Time – It’s Always Available

Time has a quantifiable measure commonly accepted and uniformly adopted at every level of the world community, ie 24 hours per day, 7 days per week, 52 weeks per year, etc.

It's a unicorn in that everyone personally and in business has 100% equal, unencumbered access to it and there is no other commodity in history that has this unique attribute.

To business it's both an asset and liability.

• Utilisation is 100% possible from either side of the ledger. Productivity is how well or poorly you use available time to do what is required in your business
• Billability represents the quantum of productivity you can monetise –

o  The industry sector in which your business operates determines what you set as critical success factors for measuring time utilization, productivity and billability

• For example in the professional services sector, 100% of available time can be utilized doing something each day, productive time actually achieving the designated client related work can range widely from, eg 20% to 90%, individually and/or collectively, and billable time equates to monetizing 100% of productive time recorded

o  Therefore, how you set and measure productivity is a critical success factor in your professional services business

• The question to answer is, what is the optimum productivity measure for your business

o  Products based businesses use the similar time management concepts but their revenue generation is product dependent in terms of how much finished product they create and how much of it they can sell

• Your sales price point is the other critical success factor but that's a subject for another time.

Trust this article helps you appreciate that effective time management is a foundation stone for your successful business.

Gordon Seeto CPA