5 time management tips for small business owners
Perhaps the greatest asset of small business owners is their time. Unlike money, staff, goods and even business, time is irretrievable.
Here are 5 tips for small business owners and managers to make a better use of their precious time
- Identify your big time wasters.
Time log all the activities you do every day and analyse it. Which of these are not necessary? How can you minimise time spent on these actions? Your goal should be to find the areas where you’re spending way too much time. Main culprits usually are phone calls, email, meetings, breaks, errands, etc.
- The 80/20 rule.
The theory is that 80% of your results come from 20% of your efforts. Strive to increase the amount of time you spend each day and each week in that 20% category. If you do that, the results will not take long to come. This is a process, so don’t be afraid to experiment – apply it to different things and see what yield you get off them.
- Delegate
Being a small business owner, you really have no option – you need to delegate at some point. Otherwise you will be living to work, not working to live. Spend a part of your efforts training, upskilling and preparing your employees to conduct business without you overlooking each and every step they make. This will pay off big time.
- Don’t waste time on employees
Once you have trained and prepared your staff to act autonomously of your supervision, it is time to leave them be. This is where 80/20 rule comes in and starts paying off. It is just a part of the overall effort, but without your involvement into every single minor matter, you will be amazed at how much more time you have on your hands, whether it is making big business decisions or simply spending time away from it.
- Avoid “fire-fighting”
Being an entrepreneur is a way of life, so be careful not to go away from delegating control and back to the “hands-on” approach. You will be tempted to do that, as it is in your nature to control things, but it is counter-productive and even harmful to your business. Follow the plan and don’t be a busy fool.
Managing small business is difficult. Managing it when you don’t have time is excruciating. Protect your time, you will never get it back.