The Value of Time in Business Operations

Time is gold. There is no value that can be attached to time as it highly depends on how it is utilized. A few days might be a long time for an employee to complete a routine report. The same time period can be considered too short for an entire management team to come up with a realistic and doable business plan for the entire year. What is undeniable is the impact of the prudent utilization of time in business operations. Using time properly and wisely is important if the business is to achieve several goals.

value of time

Employee Productivity

It goes without saying that employees will have to render a certain amount of time in order to complete their tasks and responsibilities. The time within which tasks are finished is influenced by how efficient the employee is. Wiser use of time increases employee productivity. This then spirals in other benefits of prudent time management.

The management, therefore, has to ensure that employees are properly equipped in knowledge, skills, and tools in order to complete their tasks within the shortest period possible. This means investing in training and equipment if necessary. It also means giving incentives to motivate employees to do more than what is expected of them. This way, employees will put more effort in ensuring that they spend time for business operations rather than for other unnecessary activities that do not have anything to do with their tasks and responsibilities.

Customer Satisfaction

When the company makes wise use of time in business operations, it most often results to customer satisfaction as well. Manufacturing and business processes are done within targeted turnaround times and the products and services are delivered to the customers in a timely manner. More than just the initial customer contact, any business that values time will surely build customer relationships and enjoy customer loyalty.

Revenue Generation

The realization of the company’s revenue goals is expected to come sooner rather than later when time in business operations is spent wisely. This further creates more value for the business owners, the employees, and the customers. It’s a win-win situation for everyone involved. Of course, this might sound overly optimistic for some as issues of setbacks and contingencies could be raised. Wise time management also means making provisions for these instances so that the timeliness of the completion of all operational, sales, and service processes will not be disrupted. Following a carefully crafted action plan with the corresponding timelines will allow businesses to prosper over the long term.

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