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Part 2- How to Profit through Time Management
Go here to read Part 1.
Strategies for Profitable Time Management
There are many ways to curb time theft and refine your time management ability. Through a solid understanding of how you currently spend – and waste – time, you can determine which strategies you need to implement to correct unproductive behavior.
Here are 17 ways you can turn less of your time into more money:
1. Set Clear Priorities
The foundation of time management is a clear understanding of what your time is best spent on. Once you accept that you can’t do everything, you need to decide what needs to be completed now, what can be completed later, and what someone else can complete. Each to-do list you create should be put through this filter, and reorganized so the highest priority items are on top, and the lowest priority items are less visible, or on the bottom.
Once you have established your priorities – which will also naturally reflect the priorities and goals of your business – stick to them. Just because someone else feels something is of a high priority doesn’t mean it holds the same status next to your other tasks.
Prioritization is also helpful in your personal life and leisure time. Your spare time is precious – so make sure are clear on how you would like to spend it.
2. Use Your Skills – Delegate Your Weaknesses
As a business owner, your day naturally consists of tasks you dislike doing. Some are essential – signing checks, reviewing financial statements, and other business maintenance – while others are simply not within your skillset.
If you are a strong public speaker but struggle with report writing – delegate to a copywriter or editor. If you own a retail store and have no experience in design – outsource your signage. These freelance professionals often cost half as much as you and take half as long to complete the task. It is a great idea, especially if you struggle with time management. Your time is saved for tasks that use and strengthen your skills effectively, your stress is managed, and ultimately a better product is produced.
3. Delegate, Delegate, Delegate
As a small business owner, the only way you will ever get everything done is by delegating. Delegation is a vital skill that needs to be refined and practiced, and once mastered is the key to profitable time management.
Too often, owners and managers believe that it will be “faster” or “more efficient” to complete the task themselves than to train and monitor someone else. Other times, there are no internal resources to download assignments.
As a result, the following trends can be seen in many small companies:
• Owners and senior staff are stressed and overworked, while junior staff is underutilized and under capacity.
• Staff members are not given an opportunity to grow and develop in their roles and may perceive a lack of trust or confidence in their ability. The company loses good people.
• Owners and senior staff are always in a reactive state, instead of a visionary or proactive state.
• Delegation happens at the very last minute, and junior staff has little understanding of either the overall project or expectations for the task.
The easiest way to fix this problem is before it starts. Create a solid team of staff members around you who are well-trained and prepared to support the business. Attract and retain qualified and quality people who can be cross-trained and promoted within the company. Ensure that communication flows throughout the business, so everyone has the product and service knowledge to step in and assist when necessary.
4. Learn to Say “No”
It’s easy to fall into the habit of saying yes to everything. You are, after all the business owner, right? No one can complete these tasks as well as you, right? You’ll lose that customer if you don’t help them with their garage sale, right?
Wrong. The most successful business owners have a keen understanding of time management and delegate the remaining responsibilities to trusted others. It’s too easy to say yes to every request in the moment, and later feel overwhelmed when it’s added to your to-do list. You may not ruffle any feathers, but what toll does it take on your stress level? Your workload? Your time is valuable – so protect it!
Remember that if it is too challenging to say no immediately, you can always request some time to think about it. This way, you can evaluate your workload and realistically decide whether or not you can take on a new project. Then, stand by your decision, or assist in bringing in the necessary resources to get it done.
5. Create (and keep!) a Strict Schedule
While multi-tasking is a desirable skill, it is also often a time thief. Attempting to do too many things at one time ensures that nothing gets done. As a business owner, you need to be able to focus and concentrate on essential projects without interruptions.
The only way to do this is to commit to a strict schedule. Once you understand your work style and concentration patterns, you can allocate periods of the day to specific tasks. This includes personal and leisure time – schedule it, and stick to it.
Doing a time management by creating a schedule time for list-creation + prioritization, email messages, telephone messages, internal meetings, client meetings, meeting preparation, “me-time”, family time, recreation + fitness, daily business tasks, and blocks for focused work.
Remember that there is a training period involved in beginning a new routine – for yourself and those around you. Use your voicemail, out-of-office email message, and a closed-door to begin to let people know when you will not be disturbed.
