Every businessman’s most valuable asset and how best to manage it

Aliko Dangote, President, Dangote Industries

The most valuable asset to your average business man is time. Both success and failure in business can be directly linked back to time management. Your approach to time management determines to a large extent your level of productivity and efficiency. People treat time like it doesn’t matter and that’s why it loses its value to them. Time will be valuable to you as a business man only when you realize how it affects your business.

How can you manage your time to ensure you’re making the most out of it?

    • Get it ingrained in your mind that time is money.

Until you start seeing money as the asset that it is, you won’t put it to full use. Put a price on your time. Before you do anything consider what you’re getting out of it for your time. Place a value on your time remember that you can’t get a second back.

    • Get your priorities straight

If you haven’t learnt how to prioritize yet you might be headed for a financial crisis pretty soon. You should be able to make decisions that would benefit your business more and in the least possible time.

    • Always work with a schedule

The absence of a working schedule or calendar leaves you open for other impromptu things that might end up being timewasters. Plan your time out; give appointments and keep to them. Avoid spur-of-the moment decisions at all costs.

    • Always kill two birds with one stone (when you can)

Success in business is hardly attainable when you have a one-track mind. You should be able to multitask. Sitting idly while waiting for one deal to be done is a timewaster. Do something while you wait; respond to emails, read the news, make a call you’ve been putting off. Just take on as much as possible. Multitasking gets more work done in less time which is the ultimate goal of excellent time management.

    • Split the work

Trying to do all the work by yourself could be wasting time rather than saving resources. Get help. Employ someone or people to assist you in getting the work done. The more hands on deck, the sooner the job is done and the sooner you can get on with the next job.

If you feel like you still can’t handle it on your own, it would be a great business move to get someone to do it for you. That’s why assistants are important. No matter how you choose to go about it, be time conscious; time is money.