Being an owner of a small business will entail juggling your time handling administration affairs, managing clients, marketing, and chasing profit goals.
Fortunately, successful business owners have shared tips on managing their jam-packed schedules and regaining balance in their work life. And, in accomplishing their time management goals, they’ve been able to save money and grow their business.
So, here are some pointers for time management that we can share with you to help you with your year-end business planning and goals:
Prioritize
Start with a clear to-do list daily according to your goals and rank it based on importance and time sensitivity.
Coming up with a separate to-do list for your business and personal needs can also be beneficial since they require different thought processes, methods, and timelines.
Push off the minor tasks towards the end of the day, so if any unexpected events arise, the necessary tasks have already been done.
Some business managers like to use the Eisenhower Matrix to determine the significance of tasks. It is based on the premise that if a job is urgent and important, it must be dealt with first. If something is important but not urgent, it can be scheduled for later.
Any other tasks that are urgent but not important and do not require much of your attention should be delegated to respective personnel. Finally, tasks that are not urgent or important should be eliminated.
Set reasonable and achievable goals
Establishing measurable goals and setting deadlines, whether it is saving for a new car, a new home, or a grand vacation can help you effectively track your success and milestones. For example, if you know you need $20,000 next year for your goal, you will need to set aside about $1,666 monthly.
If this seems to be a rather hefty sum of money, try breaking down the figure into a weekly contribution to make it more manageable. This also makes it easier to find ways to cut back on expenses to help you reach your target.
Setting up a separate account dedicated to your savings where you can make automatic money transfers can help keep you stay on track. This also makes monitoring your progress more manageable, making you feel good and encouraging you to keep going.
Organize your workspace
A well-organized work area will help you do your job more efficiently. For example, try keeping color-coded or well-labeled folders and bins and your desk free of trash.
A study has shown that about 43% of people working in a cluttered area worked overtime at least two times a week. Therefore a physically organized space contributes to a clearer head-space.
Delegate. Delegate. Then delegate some more.
Being a business owner is probably just one of your roles. Your responsibilities can be endless if you are also a homemaker and a parent.
Knowing when to delegate tasks is essential for financial growth. However, this idea of delegation is commonly underrated. For example, you can quickly get your hands full by running a household. However, hiring domestic staff who keep your house tidy, prepare your meals, and even care for your children can free up a chunk of your time.
On the other hand hiring professional staff for your business, such as bookkeepers, accountants or marketing experts, will not only give you more time for other tasks but also free you from unnecessary stress, knowing they have specialized knowledge to deal with the job you require.
The benefits of hiring staff cannot be undervalued because it gives you the following:
Time for self-care and rest
Relaxation is not a waste of time; taking breaks can lead to more productivity; without it, you can be left burned out and unmotivated. Besides, relaxation is key to a happy life.
Time for family and friends
Your domestic staff can make hosting events and preparing for trips a whole lot easier for you. You can enjoy more time with your family and friends without getting overworked.
Time to get to work
Both your domestic and office staff will allow you to have more balance in your work and personal life. Calculate how much time you dedicate to managing your household, and consider putting those hours into your business and the projected income it can deliver.
Here is a simple way to compute what your hour is worth:
Keep track of all your monthly income. Then, divide your monthly income by the total hours you work. Here is the formula: Income / Total hours = Hourly rate. For example, $6,000 / 220= $27.27 per hour.
If you can regain an extra 20 hours each week, which you spend on tasks you can delegate by hiring staff, then this can potentially increase your income by $2,181.6 and cover the costs of hiring.
Evaluating your income and expenses can be an empowering tool to help you reach your financial goals by prioritizing necessary expenditures over unnecessary ones.
You made an interesting point when you mentioned that establishing measurable goals can help you manage your finances. I would think that some people have a hard time managing their finances because they don’t know how to manage spending and saving. Working with a financial planner could be a good way to develop better spending habits.