By Yhordan Serpentini | December 30, 2022
As a small business owner, managing your time effectively is essential to the success of your business. Having good time management skills is key to staying organized, meeting deadlines, and completing projects on budget. In this blog post, we’ll be discussing 8 time management tips to help small businesses save money and increase their efficiency. From setting realistic goals to delegating tasks, these tips will help you get the most out of your time and your budget.
1. Set Clear Goals
Setting clear goals and objectives can help you stay organized and ensure that your time is being used in the most effective way possible. One of the biggest problems entrepreneurs have is that they bite more than they can chew, and then expect the unsurprising issues that come with it are just normal since “everyone else does it.” Don’t be like everyone else, be better and different—that is what will catch the attention of your target market anyways. Make sure you have realistic expectations, including when too much is TOO MUCH. Don’t expect everything to be completed quickly and efficiently, right off the bat, either.
2. Prioritize Important Tasks
Outside of setting realistic goals, you should also prioritize the most important tasks first. Focusing on the tasks that will affect your business the most will not only help relieve stress when they are completed but also allow you to work on other, more minor, assignments without the fear or worry of their impact if it is delayed or completed past an initial deadline. This may sound easier said than done, but with some discipline, you will surely save money and lots of time, as well as spare yourself a very bad headache.
3. Create A Structured Plan And Schedule
Creating a structured plan and/or schedule are small strategies that can go a very long way in the world of business. Taking the time to map out the tasks you need to get done, the deadline they either need to be completed by or you would want them to be completed by, a timeline associated with each task, and an organization of finances—including liabilities and assets—are all great ways to structure a plan/schedule for your business.
4. Minimize Distractions and Multitasking
Being realistic, we are bound to start multitasking when we have lots of things to get done or get distracted when there are so many things on our minds. Being an entrepreneur is no different—you are inevitably going to get distracted or multitask, so understanding and removing the causes can be a great way to minimize how much you do of each.
Multitasking can seem like a great skill to some, but it comes with its cons—that being that the quality of your work will never reach its maximum potential. Multitasking can be somewhat interchangeable with quantity over quality; you can complete more things at once but you won’t get the same results for each task as you would if you focused your priority on each assignment, individually—it is also far more stress-inducing, which is something small business owners are trying to already reduce.
So, minimize distractions and multitasking by first identifying what exactly causes you to do these things. Whether it be notifications, social media, not taking enough breaks or taking too many breaks, an unstructured plan or a lack of one, having unrealistic expectations, overworking yourself, or your workspace or environment, identify what the cause of your distractions and multitasking is, then try removing them from your workspace. If your workspace or environment IS what is causing your distractions, try relocating. For example, instead of working in an office, try working in your living room or outside, anywhere where you may feel calmer and more focused.
5. Take Advantage of Technology
Technology is the most advanced its ever been, and it will only get better from here, so take advantage of what it has to offer. Invest in automation tools to reduce manual tasks and create more efficient processes. There are several ways for small businesses to make the most of technology and automation, one of which is by utilizing project management software to keep track of tasks and resources. Project management software can help you easily manage and track your projects, tasks, deadlines, and resources in one place. This will save you time and money in the long run.
Additionally, you can utilize automated scheduling tools to streamline the appointment booking process, as they can help you set up and manage appointments quickly and easily—saving you time and money. Implementing time-tracking systems to monitor employee productivity, including tracking employee hours, monitoring efficiency, effectiveness, and identifying areas for improvement, will also save you time and money, as you’ll be able to identify and address any potential issues before they become serious.
You can also leverage cloud-based collaboration tools to facilitate communication and collaboration among team members. Cloud-based collaboration tools can help you manage projects, collaborate with team members, and share files and documents quickly and easily. Lastly, you should invest in automation tools to reduce manual tasks and create more efficient processes while saving you labor costs.
6. Learn When To Say “No”
Learn to recognize when taking on a task or project isn’t in the best interest of your business. One of the most difficult things for small business owners to learn is how to actually say “no.” It’s easy to get caught up in the hustle and bustle of running a business and try to take on too much; however, taking on too much can be detrimental to your business.
Remember to set realistic goals and expectations for yourself, and doing so will require not only a structured plan—as mentioned earlier—but also the ability to refuse. Not only does not saying “no” lead to burnout, but it also can lead to a drain on resources like time, money, and energy. So, learning how to say “no” is an important step in effective time management.
7. Take Breaks
Another very important way to save time and money is by actually taking some breaks—I know, it sounds very counter-intuitive. Taking regular breaks and setting boundaries can help your small business save time and money in the long run by allowing you to have a clear-focused mind, which will ensure that you stay on track with your tasks and you aren’t sidetracked by any distractions. Having a routine can also help keep your mental health on the healthy side, which can be the difference between a business failing or succeeding.
8. Reward Yourself For Good Time Management
Set aside time each day to plan and reflect on progress.
No matter how hard you work to manage your time, sometimes it’s hard to stay motivated. To help keep your motivation up, it’s important to reward yourself for good time management. Remember that just as your employees should be acknowledged and rewarded for their hard work, so should you. Here are some ideas:
Treat yourself to a new piece of equipment or software that will help you manage your time more efficiently, take a break and go for a walk or do something that relaxes you, set a goal for yourself each day and reward yourself with something special when you achieve it, give yourself a pat on the back for completing tasks on time and within budget, celebrate milestones by taking yourself out for lunch or dinner, take a day off to do something you enjoy, make a list of things you’ve accomplished and review it periodically, or give yourself a high five for sticking to your time management plan.
Regardless of what you plan or choose to do, know that these rewards don’t have to be anything expensive or extravagant. As long as you know that it’s important to recognize your hard work and take time to celebrate your small successes, you will thrive off of it by keeping you motivated and focused on your time management goals, which will help your business save money in the long run.
Disclaimer: This blog is not intended for financial advice
Sources:
- 10 best time management tips for small business owners. Subscription DNA. (2016, March 15). Retrieved December 30, 2022, from https://www.subscriptiondna.com/blog/10-best-time-management-tips-for-small-business-owners/
- Entrepreneur. (2004, June 18). Business, business success – 50 ways to save money in your business. Entrepreneur. Retrieved December 30, 2022, from https://www.entrepreneur.com/growing-a-business/business-business-success-50-ways-to-save-money-in-your/71318
Jaeli Tools:
Latest Posts:
- Digital Mastery Unlocked: Navigating the Costs and Returns of Your Business Website
- From Dream to Reality: Financing Your Business Acquisition for Success
- Marketing vs Sales – Why Both Are Important and How They Complement Each Other
- Defying the Startup Graveyard: Navigating the Mysteries of Business Ventures
- Tips to Boost Your Chances of Raising Capital Through Ten Different Methods
