Time is one of the most valuable resources available to a small business owner. There are a few things that can help save time.
Efficient time management tip #1 — Describe what an average day looks like
Grab a piece of paper and describe what your day looks like from morning till night. Your lunch break, phone calls, travel, etc need to be broken down by the minute. You should also work out the total amount of time spent during the day.
The list needs to describe your average day. Don’t change your plans to make things look better on paper. You’ll quickly spot the time-wasters. Focus on the time you spend on phone calls, breaks, errands, and other non-work-related activities.
Don’t let new opportunities steer you off course
Small business owners can sometimes be impulsive when it comes to new ideas or business offers. This distracts them from their plan and can lead to a stack of projects that will never get completed. You need to focus only on the best ideas and offers.
Don’t delegate your work without proper training
To run a successful business, it’s crucial to hand over some of your responsibilities to others. A business owner has to ensure that the person taking on the workload is well instructed. They need to be fully aware of their responsibilities.
For instance, if you run a small bakery and find someone to replace you as the chief baker, you need to teach them about the baking techniques at your business, ensure they’re qualified, and that they pass probation.
Adhere to the 80/20 rule
The 80/20 rule or the Pareto principle indicates that 80% of success comes from 20% of the effort. For example, only 20% of clients bring in 80% of the income for most companies. This rule can be applied to time management.
Count all your daily achievements that positively impacted your business. The numbers might differ, but only a small portion will benefit your company. The trick is to remain focused on them.
