5 Time Management Rules for Small Business Proprietors

5 Time Management Rules for Small Business Proprietors
  • Opening Intro -

    We are all conscious of time.

    When we work, we always ask what time it is so that we can relax when the clock hits the end of the working day.

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But with business owners, this is a whole different story. Since they are their boss, they get to work whatever time they want. This, however, does not excuse them from forgetting about time management.

Managing time is vital to keep a business prosperous and successful. Below are a few ways for business owners to manage and maximize their time to get everything done and even have some time left for themselves on the weekends.

1) Keep the 80/20 rule in mind.

This rule states that 80 percent of profit is taken from 20 percent of the services and products your business has. Take some time researching on which of the services and products fit the 20 percent of your profit and focus most of your effort and time into them.

2) Say “no” when the time calls for it.

You have to learn how to manage your time by not doing the things that could stall you. Always prioritize the things that you need to finish first. Sometimes, employees would come in and ask for help.

Respect your time and set boundaries. This also helps them differentiate the things that they will ask your assistance with and the things that they can handle themselves.

3) Set deadlines.

This works for yourself and your employees. Setting deadlines may pressure people, but this means the task will be done. Of course, you have to set realistic time for deadlines. If the task is simple, keep it short. If it is a little challenging, give it a longer time frame.

4) Know when to multitask.

It’s true that multitasking cuts a lot of time, but it might cause a lot of errors as well. Weigh the task you have to do and see if you can multitask. For complex but important tasks, such as conducting an inventory or doing the accounting for the weekly cost, you might want to concentrate on a single duty before doing something else.

5) Give yourself a break now and then.

Procrastination has a positive effect. It gives your mind and body a chance to rest and freshen up. If you’re tired and you need to rest, then stop. You’ll find that you accomplished more in the end because you are refreshed throughout the day.

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