Time Management In Businesses General Management Commerce Essay

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To accomplish specific tasks, projects and goals time management refers to a range of skills, tools, and techniques used to manage time. This encompasses a wide scope of activities, and these include planning, allocating, setting goals, delegation, analysis of time spent, monitoring, organizing, scheduling, and prioritizing.

This process results in a plan with a task list or a schedule or calendar of activities. Authors may recommend a daily, weekly, monthly or other planning periods, usually fixed, but sometimes variable. Initially time management referred to just business and work activities, but eventually the term broadened to include personal activities as well. Authors may or may not emphasize reviews of performance against plan. Routine and recurring tasks may or may not be integrated into the time management plan and, if integrated, the integration can be accomplished in various ways. A time management system is a designed combination of processes, tools and techniques. Time management strategies are often associated with the recommendation to set goals. These goals are recorded and may be broken down into a project, an action plan, or a simple task list. For individual tasks or for goals, an importance rating may be established, deadlines may be set, and priorities assigned. Different planning periods may be associated with different scope of planning or review.

Running meeting

There are good meetings and there are bad meetings. Bad meetings drone on forever, you never seem to get to the point, and you leave wondering why you were even present. Effective ones leave energized and feeling that you've really accomplished something.

So what makes a meeting effective?

Effective meetings really boil down to three things:

They gain the meeting objective.They take up a minimum amount of time. They leave participants feeling that a sensible process has been followed.The most commonly accepted definition of stress (mainly attributed to Richard S Lazarus) is that stress is a condition or feeling experienced when a person perceives that "demands exceed the personal and social resources the individual is able to mobilize." In short, it's what we feel when we think we've lost control of events. This is the main definition used by this section of Mind Tools, although we also recognize that there is an intertwined instinctive stress response to unexpected events. The stress response inside us is therefore part instinct and part to do with the way we think

Stress Management

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The stress response inside us is therefore part instinct and part to do with the way we think This is the main definition used by this section of Mind Tools, although we also recognize that there is an intertwined instinctive stress response to unexpected events.

How to overcome this

Job Analysis and Performance Planning will help you to get on top of your workload. While the emotionally-oriented skills of Imagery, Physical Techniques and Rational Positive Thinking will help you change the way you see apparently stressful situations. Finally Keeping a Stress Diary or carrying out the Burnout Self-Test will help you to identify your current levels of stress, so you can decide what action, if any, you need to take., the article on Anger Management will help you to channel your feelings into performance

Decision making

Good decision making is an essential skill for career success generally, and effective leadership particularly. If you can learn to make timely and well-considered decisions, then you can often lead your team to spectacular and well-deserved success. However, if you make poor decisions, your team risks failure and your time as a leader will, most likely, be brutally short.

Decision making techniques

Uncertainty - Many facts may not be known.

Complexity - You have to consider many interrelated factors.

High-risk consequences - The impact of the decision may be significant.

Alternatives - Each has its own set of uncertainties and consequences.

Interpersonal issues - It can be difficult to predict how other people will react.

There are six steps to making an effective decision:

Create a constructive environment.

Generate good alternatives.

Explore these alternatives.

Choose the best alternative.

Check your decision.

Communicate your decision, and take action.

(mindtools.com/pages/article/newTED_00.htm)

Learning style

Many people recognize that each person prefers different learning styles and techniques. Learning styles group common ways that people learn. Everyone has a mix of learning styles. Some people may find that they have a dominant style of learning, with far less use of the other styles. Others may find that they use different styles in different circumstances. There is no right mix. Nor are your styles fixed. You can develop ability in less dominant styles, as well as further develop styles that you already use well.

Using multiple learning styles and "multiple intelligences" for learning is a relatively new approach. This approach is one that educators have only recently started to recognize. Traditional schooling used (and continues to use) mainly linguistic and logical teaching methods. It also uses a limited range of learning and teaching techniques. Many schools still rely on classroom and book-based teaching, much repetition, and pressured exams for reinforcement and review. A result is that we often label those who use these learning styles and techniques as "bright." Those who use less favored learning styles often find themselves in lower classes, with various not-so-complimentary labels and sometimes lower quality teaching. This can create positive and negative spirals that reinforce the belief that one is "smart" or "dumb."

By recognizing and understanding your own learning styles, you can use techniques better suited to you. This improves the speed and quality of your learning.

The learning styles are:

Visual (spatial). You prefer using pictures, images, and spatial understanding.

Aural (auditory-musical). You prefer using sound and music.

Verbal (linguistic). You prefer using words, both in speech and writing.

Physical (kinesthetic). You prefer using your body, hands and sense of touch.

Logical (mathematical). You prefer using logic, reasoning and systems.

Social (interpersonal). You prefer to learn in groups or with other people.

Solitary (intrapersonal). You prefer to work alone and use self-study.

(http://www.learning-styles-online.com/overview/)

Personal development plan

Personal Development Planning is a process by which an individual can manage their own development through a process of reflection and structured planning on how they can meet their own goals.

