Master your most precious resource with this handy guide.
Being an entrepreneur is a double-edged sword. On one hand you are your own boss, you set your own hours, you run your business as you see fit. There is undoubtedly a freedom in entrepreneurship that you don’t have as an employee. But at the same time, the full weight of that business’s continuance, not to mention the jobs of all your employees, rests entirely on your shoulders. And as any entrepreneur will tell you, and as you’ll soon discover, the most premium resource you have is time.
Time will be the element you need the most but will, in fact, have the least. Almost every minute of your day will be planned, scheduled, and arranged and every moment matters. Management of that time will be of utmost importance in achieving tasks and meeting targets to keep your business thriving.
In this article, we will list 7 useful points to help and aid you in maximizing the management of your time to positive and productive effect.
1. Priorities
In managing your time most effectively, first you need to set in place your priorities in order of importance not of size. Analyze the goals you wish to achieve and targets you need to meet, then examine how to achieve those objectives. Break down each objective into smaller, actionable tasks. Once you do that, the important thing is to set a hierarchy of importance on those tasks and plan your schedule accordingly.
2. Delegating
There’s only so much of you to go around and it’s simply impossible for you to be everywhere and do everything related to your business. This is where the art of delegation matters most. As a leader, you need to know when and what tasks to delegate to others so you can concentrate on the more important tasks at hand. This requires building a great team, acknowledging and trusting in the strength and talents of each team member, and most importantly giving them a measure of freedom to innovate and be creative in their accomplishment.
3. Blocking Time
In addition to delegating tasks, of those tasks that you are working on yourself, understand that trying to do them all simultaneously will not only slow productivity, but will if sustained for long enough, inevitably lead to sloppy mistakes happening and/or eventual burnout. It is better to block off periods of time during your day for individual specific tasks so you can fully focus on them alone. In doing so though, ensure that you make allowances for some wiggle room should unexpected happenings force you to amend that schedule at short notice.
4. Utilizing Technology
Technology has literally changed the way we do business and if used in a felicitous manner, can greatly enhance productivity by streamlining tasks, saving ample time, and ensuring proper priority is given to those tasks most deserving of immediate attention. It’s a wise and prudent move to employ such available technology in your business as project management software, client management software, calendar apps, communication platforms, and internal messaging systems. All these can prove highly advantageous in daily operations.
5. Saying “No”
Even though as an entrepreneur, you’re always on the lookout for opportunities to expand and further your business, nonetheless there is a limit to what you can do and sometimes you need to be firm and say no when needed. Knowing when to say no in a wise and tactful manner is a sign of good leadership and shows an understanding of the need not to stretch your resources too thin, allowing you to use your valuable time on achievable and realistic immediate goals.
6. Time-Out
Simply put, you’re not a robot, you need to sometimes down tools and get some rest. Too many budding entrepreneurs reach burnout simply because they have pushed themselves too far and for too long. It’s also not just who needs recharging sometimes but also your co-workers. Organize social gatherings for the team members to build up camaraderie and trust among members. By having periods of R & R, you maximize use of time by not having productivity lost on sick days.
7. Reflection
One of the most pertinent points of effective time management is reflecting on what strategy is working best for you. Which aspect is producing the most results? Which ones aren’t working as well as you hoped? Always be ready to admit to yourself when something isn’t achieving the desired outcome and be willing to change course accordingly. Be flexible and adaptive to shifting circumstances, and in doing so, you’ll find your time being used to maximum beneficial effect.
Time is not an abstract concept, it is a thing that can be mastered and managed effectively, and utilized to boost your company’s productivity and to ensure you remain at the forefront of that business for many years to come.
