How Time Management In Business Can Make or Break Your Company

Time Management, hmm. That dreaded demon. There are thousand things to do and you only have a few productive hours in a day given all those other distractions. Yes, I was there and continue to have challenges. But over a period, I learnt some tips and techniques to help me better manage my time.

Given all the challenges that entrepreneurs have, the ones who can better manage their time to get more things done in the same amount of time will outlast their competitors. Here are some effective time management strategies that I have developed over the years.

Always Plan Ahead

It is so obvious but we don't do it. My job forced me to plan ahead. I was fairly tactical by just looking at things to do for that day initially. But gradually, I extended my planning horizon to daily tasks, weekly tasks, monthly and yearly tasks.

If you can practice this very simple habit of segmenting your tasks by time periods. If you have a humongous list of tasks not broken down by time periods, you will be overwhelmed and unable to achieve anything. 

A business owner has to complete their task before the deadline, deal with the paperwork, and take care of their customers. No matter what, you have to make a list. 

One of the tips for time management is to take baby steps. Set some manageable goals for a week and then move on towards the challenging ones. These more challenging goals should be broken down into achievable baby steps too. 

If needed, take the help of time management apps. Some people swear by Evernote and tools like them. I tried similar tools but my favorite tools are Google calendar and Google Docs. I know you are thinking they are primitive but they work for me. So see what tools work for you.

Also, You should start noticing the time of the day when you are most productive, whether it is after your morning coffee or when the whole country is asleep. Do the challenging tasks during that time and set aside the others for the rest of the day. I am most productive early mornings and late evenings.

Here are ways of how to organize your time:

  • Create a schedule
  • Highlight the task that needs to be done by only you
  • Record the appointments and deadlines on a computer or a diary instead of depending on your memory
  • Set a time to handle customers and employee meeting. Ask others to follow the schedule you have set
  • Don’t attend any calls or check emails if you are working on achieving a goal

Map Out the Tasks Based on Their Importance and Urgency

For setting up a successful business, you must know which assignment takes priority. The tasks that require to be completed urgently should be done immediately.

When you are running a business, it becomes tough to differentiate tasks into categories. Here are some of the ways which will assist in successfully making a list. You can dig deeper into these methods on Wikipedia.

Eisenhower Method

In this method, name after US President Dwight Eisenhower, you have to divide the task into important, not important, urgent, and not urgent. Start your day while focusing on the most important and top-priority assignment.

Then move on to significant but not high-priority tasks. After that focus on urgent assignments which are not important and finish your day with smaller tasks.

Pareto Analysis

This method focuses on the famous 80/20 rule. For instance, this procedure will make you consider 20 percent of customers who generate 80 percent of your profit.

Similarly, it favors the 20 percent work which is responsible for setting up your 80 percent of your business.

POSEC Method

Prioritizing by Organizing, Streamlining, Economizing and Contributing (POSEC) first asks you to list down your goals according to urgency and the availability of time. Streamline or outsource the tasks which don’t hold any priority to your business.

Economizing means to separate the tasks you enjoy doing from the ones which need to be completed immediately.

Start with the most important one and then end with assignments you enjoy doing.  Contribute to the community by listening to customers complaints and providing them with exemplary customer service.

Rely on Technology for Time Management in Business

Now you can depend on apps to manage your workflow and schedule. Instead of burying yourself in a heap of files, just click a few buttons to know everything about your business.

Wunderlist is a wonderful app to organize your to-do-list. Furthermore, it gives you a reminder for every task you must do.

Harvest is an ideal app for a small business which charges by the hour. This way you will have proof of the time spend on a task and will be to deal with pesky customers.

Trello assists you in managing every task with efficiency. You can create boards for every project and can track its progress through this app. This app is helpful when you are outsourcing your work to others.

No Harm in Taking a Break

Time management in business is essential but taking a break is one of the most crucial strategies for time management.

To keep yourself motivated take a walk or grab a cup of coffee in between the tasks.

A break from your busy schedule is important to maintain your health. A break will let you enjoy your task and you won’t consider it as a burden.

Make Your Business Successful with Time Management

Instead of creating tension with unorganized deadlines, rely on time management in business.

You will not only be able to complete your goals but will be able to expand your business.

Just remember to make a proper schedule as soon as you take the first steps in business and involve all employees. This will create a good work culture as you will all be striving to achieve a common goal in a timely manner. 

Check out our Ultimate Business Startup Checklist if you are ever stuck how to get started with a business. If you are struggling with a business plan, read our easy-peasy Business Plan section.

About the Author Ramesh Dontha

I am an entrepreneur, writer, and blogger. I build businesses and love to share my experiences of my successes and failures. My mottos is: Live with purpose, Be Passionate about that purpose, Persevere through ups and downs and keep exploring Possibilities.

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