Time! It can be your worst enemy or your best friend...depending on how well you manage it. The successful business owner recognizes it as his or her most precious asset.
Time in perspective: We all get the same allotment of 24 hours each day. For the disorganized who squander their time, letting it slip through their fingers, it is an enemy. But for those who know how to marshal time to their advantage, it is a good friend. It allows them a comfortable pace all week, to take weekends off, to enjoy their families, and still accomplish twice as much as the rest of the world.
Time offers a special challenge for the business owner. That's because the job appears never to be done. The lucky ones get burnout; others get heart attacks. It's no way to live. And it's certainly no way to run a business.
For a business owner, time management is not just a nice idea. It's the cornerstone for building better, stronger, faster and more profitable business.
To improve both the quality and the quantity of the time available to you each working day, follow these simple guidelines:
1. Do a "time audit." Using 15-minute intervals, record how you make use of your time during a typical work day. A common complaint of many business owners is that they don't have enough time to get everything done. However, simply conducting a time audit from time to time will generally show a number of easy-to-correct time wasters.
2. Establish priorities and measurable goals. If you don't know what you want to achieve, then it doesn't matter what you do to achieve it. Without priorities and goals, every action is a time waster.
3. Eliminate busy work, tasks you simply don't need to do...all things that do not lead either directly or indirectly to your business's growth and profitability. Look for ways to cut unnecessary steps out of work routines. If it isn't important, don't do it. Every action during work time should be goal-directed -- whether it's a phone call to a supplier, business meeting or a golf game. If it's not, stop doing it.
4. Invest in daily planning. Taking just ten minutes each day to map out projects and tasks on a "To Do" list can save hours of wasted time. Planning empowers you to move systematically through the important tasks of the day without wondering what to do next. Caution: Don't make the common mistake of planning out every minute. Leave a little open time to handle the unexpected. Otherwise, you'll end up playing a frantic game of catch-up day after day.
5. Delegate! Delegate! Delegate! If you're like most business owners, you have a difficult time letting things out of your grasp. But that's exactly what you must train yourself to do. Delegate everything you can...not simply what you must. Not only will you have more time for things that only you can handle, but your business will profit, as well.
6. Make a pledge to never work weekends or evenings. This forces you to structure your time more efficiently...and allows you to enjoy some of the benefits of the life you are working to build.
7. Live in two distinct worlds. When you work, focus all your attention on the business of business and maintain a strong, demanding pace. But when you break from work, break completely. This means no briefcases home on weekends or even thinking about work when you should be relaxing. Instead, make your free time really free. This will improve the quality of work time and family time.
8. Add time to your day by coming in a bit earlier each morning or by cutting out such time wasters as television in the evening. You'll be amazed how it can pay off. Try building what's called the 13-month year.
The 13-month year: There's only so much you can do to make your time usage more efficient. Once you crank up the quality, add some quantity, as well. Say you are currently working eight hours a day...from eight to five, with an hour break for lunch.
Add a single extra hour each day. There are plenty of places to find the time without impacting your personal time. Start an hour earlier, stay an hour later, divide up two half hours at the start and end of the day, or cut your lunch hour in half. Just make sure you don't slice into family time or weekends... which are crucial for recharging your batteries.
The results can be incredible. Adding just one hour a day means five extra hours a week or an average of 22 hours more a month. If you normally take four weeks vacation, this single hour each day can generate an extra month of business productivity...plus an additional two weeks vacation.
The bottom line: You don't have to become a time management expert to capitalize on the benefits of more effective use of your time. But keep in mind that the better you become at organizing yourself and your time, the more you will improve the odds that you will achieve your goals and keep your business both productive and profitable. Because time is more than money. Time -- specifically, how well you use it -- is a key element of long-term business success...and personal satisfaction.
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