6. Make Decisions
The choice to not make a decision is a decision in itself. The most successful business owners have the ability to make good decisions quickly
and efficiently and do not waste time deliberating over simple choices.
In leadership positions, often people are afraid of making the wrong decision or looking foolish if they make a mistake in front of junior staff. What they don’t realize, is that hesitating or avoiding decision making impacts their leadership just as much or more than making the wrong decision. Not only can being indecisive be personally stressful, but it is also stressful for those around you whose tasks are waiting on your choices.
Remember, you must make the best decision with the information you have, in the time frame you have to make the decision. No one expects you to be a fortune teller – be decisive, make some mistakes, and learn from them.
7. Manage Telephone Interruptions
This is a huge source of time theft that can easily be managed and avoided. If you are available to take phone calls at any time of day, you are setting yourself up to take work home in the evenings. The phone will always ring when you are focused on an important task, and this is something that can easily be avoided.
Figure out when you are most productive. Is it in the morning or the afternoon? Before, during, or after lunch? Once you have identified this time period, set your phone on “do not disturb” or have your calls directed to voicemail. If you do not have a receptionist, a variety of automatic answering systems are available for a nominal fee. To structure your phone time further, let callers know on your voicemail what specific time of day is best to reach you via phone. Then, set that time aside to receive and return phone calls.
8. Keep Your Work Environment Organized
Have you ever tried to make dinner in a messy kitchen? More of your time is spent looking for (and cleaning) dishes and tools than actually spent cooking the meal.
The same goes for your work environment. If your desk and office is in a constant state of chaos, then your mind will be too. In fact, some studies have revealed that the average senior business leader spends nearly four weeks each year navigating through messy or cluttered desks, looking for lost information. Does that sound like a productive time for you?
Once you make the initial clean sweep, it’s easy to maintain order in the chaos:
• Tidy your desk at the beginning and end of each day. Attach pertinent documents to your to-do list, or have clear and organized folders for loose papers.
• Organize your supplies drawer so you have easy access to stationery like pens, post-it notes, staplers, and highlighters. Every minute counts!
• Only have the documents and files you are working on, on your desk. The rest should be neatly filed on a side table for later retrieval.
• Keep personal items (like photos or memorabilia) out of your primary line of vision. These can be distracting and encourage daydreaming.
As for your office or store, there are many ways to make its layout more conducive to effective time management. Try:
• Minimizing the distance between the reception desk and electronics like photocopies and fax machines.
• Keep a clear line of sight between your office and the most productive area of your business, so you are aware of what is happening amongst your staff.
• Organize shelves and filing cabinets so files are not only easily accessed, but out of sight when not being used. Consider putting sliding doors or cabinets in storage areas, and remember that the floor is not a storage cabinet.
9. Keep Your Filing System Organized
If your data isn’t organized properly, you will waste hundreds of hours searching for documents you need on a regular basis. This includes both electronic and hard copy files; they need to be organized and up-to-date.
Customer databases and inquiry records are worth their weight in gold. You can’t afford to get behind when updating this information, or poorly store it for later retrieval. There are many easy to use software programs that will manage and organize customer databases for you; it doesn’t need to be a time consuming or tedious exercise.
A simple way to manage information is to keep it in short, medium, and long term files for both hard and electronic copies. Create shortcuts on your desktop for folders or files you constantly access. Have short-term files available on your desk, medium-term files available within an arm’s reach, and long-term files stored in cabinets.
10. Clearly Communicate – Never Assume
One of the biggest issues for time management in business – and likely the world – is miscommunication. This is a dangerous issue that can cripple any business, including yours. Establishing and enforcing clear policies on things like accurate note-taking, task assignments, and phone messages will ensure your staff understands the importance of clear and accurate communication.
The easiest habit to start to curb miscommunication is simple: write everything down. Carry a notepad, and jot down key points, figures, agreements, and deadlines. Don’t assume you’ll remember later – you have at least a hundred other things to remember.
Some other simple strategies are:
• Return all communication promptly, including email, letters, faxes and phone calls
• Repeat back phone messages, phone numbers, and other figures to confirm you recorded the information correctly.
• Record appointments in your PDA or agenda the moment you make them. Otherwise, you will forget.
