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6 Effective Time Management Techniques for Business Owners

Effective Time Management Techniques for Business Owners
sukanya
Sukanya19 December 2023

You're the founder of a thriving business, juggling multiple responsibilities day in and day out. Your inbox is a never-ending stream of emails, your calendar resembles a colorful puzzle with every hour blocked off, and your to-do list grows faster than you can check things off. You're constantly bombarded with urgent demands and exciting opportunities that seem impossible to pass up.

As a business owner, you're well-acquainted with the exhilarating rollercoaster that entrepreneurship can be. It's a world where every task appears to be of utmost importance, where time is a precious and finite resource, and where the line between urgent and essential is often blurred. Amidst the chaos and excitement, the struggle to manage your time effectively can become all too real.

Many founders, like you, find themselves in this very predicament. As visionaries, innovators, and risk-takers, you thrive on the excitement of chasing new opportunities. Yet, in the quest for growth, the critical skill of time management is considered in passing. As a result, you tend to feel constantly overbooked, unable to prioritise, and, at times, overwhelmed by the weight of your ambitions.

But here's the good news: Effective time management techniques are a skill that can be cultivated, and it's the key to not only surviving but thriving in the world of entrepreneurship.

Executives who wield their schedules with precision can seize opportunities. However, mastering this art requires more than just a well-organised calendar; it's about aligning actions with priorities, allocating resources judiciously, and adapting to the ever-shifting currents of the market.

Time management can grant you those extra hours you always wish to have while managing your business. There are many strategies to plan your schedule and optimise time utilisation. Read on to learn some of them.

1. Task Prioritisation and Goal Setting

Employee appraisals, technical issues, customer service concerns, and hundreds of other tasks require your attention each day. Amidst all the hullabaloo, how should you sort and prioritise your tasks? 

Figuring out what tasks to work on and in the right order is a skill. One simple way is to anchor your daily objectives and targets to the long-term business objectives. By doing so, you never lose focus of your goals and can easily break them down into actionable tasks and milestones. 

The Eisenhower Matrix can be a handy tool to divide your tasks based on their importance and urgency and overcome our natural tendency to focus on unimportant tasks.  Reschedule, delegate, and outsource tasks based on their importance. The matrix can help you differentiate between important and urgent tasks for better time management.

The Eisenhower Matrix

Important tasks form the core of the business and its objectives. However, urgent tasks might demand immediate attention and can often relate to someone else’s goals.

2. Time Tracking and Analysis

A survey found that 40% of employees don’t track time spent reading/replying to emails. Businesses incur losses worth $52,500 per employee annually for the untracked time spent on timesheets to bill clients.

Similarly, most businesses never track the time spent in meetings, discussions, record-keeping, paperwork, etc., and costs thousands of dollars. You can prevent this leakage easily through time-tracking tools. 

A few of the popular time-tracking tools that you can opt for are Toggl Track, HourStack, Timely, TrackingTime, RescueTIme, etc. 

Time-tracking tools help improve employee productivity and identify workflow issues to reorganise tasks and recognise top performers.  

Pro Tip: Time tracking doesn’t mean micromanaging tasks. 

Time-saving tools help make data-driven decisions and avoid disruptive check-ins to save your team’s valuable time. At the same time, these tools help to boost accountability, manage workloads, and preserve valuable revenue. 

You can monitor your employees’ daily activities and time spent on tasks, capture their performance with data-driven insights, and identify time-wasting activities or distractions. 

Knowing how well each employee performs, you can precisely determine the resources required for each project. You can move underutilised employees to other projects and automate manual tasks to save time and effort.   

Beyond tools, there are some great books on time management to read. There’s Cal Newport’s Deep Work, Tim Ferriss’s The 4-Hour Workweek, Brian Tracy’s Eat That Frog!, and so many more!

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