8 time management statistics every business should know in 2023

Time management: This is something we hear all the time. And if we're being honest, it's something we could all be a little better at.

Time management can have a profound impact on our productivity, especially in the workplace. And we have startling statistics to prove it.

Read on as we cover the basics of time management and why it matters to your business. And of course, we'll share some of our favorite tips and tools to improve your team's time management skills in no time.

What is time management?

In simple terms, time management is the art of optimizing your time to achieve your goals.

We all have a limited number of hours per day, 24 to be exact. And the time we can devote to work and other activities is limited. Although we can't work more hours in the day, we can take steps to make the most of that time.

Time management uses careful planning and prioritization to help you distribute your time among the different tasks on your to-do list.

While we all like to think we manage our time well, the truth is that most of us don't. Especially when it comes to the workplace. According to Forbes, between social media and other distractions, employees can waste up to two hours a day at work.

Poor time management often slips through the cracks, especially when it seems like the work is still mostly being done. But with a few improvements in time management, imagine what your team could accomplish if you increased your company's time management skills.

Why is time management important?

Time management helps us work better and smarter. But when companies don't prioritize time management, it can have a significant impact on employee productivity and overall business operations.

When time management isn't a priority, it can create:

High levels of stress and burnout: When employees and teams don't manage their time well, productivity takes a hit. This means that goals can take much longer to complete than expected. A growing to-do list and the stress of not meeting expectations is the perfect storm to create stress and burnout among employees. Inefficient Employee Scheduling: When time is not managed properly, you cannot have an accurate idea of ​​how long it will take to complete tasks. This makes it difficult to create optimal schedules, which often results in overstaffed or understaffed shifts. Increased operating costs: It's true what they say: time is money. The wasted time and resources can cost you a pretty penny. When employees fail to produce what is expected of them during scheduled hours, it can cost businesses overtime and overtime.

Fortunately, investing time in time management can help your team move forward.

The benefits of good time management

When there are 100 activities going on, it can be difficult to dedicate time to time management. This can often feel counterproductive, like it's wasting precious time you don't have.

But the time you spend planning and reprioritizing can be a game-changer and help you get more done, faster.

Here are some ways small businesses can benefit from practicing good time management skills.

Reduced labor costs: Better use of time means businesses can accomplish more in less time. According to a survey of Homebase customers, 1 in 8 small business owners cut costs to save in the past six months. Many have chosen to limit inventory, services or hours of operation to account for inflation and other rising costs. These types of discounts can impact revenue. But if you can do more with the same or less work, you'll save money without affecting your customers. Better Job Satisfaction: Most employees want to give their best at work. Good time management can help them do a better job. Employees are also happier and more satisfied with their role if they feel this sense of accomplishment, which can also reduce turnover. Improved customer experience: Efficient teams can respond to customers faster and more efficiently. This builds better relationships with current and future customers. A stronger team ass...