• Double-check and confirm everything – addresses, phone numbers, meeting locations and times.
• Maintain accurate customer contact logs with dates, times, and phone numbers.
• Post checklists in your store or office for routine operations procedures.
• Announce any changes to the policies and procedures manual immediately.
11. Stop Duplicating Efforts
This is a key element of time management that is closely related to effective communication. Studies have continually shown that many businesses often duplicate and triplicate efforts that need only be completed once.
When you have clear systems and procedures in place, your staff will not need to “reinvent the wheel” each time the task needs to be completed. Meeting minutes and individual task assignments will ensure everyone is on the same page and understands their personal responsibilities.
Simple examples of this include re-reading your to-do list each hour to determine what the next important item is. If your list is already structured by priority, this is a needless task. If two staff members are working on similar projects, but unaware of the other, the work will not only be inconsistent, but the efforts will be duplicated. These are easy problems to fix, once they have been identified and communicated.
12. Say Goodbye to Procrastination + Perfectionism
Procrastination is something we all face at one time or another – and likely have since our school days. However, given the pace that the world operates at today, you will only fall behind your competitor if you allow procrastination to rule your day. So how you do avoid it? It’s simple. Stop, and just get started, no matter how boring, tedious, or painful the project may be. Reward yourself by crossing each step off your to-do list.
Many small business owners also fall victim to perfectionism, which can be paralyzing. The fear that there isn’t enough time or resources to “get it perfect” will sometimes stop you dead in your tracks. Perfectionism can also hinder your ability to delegate and say no to tasks you believe no one else can complete “better”. Do the best you can with the time and resources you have – and just get started.
13. Avoid Needless, Impromptu + Unstructured Meetings
This may seem like a time theft issue that is out of your control, but it’s not. You are in control of your own time, and through strict scheduling can establish a structure for internal and external meetings that everyone around you can work within.
Minimize impromptu internal meetings by letting your staff know when you’re available for a “quick chat” and when you are not. If it is important, ask them to schedule a time to meet with you that works with both of your schedules. This not only saves you time, but encourages staff to find solutions to their own issues, and only approach you with more urgent or challenging matters.
You can’t avoid having meetings, but you can avoid having unstructured meetings. Ask for or create an agenda for each meeting you attend, with a clear objective and an amount of time allocated to each item. This will keep your meetings focused and on task. If a meeting does run late, give yourself a reasonable buffer, and politely leave for your next appointment. You can always follow up with a colleague to catch-up on the pertinent items you may have missed.
14. Establish Clear Policies + Procedures
A clear policy and procedures manual is like a marketing or business plan – it takes time to create, but ultimately saves everyone in your company time, money and effort. A step-by-step guide to “the way we do things here” is an invaluable resource for your existing and new staff, and provides clear expectations for how you like things done.
Too many businesses make up policies and procedures on the fly – creating dangerous scenarios where mistakes are made and expectations are not clear. Some items that should be included in a comprehensive policy and procedures manual include:
• Customer relations
• Customer inquiries
• Customer complaints
• Late Payments
• Salary structure
• Bonus structure
• Employee review
15. Keep the Right Set of Tools
The equipment your business needs to operate (and grow!) effectively should always be on hand, or easily contracted out. This is specific to each company, and closely related to costs – including the cost of your time.
Whether you are a high-tech business or local retailer, knowledge of the latest advancements in technology will increase your efficiency. It will help you stay on top of the competitor, maintain your position as an expert, and perhaps provide an easier way of getting things done.
Always ask yourself if these purchases are essential to your business –could you perhaps make these purchases from a second-hand dealer to minimize cost? Is it more cost-effective to outsource or sub-contract the tasks to someone with access to this equipment, or to buy the equipment yourself?
If your business relies on tools and technology for daily tasks (such as the trade profession) then obtaining the best quality you can afford is crucial.
16. Maintain Your Equipment
This may seem obvious, but you’ll understand the importance if your network server has ever crashed, or point of sale system has malfunctioned. Your business can be slowed to a stand-still if your equipment is not in good working order. Of course, there are instances that can’t be predicted, but regular maintenance of your essential equipment will reduce these occurrences and help to anticipate when old equipment needs to be repaired or replaced.
Go here to read Part 3 How to Profit Through Time Management.
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