Think about how most of us view money. We budget it, save it and try our best to earn more of it. But have you ever thought about your time in this way? Time is arguably your most valuable resource because it is not renewable. Once it has passed, it is literally gone forever.
This statement is not meant to instill fear in us, or cause us to throw up our hands in despair. Instead, it means that as entrepreneurs, we need to be very strategic about how we budget, save it and try to make the most of our time. Here are a few tips we hope you will find useful where time management is concerned:-
Merriam-Webster defines a budget as “a plan used to decide the amount of money that can be spent and how it will be spent”. In order to be successful, we should work to create a budget for our time to see how much is available and how we can use it effectively. Oftentimes, we have inaccurate perceptions about how long it actually takes to complete a task. We may be spending much more or much less time than we assume.
Start by figuring out how you are ‘spending’ your hours over a given week. This will help to give you a more accurate picture of any stumbling blocks and ways you might be better able to allocate your time. If you are looking for an easy way to track your time, we recommend using Laura Vanderkam’s free 168 Hour tracker available here.
Once you have your budget set up, it will be much easier to determine ways to save time. Look carefully at the items that take up a significant chunk of your week and see if any of them can be delegated to your employees or outsourced to a virtual assistant.
If you are spending precious time on accounting tasks, Remote Quality Bookkeeping (RQB) can help you accurately manage your financial reporting needs so that you can focus on your core business. Contact us to see how we can help you save more time in your day.
EARN MORE OF IT
Do you remember that song “Whistle While You Work” from the Snow White animated movie? This concept is not just for children. We can use it to help us maximize our time.
Waiting at the doctor or car repair shop? Use the time while you are waiting to make a few phone calls (step outside so you don’t disturb others), make notes about things you want to achieve in your business or reach out to your valued customers.
Need to get some exercise? Schedule a walking meeting with your employees or grab your headphones and call your vendors while you enjoy the great outdoors.
You might be surprised how much you can accomplish in those unexpected windows of time.
At the start of each business day, make a Top 3 list. Simply, pick any three tasks that you want to get done. Keep that list within your view during the day, or set a reminder of the tasks on your phone. That list with help to keep you accountable when other demands are placed on you throughout the day.
Additionally, checking off those items will help to boost your confidence and make you feel more productive.
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