Time management is a term business people hear often, especially Internet marketers whose job descriptions run the gamut from executive decision maker to coffee maker. So what does the term really mean, and more importantly, what does the term mean to you?

Time management isn't just a lofty concept that conjures up visions of easy workdays and unstressed task completion. It is a process that, when learned and used properly, can actually make a difference in how successful your business actually becomes.

And, although the term time management encompasses many different techniques and rules, the key component to any successful time management plan is commitment: 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 even 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 actually affect your bottom line. While doing so, 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 currently wasting more than half of your time and effort on actions that are not results-driven, like answering repetitive emails or waiting on responses to phone calls, then less than half of your actual workday is dedicated to productive work.

To understand how much this misuse of time is really costing you and your business you need to understand just exactly how much, in dollars, your time is actually worth.

Start by figuring out 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 approximate yearly salary (or profit) you intend to make.

Now, to calculate how much each hour of wasted time costs you and your business, determine how much it costs you to run your business for one hour on any given day. Assuming that you work 7.5 hours each day, you will have 1,500 hours of open for business time each year.

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

Now that you understand just how much your unorganized time is costing you, you need to decide if a time management renovation plan is right for you and your business.