Time management tips for small business owners

Why is Time Management Important in Leadership?

Business owners lead by example. The values and work ethic demonstrated by a company's decision makers have a direct impact on the company's culture and, in many cases, profitability. Time management improves a company's efficiency and effectiveness, and business owners should work on developing or improving their own time management skills on a regular basis. So, if you are a good time manager, your team will follow you.

Advantages of Time Management

One of the key skills to have is effective time management, but it is an idea that many entrepreneurs struggle with. Small and medium businesses, in particular, cannot afford to waste time due to inefficient time management. The advantages of good time management practices, on the other hand, are immeasurable. Businesses that practice good time management are more likely to deliver their product or services on time.

Good time management also implies that a company can solve problems as they arise without having a significant impact on day-to-day operations. This is crucial for companies that rely on consistent results to increase return on investment - a planned, structured schedule allows for extra time for problem-solving or unanticipated circumstances.

Business owners can and should foster a work environment that values time management. Here are some pointers to help business owners improve their time management at the workplace.

Prioritising your tasks

Prioritising each task on your to-do list will help you stay on track to meet your daily and overall goals. You should ask yourself "What absolutely needs to be done by the end of the day?"  Begin by ranking each item in order of importance - or deadline - and work your way down the list. If something unexpected arises during the day, you can rest assured that the most time-sensitive tasks have already been completed.

Set Measurable goals - SMART GOALS

This is critical for business owners as well as employees. Setting specific goals will allow you to assess the success of your work and effectively track your progress toward that goal. As a business, you should be asking questions such as "Where do we want to be this time next year? What amount of revenue do we need to generate next month to stay on track?"

The answers to your questions should result in measurable, attainable objectives that you can communicate to your employees. Time management entails not only being productive with your time, but also being productive in terms of achieving your company's goals.

Plan Ahead of Time

Planning ahead of time today saves you time and unnecessary stress later. Once you've determined your objectives, you can work on developing a feasible timeline to achieve them.

Being realistic about what you can accomplish and how quickly you can work through that timeline is an important part of planning. Don't fall into the trap of being overly ambitious with each deadline; while time is money, making sure you have enough time to deliver a high-quality product or service should always be a top priority. Not meeting deadlines can also be discouraging to your employees, so set reasonable & attainable goals, and communicate to your team members exactly what needs to be done to meet them.

Understand When to Delegate

As a business owner, your time is frequently divided between day-to-day operations and long-term goals. Knowing when to delegate some of those tasks to other team members can save you a lot of time. It's also a great way to motivate your employees by giving them more responsibilities and challenges.

Estimating the time it would take someone else to complete a task is a great way to determine what should and should not be delegated. Would it necessitate additional training? Would I spend more time reviewing their work than I would if I did it myself? All of these are valid questions to consider before deciding to delegate.

We hope you find these time management tips for small business owners useful. For more advice on time management, book a free call with one of our consultants here or call ActionCOACH West Hertfordshire at 01442 773310.