Business landscape has changed from manufacturing to knowledge economy, but most businesses are still run on managing money, i.e, budgets, revenue, and profits.  I contend that the real value in knowledge economy is created by time.  Time and money are related, you can pay for more resources and get more time.  However, in the desire to create value for the customers, it is not that easy to just throw money to create more value.  Human resources and not as easily exchangeable as money.  I can instantaneously borrow money using a credit card or a line of credit, but I cannot create the human knowledge needed to run my business.

What is needed is to use time as the tool to manage a business and not money.  We need to look at our time budgets and figure out if we used the time in the best possible fashion.

Firms have expense tracking policies but they throw time away without much scrutiny or thought.  The bigger the firm, the more of the waste.

Need time-based policies

Time limitations and requirements for meetings

Time tracking policy

Budgets, Targets, and goals in time

Review of use of time by executives

Time tracking for all.  We care about how much money is spent on parking.  But don’t know how much money is wasted in meetings.