Time Management for Business Owners
Being a small business owner brings many exciting moments and difficulties. Many business owners learn specific skills and traits to help them succeed. These skills are soft skills that you can develop and strengthen. Effective time management is one of the most important skills for a small business owner.
As a small business owner, you are probably well acquainted with the feeling of always juggling endless tasks. From client deadlines to accounts receivable, to sales, it can feel like your to-do list never gets any smaller. By learning more effective time management skills, you can accomplish more tasks and reduce the stress that comes from managing a business. This article will discuss the importance of being a time management master as a business owner and tips for how to develop this habit. Take time to find the tricks and habits that work best for you. At Peak Business Valuation we love helping small business owners. Reach out by scheduling a free consultation!
Tips for Becoming a Time Management Master
– Set goals.
Setting goals is the foundation of good time management. Establish a plan for where you are going and how you want to get there. This can help guide your business and focus your effort in the right places.
– Track your time.
Tracking your time can be an excellent way to discover where you are spending your time and how long certain projects take. There are many time-tracking tools out there. This is a very eye-opening experience and provides insight into how you are spending your time. If you are honest in documenting all your activities, you can identify strengths and weaknesses and set goals to improve.
– Create a tracking system.
Creating a tracking system will help you stay organized. Whether this is a daily to-do list, a calendar, or another method, find one that works for you. There are many apps and resources out there to help. I like to make a daily to-do list because I enjoy the satisfaction that comes from checking things off when they are done.
– Determine your MIT (most important task).
Through careful planning and prioritizing you can determine a ‘Most Important Task’ (MIT). You can do this on either a daily or weekly basis. This is a tip our consultant (and accountability partner) has us do each week. Doing this has allowed us to track our progress and refocus our efforts if the MIT doesn’t get done.
– Dedicate time to focus.
Each of us work best at different times of the day. Pay attention to when you are most productive. This may be early afternoon when you are in full momentum or right after your morning workout routine. You can accomplish much more when you focus during your most productive time. Spend this time on your highest-priority tasks. It will make the rest of the day easier and more manageable. A dedicated work space free from distractions can also help you focus.
– Make time for yourself.
Breaks are especially important. As a business owner, it is easy to get consumed with growing your business. However, this often leads to burnout. Take time for family and activities you enjoy. They can be rejuvenating and can increase your motivation for work.
– Choose an accountability partner.
Lastly, choose an accountability partner. Accountability is key to achieving your goals. An accountability partner is a business peer who can help you grow your company. They can offer guidance, hold you to your commitments, give you feedback and provide support. Share your goals and MIT with them. Then set a recurring time to follow up with them.
Each of us has the same amount of time each day. Effective time management will help you consistently deliver your products/services on time. It can also increase ROI and enable you to solve problems faster. Successful business owners continuously work on developing and improving time management skills.
Peak Business Valuation loves to help small business owners build businesses that thrive. We provide business valuations and appraisals to help grow your business. Questions are always welcome. Please reach out by scheduling a free consultation!
Schedule Your Free Consultation Today!