Development Area: this is a chunk of your overall plan. It might be at the level of developing skills for my new job", or "looking after myself". This, in turn, is broken

down into …

(www.jackson-pdc.co.uk)

Goals: that is specific outcomes like "understand the annual report", "getting myopinion heard", or "run a marathon". So you will have one or more goals in each development area. But this is still at the level of wish list unless you get on and do something. So …

How will goal be achieved: what are you actually going to do. Remember "SMART" Specific Measurable Achievable Relevant Timebound. This keeps your actions tight and moving forward. We ask the question …

Where will development take place so that you start to rehearse mentally what you need to do. Things that have been rehearsed are more likely to succeed.

Start. Not everything is urgent. Give this particular action a start date.

Review. Decide when and how you're going to review progress. It's useful to set some kind of schedule because it means you know you've got a checkpoint somewhere. You don't have to think about it all the time confident that you have a mechanism for picking up on problems or changes in circumstances.

Target can be a date (for a specific action), or a quantitative or qualitative measure of something you are building (20 miles/week).

SWOT Analysis

A scan of the internal and external environment is an important part of the strategic planning process. Environmental factors internal to the firm usually can be classified as strengths (S) or weaknesses (W), and those external to the firm can be classified as opportunities (O) or threats (T). Such an analysis of the strategic environment is referred to as a SWOT analysis.

The SWOT analysis provides information that is helpful in matching the firm's resources and capabilities to the competitive environment in which it operates. As such, it is instrumental in strategy formulation and selection. The following diagram shows how a SWOT analysis fits into an environmental scan:

SWOT Analysis Framework

Environmental Scan

          /

\           

Internal Analysis   

   External Analysis

/ \      

           / \

Strengths   Weaknesses   

   Opportunities   Threats

|

SWOT Matrix

(http://www.quickmba.com/strategy/swot/)

Strengths

A firm's strengths are its resources and capabilities that can be used as a basis for developing a competitive advantage. Examples of such strengths include:

patents

strong brand names

good reputation among customers

cost advantages from proprietary know-how

exclusive access to high grade natural resources

favorable access to distribution networks

Weaknesses

The absence of certain strengths may be viewed as a weakness. For example, each of the following may be considered weaknesses:

lack of patent protection

a weak brand name

poor reputation among customers

high cost structure

lack of access to the best natural resources

lack of access to key distribution channels

In some cases, a weakness may be the flip side of a strength. Take the case in which a firm has a large amount of manufacturing capacity. While this capacity may be considered a strength that competitors do not share, it also may be a considered a weakness if the large investment in manufacturing capacity prevents the firm from reacting quickly to changes in the strategic environment.

Opportunities

The external environmental analysis may reveal certain new opportunities for profit and growth. Some examples of such opportunities include:

an unfulfilled customer need

arrival of new technologies

loosening of regulations

removal of international trade barriers

Threats

Changes in the external environmental also may present threats to the firm. Some examples of such threats include:

shifts in consumer tastes away from the firm's products

emergence of substitute products

new regulations

increased trade barriers

The SWOT Matrix

A firm should not necessarily pursue the more lucrative opportunities. Rather, it may have a better chance at developing a competitive advantage by identifying a fit between the firm's strengths and upcoming opportunities. In some cases, the firm can overcome a weakness in order to prepare itself to pursue a compelling opportunity.

To develop strategies that take into account the SWOT profile, a matrix of these factors can be constructed. The SWOT matrix (also known as a TOWS Matrix) is shown below:

SWOT / TOWS Matrix

 

Strengths

Weaknesses

Opportunities

S-O strategies

W-O strategies

Threats

S-T strategies

W-T strategies

(http://www.quickmba.com/strategy/swot/)

S-O strategies pursue opportunities that are a good fit to the company's strengths.

W-O strategies overcome weaknesses to pursue opportunities.

S-T strategies identify ways that the firm can use its strengths to reduce its vulnerability to external threats.

W-T strategies establish a defensive plan to prevent the firm's weaknesses from making it highly susceptible to external threats.

(http://www.quickmba.com/strategy/swot/)

Leadership Development

Leadership is one of those things that's often awfully hard to define but you know when you see it, and you definitely know when it's missing. 

Indeed Leadership is one of those areas about which a huge amount is said while at the same time leaving big questions hanging in the air unanswered.

A successful manager, one whom others want to follow:

Builds effective and responsive interpersonal relationships. Reporting staff members, colleagues and executives respect his or her ability to demonstrate caring, collaboration, respect, trust and attentiveness. Communicates effectively in person, print and email. Listening and two-way feedback characterize his or her interaction with others.Builds the team and enables other staff to collaborate more effectively with each other. People feel they have become more - more effective, more creative, more productive - in the presence of a team builder.Understands the financial aspects of the business and sets goals and measures and documents staff progress and success.Knows how to create an environment in which people experience positive morale and recognition and employees are motivated to work hard for the success of the business.Leads by example and provides recognition when others do the same.Helps people grow and develop their skills and capabilities through education and on-the-job learning.

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