For most business owners, there aren’t enough hours in the day.
A small business owner needs to manage employees, take care of clients, marketing, and finances, collect leads, and perform many other tiring, time-consuming, countless activities.
Therefore, improving time management skills and applying intelligent strategies to manage time more effectively is an absolute must for every entrepreneur looking to maximise efficiency.
Unfortunately, maintaining a healthy work-life balance in the early stages of a start-up is incredibly challenging.
Maybe not even the most brilliant tips will help business owners free up a busy schedule (at least until they reach a high success level).
Nevertheless, they should focus on managing time wisely to prioritise tasks, get the most out of every working day, and achieve goals faster.
5 Time Management Tips For Small Business Owners
- Using the Pomodoro Technique
The “Pomodoro Technique” is a time management method created by Francesco Cirillo in the late 1980s. Traditionally, the technique was based on a kitchen timer used to break down work into 25-minutes intervals. Today, there are many Pomodoro timer apps available. The Pomodoro technique is excellent for improving planning, breaking the habit of multitasking, and avoiding procrastination.
- Relying on technology to save time
Technology has dramatically changed how people do business. Business owners should leverage modern technology as much as possible to save time on commuting and routine work. First-class virtual business solutions (such as Virtual Business Solutions Melbourne) enable companies to maximise efficiency and prioritise wisely. For example, virtual office providers deal with routine, time-consuming operations (e.g., answering business calls, sorting the mail, etc.) and allow business owners to focus on more meaningful tasks.
- Using the Eisenhower Matrix
The Eisenhower Matrix (also referred to as the Urgent/Important Principle) is a framework designed to prioritise tasks by importance and urgency. The matrix consists of four quadrants with different work approaches: “do it first” (urgent and important tasks), “schedule it” (important, but not so urgent tasks), “delegate it” (urgent but less important tasks that can be delegated to others), and “delete it” (tasks that are neither urgent nor important). The Eisenhower Matrix is a simple but effective tool that helps business owners prioritise tasks.
- Setting self-imposed deadlines to avoid Parkinson’s law
Parkinson’s law states that “Work expands so as to fill the time available for its completion”. For example, if a business owner has two weeks to create a presentation, they may actually take two weeks to complete it (even though it takes just a few hours to build approximately ten slides). To avoid procrastination and work faster, business owners should always set self-imposed deadlines.
- Focusing instead of multitasking
Several studies indicate that multitasking hurts productivity, interrupts the workflow, leads to mistakes, and is bad for the brain. Juggling more tasks at once is a waste of time and won’t help anyone save time or increase productivity. Business owners looking to improve time management should focus on completing one task at a time instead of juggling multiple projects.
Conclusion: Time is a limited and valuable resource.
Improved time management increases focus and productivity and enables businesses to capture more significant opportunities.
Business owners who are unable to manage time effectively are more likely to deal with stress, missed deadlines, lowered professionalism, and procrastination.
The five tips listed above will allow them to work smarter, relieve stress, and improve their businesses’ performance.
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