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KOLA IBRAHIM: TIME AS A WINNING FACTOR IN BUSINESS

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The efficacy of time in human development has not been proven otherwise, and cannot be. No human invention, can substitute time. It is centred on our existence and daily routine. Today, in business and in personal affairs of man, the significance of time metric to progress and development cannot be over-emphasized. Everyone is mindful of time and its utility as a measure of value.
In organizations either big or small, time is accorded top priority and importance like every other resource. It is an unseen quantifiable resource organization value so much. Effectiveness and efficiency of any organization can be measured in framework of time to be delivered value or assigned obligations. Indeed, time means business and its management is central to success of any business. In any turbulent situation and economic uncertainty, companies and individuals reorder resources and personnel as well as lead time utilizations. These are considered crucial to organization survival and in meeting the bottom line.
We cannot measure organization effectiveness without considering time as an input and find a way to make it count in achieving optimum output. Allocating time is imperative to all aspects of goals fulfilling in any organization, companies or businesses. Be it in construction industry, transport and logistics, production, sales and distribution, time spent on any process is vital and essential in meeting the bottom line. Even in gas station, queuing time is determinant of sales output. So no matter our field of calling, time is one valuable input we should guard jealously.
Now, the headache of any top level manager is how to effectively maximize time in his organization. Time as organizational resource can be usefully optimized through some of these metrics.
Prioritization, according to Eisenhower’s principle of urgent and important, the focus should be on important task or work, measuring impact against effort. Effective prioritisation can help make the best use of your own efforts and those of your team by weighing input (effort) on any project against overall gain of the project output (impact). Prioritising is a useful time saving tools managers utilize in scaling up focus and energy of the organization. Time being limited and scarce organizational resources and its need is unlimited should have greater premium in measuring successes or job outcomes in any organization.

Scheduling, to maintain discipline and meeting deadlines, it is proper for any organization to design template of work flow and scale of preference for assigning obligations or jobs before it. When organizations adopt proper culture of scheduling, for examples, briefing and debriefing, weekly meeting, and fixing lunch setting time for these activities are helpful to organizations. Scheduling is a systematic way of aligning functions of various departments in organization in order to optimize human and material resources within the limited time allowed. To state that scheduling is a vital strategy in aiding time management is to state the obvious.
Delegating, the art of assigning responsibilities to subordinates is a necessary tool in the hands of top management executive. With it, it has become very easy to free up time and concentrate on more important and pressing issues. Aside that, it offers the opportunity to empower staff and promote a sense of belonging and togetherness within the organization. Apart from being a tool to manage the resources of time, delegating provides organizations, companies, or businesses to share its vision from the top to down of its organogram. It aids in building alignment and reduce redundancies.
Outsourcing concentrating on core competence of an organization and renting out job that are auxiliary is valuable in conserving time. Outsourcing helps companies and businesses to do less and achieve more within a reasonable time frame. It is a system that works by adding value to the organization due to the professional touch from the secondary firms. It is cost saving and a very efficient time reduction strategy. Organizations can leverage on outsourcing to network with professionals and optimize their organizational resources including time for quantum job outcome.
Presumably, time as an organizational resource is scarce and demand proper management to augment like other functional resources at the disposal of the organization. In monitoring and evaluating the uses of time in business the metrics above, if proficiently applied to day to day management by top executives, would swing the tide in favour of any growth driven organization.

By Kolawole Ibrahim
Managing Director
Kreed Communication Limited.