Time is money, so they say. The way we spend the 24 hours allocated to each of us determine our successes or failures. The sad reality is that time cannot be recycled, once it is wasted, it cannot be recovered.
Effective time management practice is a crucial element in the success of any business, large or small. A well spent minute can translate to huge productivity in a small business. On the other hand, poor time management can lead to loss of productivity and ultimately the death of the business.
Anyone who owns or plans to start a small business must master the skills and embrace the culture of good time management if they want to be successful. Here are some of the essential time management tips for small businesses.
Keep a Daily Work Schedule
A daily work schedule provides you with a sequence of activities and tasks to be accomplished within a certain duration of the day. The tasks should be placed in their order of priority and according to personal productivity abilities. The work schedule will ensure you only put efforts on the prioritized tasks hence you avoid being carried away by other distracting activities. The work schedule also allows you to accomplish more challenging tasks faster when you still have the energy and avoid wasting time on easier tasks.
Control the Meeting Times
Meetings are important platforms for business reviews, finding new ideas, highlighting progress, challenges and finding their solutions. But meetings can also be a major time wasters for small businesses. Long meetings that end up with no tangible solutions are business killers. Avoid such meetings by planning your agenda in advance and sticking to them. Plan the meetings towards the close of business hours, to morning hours.
Each Project must be time bound
Creating and working within realistic deadlines is one of the best ways to ensure productivity in your small business. Deadlines naturally push us to work harder and faster hence save time for other important activities.
Distractors are many in any business organisation and they are one major cause of business owner to push away their daily work plan. An unplanned visit by a friend to your office is one of such distractors. To avoid this, have a strict visiting practice that only allows those visitors with appointments to be accepted into your business premise.
Proper use of technology can go a long way in saving the small business owner the much needed time. Skype and video conferencing can save the business a lot of time it would take if everyone were to walk into the boardroom for a meeting.
Delegation and Division of Labor
As an individual, you cannot handle everything at once. To save time, delegate responsibilities and divide tasks according to the ability and capability of each employee. This will allow you as the small business owner enough time to supervise and follow up the activities assigned.