For small business owners, time is the greatest asset. If you lose money, you can always get it back but you cannot get time back. Here are some tips that will help you to manage your time better as a small business owner:
Start Time Logging
You need to start time logging to track every minute of your day. If you are looking for a spreadsheet to track your time, you can click here to get started. Make sure that you list the tasks that you do as well as the amount of time that you spend doing them.
For a time log to be useful, you should track everything. When you start logging, you should not change your behavior. Just do what you usually do on a typical day.
Identify the Time Wasters
As soon as you complete your first-time log, you will be able to see the activities that waste your time. With your time log in hand, you should group your daily activities into categories. You can now figure out the percentage of time that you spend on each activity.
The goal of this is to figure out the activities that you spend most of your time doing. The categories you should consider include breaks, errands, email, and phone calls.
Use the Pomodoro Technique
This popular technique for time management involves focusing on specific tasks for 25 minutes then taking short five-minute breaks before starting the next one. With time logging, you will be able to see where you are spending too little or too much time.
Once you have this useful information, you should be able to set daily and weekly goals. For instance, you could limit yourself to doing 12 pomodoros per week.
Apply the 80/20 Rule
You can determine where to spend your time using the 80/20 rule. This rule says that 80% of your results come from 20 % of your efforts.
Therefore, to be an effective time manager, your job is to focus your efforts on the 20 percent category that is going to yield results. You should apply this method on a weekly basis until you figure out what yields the best results.
As a small business owner, you should be able to rely on other people to get the work done. However, you should not give your employees responsibility without preparing them adequately. This means that you should hire qualified people then take some time to train them effectively.
Avoid Your Employees
Once you train your employees to work effectively, you need to let them do their work. If you are not careful, bad employees will eat up your time with never-ending problems. For this reason, you need to hire the right employees in the first place.
However, even good employees will waste your time with their good intentions. If possible, you should set up your office away from the employee area. Just remember that your job as a business owner differs from the jobs that your employees have to do.
Avoid Shiny Objects
You should avoid being pulled in by shiny objects. They will pop up frequently and distract you from what you want to achieve.
Although good opportunities are good, you should make sure that they do not take all your attention away from the job. In fact, you should focus on your business first before you start considering new opportunities.
These tips will come in handy if you want to start managing time effectively. The most important thing that you need to do is start logging your time. You also need to hire competent employees.