This is an incredible habit. I personally see people every day finding excuses for not doing things or for delaying projects. This habits helps provide those people with an anser for such things and Covey explains this with a wonderful metaphor:
"in and old yarn, a man is sawing a log, The work is going slowly and the man is exhausted. The more he saws, the less he cuts. A passerby watches for a while an suggests that the man should take a break to sharpen the saw. But the man says he can't stop to sharpen the saw because he is to busy sawing" . A dull saw makes the work tiresome, tedious and unproductive. Highly effective people take the time to sharpen their on tools, their skills, bodies, souls, minds and hearts.
Allocate time to sharpen your saw in all these aspects of your life, leave time for exercising, for your family, for improving your mental skills, business skills, and your spirit.
Work towards developing your emotions, which depend greatly on other, Work to develop your heart, your emotional connections and your engagement with other people. Communicate, listen and be undemanding. In everything you do, try to make others better off and put them first. By doing this, you will transform your own person into why Covey call a highly effective person