Time Management for Small Business Owners

“Time is money” is a familiar phrase.  Time is like money in that it is valuable and it should be budgeted, tracked and used efficiently.  Time is not like money because it can’t be saved or borrowed.  Also, everyone has the exact same amount of 24 hours per day.  You can’t save 12 hours today and have 36 hours to spend tomorrow.  You can’t go to the bank and borrow 1000 hours to be paid back over a 5 year term.

There are many methods, tools and techniques to aid in more effective use of time, but the absolute number one starting point for the busTime Management picy small business owner or organizational leader is to be honest with yourself about how you really spend your time.  Often, the complaint from the owner is in regards to interruptions.

Interruptions break work flow and thought processes.  We have found that many of the interruptions are actually caused by the business owners themselves.  In many cases, there appears to be an interruption addiction.  This addiction shows itself in an inability to focus. Instead of focusing, the owner or leader is frequently checking emails, text messages, social media or favorite web pages.  Other sources of work flow breakage include hopping from 1 task to another without ever completing the first task, interrupting their own employees “just to talk” and holding non-productive and meaningless meetings.

Once the reality of the current use of time is determined, then methods and techniques can be developed to aid in time management.  The methods and techniques may be in the areas of organization & planning, prioritization of tasks & projects, time blocking for critical work, technology use, understanding and dealing with the true causes of interruptions, delegating and more.

Again, the first step for the busy small business owner or leader is to be honest with yourself in regards to how you really spend your time.  Please remember this:  “busyness” does not necessarily equate to productive and profitable business.

If you need help with time management issues, methods and techniques, please contact us today for a free initial consultation.