Time Management for Small Business Owners

‘Time is money’ is probably one of the oldest clichés, but it couldn’t be more than true. As a business owner, one of the most important things you need to do is manage your time effectively. Time is one of your most precious resources as a company owner, and unlike other resources, such as money, there is always going to be a set limit on how much time you have. Thus, you need to use it wisely. With that being said, read on to discover some top tips on managing your time effectively.

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Figure out how to prioritise your time

The first thing you need to do is determine the best way to prioritise your time. To manage your time effectively, you must begin by writing down all of your goals. Once you have done this, determine the activities that are going to help you achieve your goals. You then need to mark the activities as follows…

  • Important and urgent

  • Important but not so urgent

  • Urgent but not important

  • Not urgent or important

These four tags should give you further clarity and help you to prioritise everything effectively.

Incorporate unpleasant tasks into your routine

More often than not, business owners find that the tasks that are left unattended to are the ones that they simply don’t enjoy dealing with. However, you need to make sure you incorporate these tasks into your routine, which is why it is a good idea to set aside an amount of time to deal with the likes of chasing late payers.

Put everyday workplace policies in place – You need to make sure you establish and maintain everyday workplace policies for certain aspects of your business, for example, handling sales queries and complaints. You can use technology to facilitate this and scheduling tasks. Check out the source: https://setapp.com/apps/taskheat for a good example. This will save you a considerable amount of time in the long run because you will have a solid and effective structure that is already in place.

Create standard templates to use for communications

This can save you a huge amount of time. Head to https://docs.google.com/templates for information on templates if you use Google Docs. No matter whether you are sending a letter or an invoice, you should have a standard template that you can revert to. By doing this, you won’t have to spend time writing down your address or formatting the document. It is also worth creating an email signature so that all contact details are appended when sending an email out.

Delegate tasks

Last but not least, one of the biggest mistakes business owners make is trying to handle everything themselves. You need to figure out what tasks should be delegated and what tasks should be handled by yourself. If there is no one to handle the said tasks in-house, then it is definitely worth considering outsourcing. One area that a lot of businesses try and take on themselves is their finances, but they often find that it is much more efficient to hire an accountant instead. If you get behind on issuing your invoices and such like, your business is only going to suffer in the long run.