8 Important Time Management Tips for Business Owners

Time is Money and Time Management is the way to earn it!

Running a company requires discipline and therefore time management for business becomes critical for being successful. A business owner wants to do a lot of things for e.g. schedule meetings, prepare budgets, strategize marketing and sales & even networking. How can he pack in so much? Here are 8 easy time management tips that will help business owners plan their workflow.

1. Prepare a Schedule

• Entrepreneurs are busy individuals; hence time management for business becomes essential
• Prepare a day-to-day schedule of what needs to be done when and try and stick to it!
• This can be done in the way of maintaining a pocket notebook or use online tolls to help you make a schedule. Google calendar can be of great for this

2. Outsource Non-Essential work

• Business owners have to realize that they don’t need to do everything themselves. Outsourcing non-core work is an efficient way of time management for business
• For e.g. Don’t take administrative work in your hands, outsource it to other professionals. If there are tasks that can be outsourced to freelancers, explore that option as well

3. Prioritize Work 

• Distractions can impact our work schedule in a negative way. Hence prioritize and learn to say ‘No’ to things that are unimportant for the business and can be done later
• At the end of each workday, write down the six most important things you need to accomplish tomorrow and review how much you could achieve
• This will help you to know which tasks are on the utmost priority list for the next day

4. Use Technology to save time

• Technology is an enabler when it comes to time management for businesses. Use remote software and apps that can help you with other functions of the business
• Your monthly bill payments can be automated
• Use a time tracking app like Time Doctor to avoid losing out on important things to do
• Highly sophisticated marketing campaign tools can be set up

5. 80/20 Principle for Time Management

Being a business owner you have to learn about the 80/20 rule which implies that 80% of your tasks should be done with 20% of your time. This makes time management for business highly efficient

• Delegate tasks that are time-consuming and perhaps less revenue-generating to others
• Prioritize in a way that you complete your most important tasks that time of the day when your mind and body are highly productive

6. Avoid Distraction

• Avoid Time wasters!
• These could be colleagues, family & friends or even social media engagement like Facebook and Whatsapp chats
• The point is not to discourage you to unwind but avoid these unnecessary distractions during your most productive hours

7. Keep some time to unwind

• When we talk about tips for time management for business owners, it does not mean to manage only your work life, take some time to relax the mind
• During scheduling tasks for the day do keep a window for some sort of activity that help you energize and channelizes your brain

8. Learn to Multitask

• The skill of multitasking can help in better time management provided you don’t get confused
• Multitasking is a skill that will help you succeed not only at work but also in life
• You can group similar tasks. For e.g. if you want to contact suppliers and vendors, see if it can be grouped together
• Try and achieve your tasks by dividing it into smaller segments and then setting a time frame. This can help in faster task completion and better time management for your business

The reality is no one can add more hours to their day. Instead, we have to master the art of using time sensibly. These time management tips will go a long way in streamlining your work and setting deadlines for its completion.