Time management is not just a lofty idea that conjures up visions of easy workdays and unstressed task completion. Time management used properly can make a difference in how successful your business becomes.

Although the term time management encompasses various techniques and rules, the key to any successful time management plan is commitment. It is a commitment to learning a new way of doing things, commitment to action, and commitment to long-term change.

Once you have the commitment, the next step is learning how to plan your time and rigorously sticking to that plan. Although that may sound difficult, the success you will achieve will come quickly. By beginning with the simplest of changes, you will immediately discover more time, better results and the lessening of stress.

So, how can time management techniques deliver these benefits? Time management techniques allow you optimize your efforts and focus your time and energy more efficiently on tasks that affect your bottom line. Time management techniques also allow you to decrease the energy and effort you waste on necessary yet unimportant tasks. Together, these techniques help you raise productivity, reduce stress, achieve goals, and save time.

Think of it this way: if you are now wasting more than half of your time on actions that are not results-driven, like answering repetitive e-mails or waiting on responses to phone calls, then less than half of your workday is dedicated to productive work.

To understand how much this misuse of time is costing you and your business you need to understand exactly how much, in dollars, your time is worth. Start by calculating the annual operating costs of your business.

Include the cost of any office space you rent, equipment you use, office supplies you use, monthly charges your business incurs, and other expenses. To this figure add the estimated yearly salary (or profit) you intend to make.

Now, to calculate how much each hour of wasted time costs you and your business, decide how much it costs you to run your business for one hour. If you work 8 hours each day, you will have 2000 hours of open for business time each year.

Using these figures, calculate your hourly rate. The number will probably surprise you. Do you want to waste that amount of money checking unimportant e-mails or net surfing each day?  And if not, you are not alone. Time management is an important concern to most Small Business owners.