The best strategies are childproofing your home and keeping a close eye on your child to limit her opportunities for getting into trouble. Because toddlers are long on curiosity and short on attention, it's easy to use distraction to redirect your child to more suitable activities. For example, if she's fascinated by the cat's tail, engage her interest in a toy instead. If she insists on coloring on the table, substitute a paintbrush and a cup of water for her crayons. Your child won't stay put.
Most toddlers find it hard to sit still for more than a few seconds, let alone three minutes.
For a toddler, even just 2 to 3 seconds of calm may be enough time to regroup. As soon as your child has calmed down and switched gears, the time-out has served its purpose. If the problem is getting your child to her time-out place, then you'll need to teach her to settle herself there. Lead her to the designated place, and calmly tell her to sit down. If she runs away, avoid an elaborate chase, and don't get exasperated.