Do you waste a lot of time? - Analyzing Use of Time

Do you waste a lot of time? - Analyzing Use of Time

Few of us will readily admit that large parts of our working day are wasted. The only way for you to make better use of your time is to analyze how you use it now and then to consider ways in which you can reallocate it in a more effective way. Always delegate tasks which are not time effective for you to do. Think through your day while making your way to work.

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Assessing your day
There are always competing demands on your time. It is very easy to spend too much time on routine things such as reading mail at the expense of high priority productive tasks. How do you divide up your day at the moment? Do you prioritize your work so that you tackle important and urgent projects first? Or do you concentrate on completing enjoyable tasks first? Are you distracted by phone call or do you have a system for dealing with them? Do you waste a lot of time?
Costing your Time
It is sobering exercise to calculate exactly how much your time costs and then realize how much of it is not being spent effectively. Use the calculation on the right to work out how much your time at work costs per hour and how much your time at work costs per hour and per minute and then use these figures to analyze the relative cost of a few activities typical of your day, such as arranging a meeting yourself rather than asking your assistant to undertake that task. Always consider whether you should delegate tasks to others; it is generally more cost effective to give routine tasks to more junior staff rather than doing them yourself since your cost to the company will be higher.

Estimating Value
To find out the cost of cash minute of your time multiply your annual salary by 1.5 to include overheads and divide the total by the number of working hours in a year ( working s hours per week times working week per year). Divide this total by 60.

Keeping a Time Log
Maintaining a daily log of how much time you spend on particular activities is fundamental to managing your time more effectively. You may be surprised at how much time you spend chatting and how little time you spend working and planning. Your time log provides you with a starting point from which you can assess areas to improve. How long you should keep a time log for is dependent on the nature of your work. If you work on a monthly cycle keep the log for a couple of months. If your work cycle is weekly, a two or three- week log should suffice. Split your working day into chunks of 30 minutes each.

Timing Tasks
Compile a simple time log by dividing your day into 30 minute chunks and recording exactly how you spend your time. This will help you determine how much time you spend on useful and unnecessary tasks.