Two new clients delayed the kickoff of engagements, so I have some down time. Where is the best use of time - marketing, administration, product development or even taking some time off?

There should never be unplanned "down time" in your practice. Sure, projects sometimes get delayed, but you should have a plan to use that time efficiently and not let it go to waste.

First, your attitude toward time is critical. Consider "found time" as precious. There is never enough time to do all the things we want, whether it is time with family, business, community, sleep or reading. Treat found time like a gift and spend it doing something positive to grow yourself or your business. Avoid consuming it doing "more" of what you are already doing. If you won $1000, would you divide it proportionally among all the things you now spend money on or would you put the whole $1000 toward a special investment or expenditure? Treat time the same way.

Second, always know how you would spend that marginal hour of time. You may already know where your time most effectively puts you on the path to achieving your business and life goals. What would a little more time do for you?

Tip: Make a list of things you could do with a few hours, a day, and a week. Update the list throughout the year as your needs and priorities change. This is a good exercise to keep you focused on balancing your business and personal life. If you have a week and your priority is to spend it all in one place, what does this say about how much time you are spending in other areas of your life?

© 2011 Institute of Management Consultants USA