time management

5 Time Management Tips For Every Business Owner

By Shawn Burcham

Time is often the most valuable commodity for business leaders. Each of us only has so much time, and when it is gone you can never get it back. To be efficient, especially when growing a business, leaders should consider placing a certain value on their time. In other words, create a dollar value for each hour of your time and then weigh all other things against that hourly rate.  For instance, if you value your time at $30/hour and you can get someone to mow our lawn for $25/hour, why would you mow your own lawn? Time management habits are important to get you working on your business instead of living in it. Use this five-step process to develop your time management habits.

Decide What’s Important

Work with your team to list out all the things that have the potential to impact your profitability. After examining the list, decide on the top two or three things and schedule time each day to work on these priorities. Putting these processes in place can have the biggest impact on your business and most importantly, on your bottom line.

Stop Doing Tasks 

To-do lists are lengthy for most business owners and are worn like a badge of honor. Most of these lists are full of remedial tasks that you think YOU must do. You do not. Even though it can be difficult to give up items on your list, a “stop-doing list” is far more important than a to-do list. Delegate and automate tasks that can be done by someone else. This will free up your time to work on what is most important.

Start the Most Important Thing First

After delegating and automating, work on what is most important. Big projects are easily put off when they seem daunting. Take the time to schedule small blocks of time to work on your project. These small time blocks add up, giving you a strategy that pays off.

Learn to Say No

Leaders of growing companies can be spread too thin. The demands on your time can become endless. It is imperative to learn to say NO. Since you cannot be everywhere at once and you cannot be in every meeting, learn to trust your employees as you delegate projects. Learning to say no will allow you to really focus on what is important for your business—growing it.

Block Time for Self-Improvement

As you work toward delegating, saying no, and carving out time for big projects, another way to manage your time is to block out and schedule time for self-improvement needs. Training, reading, writing, all of these practices usually get pushed to the back burner in exchange for business tasks. Take your time back and schedule one to three hours each for these important things. 

Time management is a form of self-discipline. Daily structure and routines can allow you to be more effective as a leader and help you to create more balance in your life.