Time management is crucial for managers to successfully balance their responsibilities and maximize productivity. By effectively planning and prioritizing tasks, managers can ensure they are making the most of their valuable time. Implementing techniques such as creating to-do lists, setting realistic goals, and utilizing technology can greatly enhance efficiency. Additionally, delegating tasks, practicing effective communication, and learning to say 'no' when necessary are essential skills for effective time management. With proper time management, managers can not only meet deadlines and achieve targets but also maintain a healthy work-life balance.