3 Time Management Tips to Improve Business
Time management is all about the ability to organize the use of our own time. The goal is to be able to use most of the time for things that are important and meaningful to us. It’s not about constantly striving to do more, but being more efficient.
Prioritizing and planning time effectively is a challenge for most businesses. But there is no need to worry since time management is a skill that can be learned. We all have the same amount of hours per day, but what differentiates us is the way and ability to manage the given time.
Time management isn’t an exact science, but if you feel like you need to make some improvements as a business owner and make the most of your precious time, you can create new habits that work best for you, your business, and your schedule.
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Plan and Prioritize
Some of the biggest “time thieves” at the workplace are shifting priorities and projects that keep getting bigger. To avoid getting stuck, you should keep track of your priorities and what you spend your time on.
Simplify your prioritization by planning before the day begins. Choose the order of priority for tomorrow’s tasks according to which tasks are important and which are urgent. You need to try out what works for you. Some people prefer to write a list, some want to divide the information into different fields and others choose to keep the information in their heads. If you need to plan several larger projects, it’s an advantage to make the goals and requirements for each project visible.
Although you have made a priority list and should avoid making changes to it, it’s necessary to be flexible. If urgent tasks arise, these must be able to end up at the top of the list. If, on the other hand, you notice that these types of tasks arise far too often, it’s of the utmost importance that you take adequate measures. This may include delegating less urgent tasks to other employees.
Use Time Tracking Tools
As the level of competition in the business world is increasing, businesses must focus on their time management to get a competitive edge. Simply put, they will be able to increase their revenues more quickly if they’re able to do more work in a shorter period. For this reason, if you’re looking to boost your productivity levels and motivation daily, you should consider using time tracking tools.
In addition to maximizing productivity, time tracking tools can help you get a clear picture of the number of hours you need to complete different tasks. If you notice recurring patterns in a particular project or phase, then you might need to revise your timeline to reflect a timescale that’s in line with realistic goals.
Employees might feel uncomfortable when time tracking software is introduced, thinking that recording their hours may give a wrong impression that they’re not working enough. However, as a business owner keeping an exact track of the hours worked, you can identify when good work is done and reward it appropriately. When a team member is exceeding their goals, you might want to give them a promotion and in this way encourage others to test their limits and do their best.
Put the Pareto Principle Into Practice
The 80/20 rule, also known as the Pareto principle, has been widely used by both large and small businesses for many years. It’s considered by many to be the most effective method for time management.
The rule can help anyone achieve much more, with much less work or effort. The 80/20 rule states that a smaller portion of the cause, input, or effort leads to a larger portion of the result, effect, or reward. It means that 80 percent of what you achieve in your job comes from 20 percent of your work time or effort.
First, identify the 20 percent that provides the 80 percent. Once you understand what that 20 percent represents, you’ll naturally want to spend more time on these activities to achieve even better results.
The next step in the process is to aim to eliminate, reduce or delegate the 80 percent of the work input that accounts for 20 percent of the results. Most often these activities are things that others want you to do, things you don’t like, such as answering the phone, responding to emails, etc.
When running a business, time management is crucial, especially if you want to make better decisions, increase competitiveness, reduce stress, and boost your bottom line. By implementing the tips above and investing in an effective time tracking tool, you will be able to operate more productively and profitably.