A small business owner is well aware of the phrase "time management." However, this doesn't mean that everyone is prepared to improve this aspect, or even address it altogether.
Time management is extremely important, though. Being able to juggle many tasks at once while keeping the company on track will be a big boost to any financial plan. Thankfully, changing this aspect of a small business is relatively simple, and there are a number of ways leaders and entrepreneurs can go about it.
In order to get started, it may be wise to pay attention to a few of these crucial financial tips.
Find the difference between actual and perceived time
While time is a very definite thing – there are seconds, minutes, hours, days and so on – in reality, it can feel much slower and faster, according to Entrepreneur magazine. This is a key distinction when it comes to time management. It is more valuable to think in terms of perceived time, as compared to what is actually happening.
That means what really matters to small business owners is what goes on in their heads, and how they view time and daily tasks. That means it is relatively easy to create an easier day or a harder one, depending on how a person approaches the job. Running a company will take a person in one direction or another, and how they respond to those demands will determine how successful they are.
To pull it off, leaders have to have a schedule, Entrepreneur magazine explained. Before making any changes, each day's thoughts and interactions should be written down. Then, after one week, they can be reviewed and it will be fairly easy to spot problems. That way, small business owners can learn where they are struggling and where they aren't, then make the appropriate changes. The most important tasks should be recorded in a calendar, so they never get forgotten. It is extremely crucial that these are kept each week. To do so, it can also help to schedule time off or for interruptions.
Focus on what really matters
One of the biggest problems with time management is that small business owners sometimes prioritize items that aren't worthy of attention. This is a very big – albeit common – mistake, and dodging it may have an immediate impact on a financial plan.
According to MoneyCrashers, leaders should learn to ignore distractions, which can actually include things like email. Many people are tempted to check this every few minutes, which will in turn take one's mind off the more relevant task at hand. This isn't a good thing, and it can lead to wasted hours and poor time management. To avoid this, a period during the day solely for emails should be set. Once or twice during business hours all important communications can be responded to.
In addition, small business owners should not multi-task, the news source noted. This is because focusing on more than one thing at once can lead to completing many things poorly, instead of one item well. Instead of tackling everything at once, a clear objective will result in better productivity, work output and quality – things that every company can enjoy.
Perhaps most importantly, a company has to be organized, MoneyCrashers explained. If everything is chaotic, odds are workers won't be able to concentrate or even find the tools they need to succeed. On the other hand, having a system in place to simplify the office and each day's tasks will help everyone involved achieve better time management.