs while managing time
The reason is that they face several challenges while trying to manage their time better. Instead of focusing on client relationship building and employee relation-building, the survey found that they spend more time on email/ web browsing. It has been found that they spend 32% on emails/ web browsing, whereas only 25% interacting with employees and 21% interacting with clients.
Moreover, they waste more time on tasks that are below their grade or of administrative nature. Unscheduled communication takes up 33% of their time, 22% is spent waiting for information from different sources, and 16% on personal issues. Another time-taking activity is meetings. As per DocuSign, senior businesspeople spend 23 hours a week conducting meetings. Business owners are often found to be firefighting with urgent work, whereas critical work remains pending.
How can they manage time better?
For the situation to improve for them, they need to learn to manage their time better. Time Management is an essential skill that is required to be developed at all levels. The higher the story, the more is the need. As per Inc, business owners spend 7 hours a week on wasted activities to utilize better if they can manage their time better.
To understand the benefits of managing time better, let us look into some more statistics from the Small Business Pulse Survey, 2015. When asked 323 business owners, what they would like to do better, this is what they said they want to do –
- 77% want to focus on genuinely urgent tasks.
- 68% want to hold employees accountable for results.
- 59% want to improve their business skills.
- 56% want to delegate an administrative charge.
- 44% want to stop working below their grade.
- 41% want to prevent employees from an upward delegation.
- 41% want to spend more time away from the business.
When a business takes away more time, personal life suffers. It gives way to stress and health issues. Again, Time Management skill development can come to aid in improving the unique experience.
Improving Time Management
As per the survey, better time management can yield better results. 33% respondent thinks they can create new business opportunities using this time. 31% believe this can bring in growing revenue and 17% believes that they can achieve better Work/Life Balance and Personal Growth using this extra time.
Another Survey Provides information regarding the spending hours of business owners compared to how they want to spend their time.
- Business owners work consistently for 49.4 hours per week, but they think they should be working 41.7. 63% of owners work more than 50 hours per week.
- Owners spend 32% of their time working ON the business, but 73% prefer spending their time on these strategic activities.
- Owners spend 34% of their time on activities that are both important and urgent.
- In terms of which specific activities owners spend time on, they spend 32% of their time on email/web browsing, 25% interacting with employees and 21% interacting with customers.
- Owners are most frustrated wasting time on unscheduled communications (33%), waiting for information (22%) and personality issues (16%).
So, business owners should be starting to think about how they can improve their time management skills and how they would like to spend the time they save.
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Time management is a key to success in business. It is a sign of improvement and prosperity.
Time management is very necessary for the success. Very informative post
Time Management is a very important practice in business life. Only critical actions move the business needle. So its very important to manage time and prioritize activities. Thanks for valuable sharing.
Time management is a key factor in achieving success and getting better business opportunities in the future. Thanks for sharing.
Thanks for sharing this blog on how to improve time management. Very informative.
Time management is very important for everyone.Very informative article.
Productivity always increases with good time management. It helps a person working in any sphere of life. Thanks for sharing the blog
Time management is essential for the success of the business.
Very nice article
Time Management is a life skill.
CEOs being the head of the business should look for opportunities to delegate their non-essential tasks, which could potentially help them spare some time for activities that do require their time and effort.
Great informative article reflecting the influence of time management on key position roles.
Time management is very crucial skill in life and everyone must how to manage their time effectively and business owner must give more time to important tasks instead of unimportant things.
Time management is a highly required skill and especially for those in the business field. Scheduling the work and avoiding distractions can help to manage the time in a better way.
Managing time can create exceptionally great difference in any field. Knowing how to manage time is the basic step everyone should follow. Very informative article.
Time management is an essential factor in life. It is important to prioritise various tasks based on their importance and work accordingly. Informative article indeed!
Time management is important to achieve goals of business. Thanks for sharing this information
Time management is important to achieve goals of business. Thanks for sharing this information
Completely agree with all the points cover and discussed in the blog, business owner’s have to account their time on what things are crucial to be completed on time and what can be set back for later on whenever the correct time comes for that work comes this way managing the time can help them be productive and increase their business. Thank you for sharing