Time management tips for small business owners

Time is one of the most valuable resources available to a small company owner. There are a few things that can help save time.

Efficient time management tip #1 — Describe your typical day

Take a piece of paper and outline your typical day from morning till night. Your lunchtime, phone calls, commute, etc. must be broken down by the minute. You should also calculate the total amount of time spent during the day.

The list must reflect your typical day. Don’t try to change your plans to make things look better on paper. You will quickly identify the time-wasters. Pay attention to 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 sometimes act on impulse when it comes to new ideas or business offers. This distracts them from their plan and can lead to a build-up of projects that will never be completed. You must focus only on the most promising ideas and offers.

Don’t delegate your work without proper preparation

To run a successful business, it is crucial to delegate some of your responsibilities to others. A business owner has to ensure that the person taking on part of the load is properly instructed. A person must be fully aware of their responsibilities.

For instance, if you own a small bakery and find someone to replace you as the chief baker, you have to educate them about the baking techniques used at your business, ensure they are qualified, and that they pass probation.

Adhere to the 80/20 rule

The 80/20 rule or Pareto principle suggests that 80% of success comes from 20% of the effort. For example, only 20% of clients contribute 80% of the income of most companies. This rule can be applied to managing your time.

Count all your daily achievements that had a positive impact on your business. The numbers might vary but only a small percentage will benefit your company. The key is to concentrate on them.