It’s no secret that time management is critical to productivity in business, especially small business.
Today, there’s an ever-growing number of contenders for our time and attention. Simultaneously, new technology has successfully infiltrated our lives. While these advances have the potential to increase productivity, they rarely do.
This is where time management strategies come in.
Time Management: Timely Truths You Need to Hear Now
Accountability is a must.
You know the old adage: Time is money.
Find out where you’re allocating your time responsibly, and where you’re allowing it to slip through your fingers. This can be eye-opening, and will take some honesty on your part. You may find areas where you can better delegate tasks to increase productivity in business.
Once you’ve collected the data, take action.
You may find out that you need to hire more employees, or rethink your budget. If it took you 2 hours to get a 30-minute task done because you wanted to D-I-Y rather than spend money on a professional, did you really save money?
Use your time.
Let’s introduce an entirely new way of looking at time. Consider that time is a resource you can use, control and track, like cash.
Your employees are a resource too, and we can assume that you supervise them, or hire others to do so. Do you think about your time as assets like them?
If your time were money, would you take a hefty sack of it, lift it to a rooftop and empty its contents onto the street below?
I’ll answer that for you… No.
As a small business owner, you’re always on the clock. Minutes are passing, whether you’re working or not. This doesn’t mean that you have to spend every waking second in a state of productivity, but it does mean that you need to make the hours you’ve decided to give to your business really count.
Manage your time the same way you invest your money or guide an employee. Time management equals company growth.
Calculate your company’s time.
Don’t just consider how much money, but also how many weeks or months your business is devoting to certain projects and ventures. Is it worth it? Are you experiencing growth in return?
Suppose you produce a product that brings in lots of money, but took 5 years to develop. Now it’s finally on the market, but demand is trending elsewhere. Wouldn’t you rather have that time back to devote to something more lasting?
One of the worst things a small business owner can do is become stubborn. Time is lost when entrepreneurs are determined to bring the world something the world may not want.
Faith in your product or idea is important for success, but focus on believing in your small business as a whole, and the ability to create, develop and sell. Don’t let your business become dependent on any one product or service.
Evaluate employees’ time.
This is probably the one small business tip that you think you have covered.
Employees clock in, they clock out. You have managers in place to make sure they’re enacting time management skills at work. If they slack off, you pull the plug.
Not so fast. There may be some things to consider here. Are you sending away an excellent employee or valuable information? Could it be that your employee is just… bored?
Ask yourself why. If your employee isn’t excited about what your business is doing, is there a chance that potential clients won’t be either? Perhaps your employee has some bold ideas. Gather feedback. Their insights may be hard to hear, but necessary for change.
Also, research reveals that taking short breaks throughout the day increases productivity in business. While work-until-you-drop mentality is still prevalent in the US, we’re becoming increasingly aware that occasional power naps may be a valid solution.
The best small business tip to take away from this is to pause before you take any final action. Have your employee justify how they spend their time. Try to take an attitude of curiosity rather than accusation. Their response may improve your business and employee productivity.
Have a time management system in place.
How long do employees stand around waiting to clock in for their shifts?
If you have a universal start time, that line could get pretty long! Plus, if something breaks down with your technology, that could mean a huge headache for you, with hours wasted trying to figure out payroll.
With myPayWow, the employee app from PayWow, we turn your employees’ phones into the time clock!
Employees can use the app to clock in or out for their shifts or breaks. PLUS, employees can go into the app to request time off, update important information, as well as sign important forms and documents that you need!
Check out PayWow today to find this and other amazing features for your business!