Time is Money: How to Maximize Both as an Entrepreneur or Business Owner
Are you wearing too many hats? Being pulled in a hundred different directions? Having trouble completing tasks because new things keep coming up?
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The hours you spend working are as important as the money made in that hour. Your time is money; wasted time results in wasted cash. You can change this with some simple time management hacks.
Your productivity depends on your time management. Once you master this, everything in your business will become simpler. Keep reading to learn how to make the most of your time as a business owner.
Invest in Great Employees
Many business owners find themselves hiring employees far too often. A high turnover of staff means the time you take to plan and to train goes to waste.
The trick to saving time on hiring is making the right hires in the first place. And, making the job so great they don’t want to leave!
You can do this by creating an Employee Development Plan. Any employees that you truly value and depend on should have a path for growth. They should have benefits and perks that make working for you worthwhile.
When recruiting new hires, be very detailed in what you’re looking for. Weed out the lazy, unenthusiastic applicants from the hard working and passionate candidates.
Once you hire great employees who love working for you, they can take a load off your plate. Remember to ask for their feedback and input on new ideas. You trust them to do a good job, so you can delegate tasks to them.
Track your Time
Spend a week recording everything you do from morning to night. You can do this with Google Calendar or on paper. Write the tasks you work on each hour or the free time you spend.
After one week, review your log.
How many tasks did you switch between in any given hour? How many tasks comprised of you fixing other people’s work? Did you miss any deadlines or lose out on any profit?
You may realize you’re working an extreme number of hours per week. Or, that you’re struggling to move projects forward because you aren’t focused enough.
This problem is very common for business owners. It gets solved by automating and delegating tasks.
Thanks to the magic of technology, we don’t have to manually complete many tasks. If you haven’t leaned into automation, now’s the time to start.
Automation is when you let technology automatically complete tasks without your constant approval. You set up the rules and expectations, then the frequency of the automation. After that, your load is a little lighter.
Here are some tasks automation can help with:
- Email marketing
- Assigning inbound leads
- Following up with networking peers
- Offering free content to attract leads
- Identifying the hottest leads
- Tracking accounts receivable
The list goes on and on. Did you know that 80 percent of top-performing businesses use automation for marketing? 80 percent of these highly successful people can’t be wrong.
Look at your business’s tasks and systems. Where could automation help you?
Not all tasks can get automated; some should get delegated. As a business owner and entrepreneur, you’re used to doing everything yourself. “If you want it done right, do it yourself” right?
Most of the time, “done is better than perfect.” You need to decide which tasks demand your attention and which ones your employees can do.
This might mean training your top employees on new roles and duties. This is great because it shows them you believe in them and it lightens your workload.
Look back at your time log for the week. Find at least three things that you can delegate. Start the process of transferring those responsibilities to someone else.
This will give you more time to do the things only you can.
Work in Batches
Jumping from one task to another in completely different realms is awful for productivity. Switching gears all the time ruins your focus and lowers your energy.
Instead, start working in batches through calendar blocking.
Schedule your day to complete all like-minded tasks in the same block of time. That could mean spending all of Monday morning working on payroll duties. Or, all of Monday afternoon updating the company website and planning new components.
Consider using an app for all your scheduling needs, like this company. Every employee can download the app and have access to all work-related things.
By staying in the same realm of tasks for a larger chunk of time, you can focus completely on that umbrella of tasks. You can use your time more efficiently and get more done.
Look around your office. Is it messy? Is there clutter everywhere, especially on your desk?
This is a subconscious productivity-destroyer. How can your mind think clearly when your space feels confused and chaotic? Both you and your employees are less productive when the space is messy.
Start by cleaning your personal office. Your desk should only have things you use every day or make you happy. File loose papers or shred them.
Declutter the floor. Boxes should get put away and objects returned to their home in the office. Hire a cleaner to deep clean the space.
Then, set new expectations for your staff on office cleanliness. Like tools need to get put back after use and don’t leave rotten food molding in desk drawers.
You may need to buy some organizational systems to keep this momentum going. Get some low-maintenance plants to put around the office and lift the mood. Make the office a calm and clean place to work for everyone.
If Time is Money, Are You Spending Yours Wisely?
As a business owner, you’re supposed to be hustling and grinding. But, you can do more by working smarter, not harder.
Boost your productivity and profits by getting better at time management. Put systems in place that save you time and let you focus on important things. Your time is money; making better use of it will result in higher earnings.
For more tips on being a business owner, productivity, and making more money, check out this article.
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