Every business tracks costs. Reviewing expenses, analysing budgets, and identifying ways to save money is standard practice. But there is another resource that is just as valuable, if not more so. Time.

Unlike money, time cannot be replaced. Once it is gone, it is gone. Yet businesses rarely apply the same level of scrutiny to how time is spent as they do to their finances. That is a missed opportunity because inefficiencies quietly drain productivity, slow down progress, and prevent businesses from reaching their full potential.

If you could free up just one wasted hour per employee each week, how much more could your business achieve? What projects could finally be completed? How much more time could be spent improving customer service, refining processes, or strengthening your team?

Why a business time review matters

Think of your business like a high-performance car. The engine is powerful and capable of great speed, but if the fuel lines are leaking and the tyres are underinflated, you will never reach full capacity. Energy is wasted, efficiency drops and the car struggles to perform.

Now, imagine your team’s time as the fuel that drives your business forward. If that fuel is leaking through unnecessary meetings, outdated processes, or inefficient work habits, your business will feel sluggish. It will seem as though everyone is working hard, yet progress remains frustratingly slow.

Consider all the daily activities happening across your business. Meetings that run longer than necessary. Reports that nobody reads. Manual processes that could be automated. Tasks that add little value but continue simply because they always have. Individually, they might seem small, but together, they add up to hundreds of wasted hours every year. That is time that could be invested in high-impact work.

Yet many businesses do not realise just how much time is slipping through the cracks. Unlike financial expenses, time wastage is harder to quantify, so it often goes unnoticed. That is why taking a structured approach to reviewing how time is spent can be a game changer. Just as you would go through a cost review to eliminate unnecessary expenses, a time review allows you to pinpoint inefficiencies and reclaim time that can be reinvested into meaningful work.

The business time review challenge

Encourage your team to track their activities for one week. Ask them to reflect on every task and assess whether it truly adds value. Does it improve the business? Does it enhance the customer experience? Does it contribute to professional growth? If the answer is no, it is time to reassess its necessity.

Once you have a clear picture of how time is being spent, take proactive steps to reallocate it. Invest those hours into moving key projects forward, developing your team, strengthening customer relationships, or refining internal processes. Even reclaiming one wasted hour per employee each week can lead to significant improvements in productivity and business growth over the course of a year.

A business with ten employees, each saving just one hour a week, gains back 520 hours a year. That is more than twelve full working weeks of additional productivity. Now imagine what that could look like in a larger business.

Many businesses assume that improving time management is about making people work harder or faster. In reality, it is about working smarter. Removing unnecessary tasks and streamlining processes creates a more efficient and engaged team. When employees spend less time on low-value tasks, they have more capacity for strategic thinking, problem-solving, and creativity—things that drive real business growth.

How to reclaim lost time

Once you have identified time-wasting activities, the next step is to eliminate, automate, or improve them.

• Eliminate tasks that no longer serve a purpose. If a report is rarely read, stop producing it. If a meeting does not result in clear outcomes, cancel it or shorten it.
• Automate repetitive processes where possible. Many administrative tasks can be streamlined with technology, reducing the amount of time spent on manual work.
• Improve the way time is used. Set clear agendas for meetings, create more efficient workflows, and ensure that every activity has a defined purpose.

Encourage a culture of continuous improvement where your team regularly reviews how they work and looks for ways to become more efficient. The goal is not just to cut wasted time once but to build a long-term habit of prioritising time as a valuable business resource.

Make time work for you

Businesses meticulously track revenue, costs, and profits, yet few measure how effectively they use their time. In reality, time is one of the most valuable assets in business and one of the biggest limiting factors in growth. By eliminating wasted hours and using them more effectively, you create a business that is not just more efficient, but also more productive, focused, and profitable.

If you take on this challenge, I would love to hear your results. How much time did you save, and how did you use it to create a positive impact? Subscribe to YouTube channel and let me know! 

My business coaching services are here to help you take your business to the next level with tailored strategies that drive results. For more tips and expert advice, visit my homepage and explore the Mind Your Own Business section, where you’ll find free resources to keep your business thriving in a competitive market.