Small Business Time Management Tips Startup Owners Need To Know
Every single business owner out there needs to be aware of the fact that time is the most important asset of the entire business. This is even more important for a startup. Money can be lost and then you can get it back. You can lose a contract and then land another one. However, when you lose time, you cannot get it back. It does not matter if you promote bitcoins options or you sell baby products. Properly managing time is vital for growth and day-to-day operations. You absolutely need to be aware of the following time management tips for small businesses.
Start Logging Time As Soon As Possible
Start with one full day of time logging. You can do this through a spreadsheet, with pen and paper or simply with the use of specialized software like Time Doctor. Track every minute of the day and see how much time was spent on every task done.
Everything has to be tracked so that this process can be useful. Do not change your behavior just because you are tracking. Measure the typical workdays so that you can see exactly what you spend time on.
Identify Time Wasters
After you log time, you figure out where time is wasted. Total up the tracked time and categorize activities. After, perform simple calculations so that you can determine how much was spent on each activity. You want to find areas where too much time is spent and see what is productive. Obviously, the goal here is to reduce the time spent on unproductive tasks and increase time spent on productive tasks.
The Pomodoro Strategy
The Pomodoro Strategy (also referred to as the Pomodoro Technique) is a time management strategy you can use in every single startup. You get a timer and you set it at 25 minutes. You use that time to perform a task. Then, you take a 5-minute break. This loop is a “pomodoro”. Repeat this process so that you get work done and you also get breaks.
If 25 minutes is not enough for you or is too much, you can always adjust time spent on specific tasks. Then, daily and weekly goals can be set. As an example, you would use just 10 to 15 of these “pomodoros” to check emails per week.
The 80-20 Rule
This is a really simple rule that simply says 80% of one’s results come from just 20% of the efforts put in. If you want really effective time management, you want to increase how much work is done in that exact 20% category. This is what brings in the best possible results for a business.
The only problem is that it does take time until you manage to figure out what fits in that 20% category and what does not. Everything will be trial and error but you will surely keep getting more and more productive as time passes.
Delegate TasksLast but not least, if you want to be really effective, you need to master the art of delegating tasks. You have to avoid abdicating, which means giving tasks to people that are not ready for them. You want to learn how to hire good staff members, train them and then delegate tasks in a way that increases productivity.