Time management tips for small business owners

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

Efficient time management tip #1 — Describe your average day

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

The list has to describe your average day. Don’t try to change your plans for things to look better on paper. You will quickly determine 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 change your course

Small business owners are sometimes impulsive when it comes to new ideas or business offers. This distracts them from their plan and can lead to a pile of projects that will never be finished You must pay attention to only the most worthy ideas and offers.

Don’t delegate your work without proper training

In order to run a successful business, it is crucial to give a part of your responsibilities to other people. A business owner has to make sure that the one who will carry part of the weight will be properly instructed. A person has to be fully aware of their responsibilities.

For example, if you own a small bakery and find someone who will replace you as the chief baker, you have to educate him about baking techniques at your business, make sure that he is qualified and passes probation.

Follow the 80/20 rule

The 80/20 rule or the Pareto principle states that 80% of success stem from 20% of the effort. For example, only 20% of clients bring in 80% of the income of most companies. This rule can be applied to time-management.

Count all of your daily accomplishments had a positive impact on your business. The numbers may vary but only a small percent of them will benefit your company. The trick is to stay focused on them.