Business Owners Struggle With Time Management Issues
Written by Tim Morral
Effective time management skills are still elusive for many small and medium-sized business owners, many of whom facing a growing list of responsibilities.
For small business owners, time is a more valuable asset than laptops, company websites, smartphones and even office space, according to a recent infographic from MavenLink.
The MavenLink study also showed that one in four business owners believe that just one more hour in the workday would be worth $500 -- and that may be a deal considering that 76 percent of business owners report filling an average of 3-6 roles in their organizations on any given day.
"I haven't met a business owner yet who doesn't wish there were more hours in the day," said Eric Giering, Vice President, M&I, a part of BMO Financial Group. "They always feel stretched so thin between work and family, but much of that stress can be eliminated using more effective time management."
Giering offers several tips to help business owners make the best use of the time that is available to them:
- Prioritization. Small business owners simply must prioritize to-do lists, separating things that have to get done from tasks that should get done or can be put off to a later date. Using the prioritized to-do list, business owners can then determine what is reasonable for them to accomplish in a single day.
- Delegation. Many business owners don't fully utilize the labor resources at their disposal. By delegating tasks to other staff members, owners can free up time for other activities and create opportunities to engage their workers.
- Streamlining. Often, business owners can improve time management by streamlining certain aspects of their businesses. Outside partners like bankers, accountants and even industry peers can provide excellent insights about process improvements.
- Time Off/Time Away. Productivity isn't measured by the amount of hours business owners spend at the office. In addition to scheduling business owner leisure time, small business owners should consider occasionally working outside of the office as a way to recharge their batteries and avoid office distractions.
"Changing your time management habits isn't easy, and it won't happen overnight," said Giering. "But in the long run, these modifications can be well worth the effort."
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