Most entrepreneurs think of an asset as funding for their startup, proprietary technology that differentiates their products and services, or talent that provides a competitive advantage. A company may not realize but time is just as valuable as all other assets.
Time is a critical asset for entrepreneurs
Time is a valuable resource because it is limited especially when it comes to business. Entrepreneurs need every minute of their time to handle every aspect of their business and keep it on the right track. When an entrepreneur has time and uses it wisely, they can emerge as a successful entrepreneur.
The problem is that most of the entrepreneurs struggle with how to effectively manage their time. An entrepreneur who is just beginning to establish in the market constantly runs out of time to complete the long list of tasks and goals they set for themselves. During the early stages of business, they cannot keep an account of all the time went in a day, week, or even year.
Since you cannot extend the daily time limit, you will have to find another way to save more time for more important things in your business and life. This is where good time management skills can come of great use.
Here are nine tips for entrepreneurs to help improve time management skills:
1. Set your limits
While it’s good to be open, flexible, and accessible as an entrepreneur, it’s also important to say establish boundaries when it comes to the most precious asset known as time.
Don’t accept unplanned meetings or teleconferences when you know this will just take up your time and nothing productive will come out of it. Set limits on planned calls and put keep meetings only on the most important topics of your business.
2. Make use of Business Process Management (BPM) for greater time efficiency.
Business Process Management (BPM) is another plan of action that can help improve the efficiency of time. According to Zahi Daniel, Founder of Adapt Solution, A major contribution to time efficiency is the results of the optimization and automation of the business processes. Those processes reduce repetitiveness and eliminate errors.”
BPM helps to map out and analyze the time spent from start to finish while the tasks and departments are notified automatically when they delegate responsibilities.
3. Maximize available technology
You can find many tools that are created for the sole purpose of optimizing time. From task management tools and video conferencing apps to automated scheduling software and online bill payment methods to chatbots for customer service and support. These tools can save you a lot of time which otherwise would be difficult to manage.
4. Try productivity methods
Many people have studied human behaviour, use of time, and productivity levels to see if they could develop a hack to minimize the use of time. One of these was Lee Ivy who developed a method to prioritize tasks. His method involves making a list of six things in order of priority to accomplish in a day.
When you finish all your task at the end of the day, you make a new six-task list for the next day and repeat the process every day. To make things easier, you can use apps to achieve the method instead of writing it out.
5. Prioritize and focus to work smarter
It’s admirable to work hard, and working hard is a needed skill but things can be much better if you also work smart. Spending your time on the value-adding activities in your business and let go of the rest can help you complete your priorities in an orderly manner. Plus, you have a greater chance of getting significant results by focusing on your priority list.
6. Don’t be afraid to divide your work
It’s understandable that you may not want to give out tasks to others that can have a huge impact on your business but, by keeping everything to yourself, you are not using your time wisely. Divide work among the team members especially when it comes to time-consuming tasks that just about anyone else can handle. As an entrepreneur, you should always stick to what you do best.
Although you might initially use some money and time for training, team management, tools, and communications, you will quickly gain back considerably more time and other assets when you delegate tasks.
7. Learn while you work
Learn on-demand is a method when you learn new things while doing the tasks. This can sometimes take a lot of time especially when you have a learning spirit so make sure you follow this approach only when it’s necessary to achieve your company’s goal.
Utilizing resources like YouTube videos, articles, or training resources is only beneficial when faced with a specific project that requires a knowledge or skills upgrade.
8. Stop overthinking
Don’t wait for something better when you believe you know the task that you are doing can bring a positive outcome. When you are satisfied with the research you have done and have the information, then you need to get started immediately.
9. Rethink. Recharge.
You will not able to manage your time with little experience. You must keep making changes and improvements in your time management skills, so don’t think that this will be over soon.
You will need to rethink and revise your strategy. Most importantly, you will need to relax and recharge your mind sometimes so that you can be mentally prepared to continue optimizing your available time to meet your business goal.
By following the tips listed above, you will be able to efficiently manage your time and prioritize your task according to its importance and the value it adds to your company.
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