Running a business is difficult, especially for small businesses. Between administration, managing employees, marketing, pursuing prospects, taking care of clients and other necessary activities. As if there was no time left to do anything.
Although it is challenging to grow a business, many businesses thrive. They are proven by the projected global economic growth of 4.9% in 2022. This is a signal that many owners are successful in running their businesses.
Time is a limited commodity for business owners. So the essential skill to have is smart time management. While time management is not an exact science, you can create new habits that work best for your schedule.
There are many ways to solve the lack of time problem. People adjust their bedtime, use time management apps, create to-do lists, etc. But no matter how hard they try, they (perhaps us too) find themselves in a constant tug of war with time.
Time Management is vital for business owners
First, it is more important to understand why time management is so necessary and its benefits. As a business owner, you must see the broader picture of why managing time is essential.
1. Time is limited
Regardless of how you divide your time, everyone only has 24 hours daily. Whether the administrative staff in your office or the sales staff, they also have 24 hours a day. While they only have one main job to deal with, you, as the owner, must do many things and use different hats at once. This means you must be more efficient in managing and controlling your time.
2. Accomplish more without putting in too much effort
When you control how you spend your time, you will notice that your focus boosts. Good focus will increase efficiency at work. You will find that you complete your work, and your workday will seem shorter.
3. Make better decisions
The main side effect of managing time is that your soul and mind become calmer. A calm soul and mind are the main provisions in making decisions. Decisions and choices of steps are the daily diets of business owners, so choosing the best decision is their responsibility.
4. Achieve more success in your venture
No matter what business you run, time management skills are the main success factor. When you have control over your time, you will make better decisions. The team will sit and watch.
You are the role model for your team. They will be motivated to do the same when they see their leader as well-organised and efficient. This trend will become a work culture, and you will find your business starting to be profitable because the whole team is doing their best.
7 Time Management tips for small business owners
After understanding the importance of controlling time, now is the time for you to learn seven smart ways of time management like a business owner.
1. Always plan your work and your week
Planning is an essential strategy in time management. While planning and scheduling an ongoing activity, the best time to prepare is late in the day on a Sunday.
When you don't start the day with a plan, your time will be spent putting out the fire and doing what the employee or team can handle. Try following some of these tips:
- Prioritise tasks in order of urgency and importance.
- Put a tick next to a job that only you can do.
- Prepare your book or laptop to record appointments, deadlines and ideas.
- Set time for handling interruptions, like employee conferences and other matters. Tell your team and employees to wait unless it's an urgent case.
- Plan to spend more time on the jobs with the most outstanding business benefits.
2. Prioritise according to urgency or importance
In today's era, business is more demanding than in previous years. Consumers expect to interact constantly with their favourite brands digitally and on social media. This certainly adds to the to-do list. That's why you need an effective method for prioritising work. You can use the Eisenhower Matrix and Pareto Analysis.
3. Learn to delegate responsibilities
We understand that delegating responsibilities can be one of the most challenging things for a business owner. But it's the key if you want to reduce stress and achieve more success. Try to break down your business tasks using the Eisenhower matrix:
- Record the tasks you have to do yourself.
- Work you can do but employees can help you.
- A job someone else can do, but you can help them.
- Work that the team/employee can complete.
You can use the 80/20 rule. If the employee can complete the task 80% as well as you, you can delegate the work to him.
4. Minimise distractions
Work interruptions are a component that can ruin your daily plan. In a small business, almost every vendor, customer or client always wants to talk to the boss. So it's essential to control your work environment, limit access and avoid personal distractions. We all know that creating a broken concentration is difficult. Build a wall against distractions by turning off your phone or locking the door.
5. Quit multitasking and focus on one thing
Believe it or not, multitasking is a myth. The brain can only deal with one problem at a time. When you try to do more, you constantly shift your focus to complete both tasks. The solution? Focus on one job. Once done, you can move on to the next thing. Just see how efficient and fun it is.
6. Always try to find your golden time
Are you an early bird or a night owl? Or can you work on both? Time management is about how you function best.
Use your most productive time to complete the most important and urgent tasks. Meanwhile, you can spend unproductive hours on administrative work that doesn't require much energy.
7. Get some rest
You may wonder, how can you rest with the many things you need to do? Calm. We all know how easy it is for business to take over our lives. You need to work hard, and you need to take care of yourself.
When you let your physical and mental health slide, you can't show the best version of yourself in business or any other area. So be sure to break up your day with a five to 10-minute window of off-time every hour. Get enough sleep every night for your body. Permit yourself some freedom on the occasional day off.
Started today or tomorrow by applying one of these tips. It's okay to start one at a time and not at the same time. Stay focused and appreciate every process you make every day. Start small for a big impact.