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Time is money, an old adage holds very true for new and established business owners. Time is a valuable asset which cannot be leveraged by paying more. In today’s economy, it is very unstable and many business owners are forced to work long hours to keep their business afloat. Whether it’s a startup business or an established one, owners should inculcate and implement the art of time management in the workplace.

Time Management Tips for Small Business Owners

Most of the business owners are aware that the 20/80 rule, prioritizing and avoiding procrastination, are important to free you from stress and strain. In spite of the knowledge they are very reluctant to implement these time strategies in their business. Here we look at a few tips that business owners should look into to make 2014 and the years to come a successful one in terms of business, happiness and health.

Implement 20/80 rule – The SMB owners should find a strategy to save time by using various business tools and techniques to find which products/services are bringing in the most business to them. You should find ways to focus their energy on the most important things and reduce the time spent on the other 80 percent of their work.

Write down a “to-do list” – Have a brief but thoughtfully written “to-do” list on your work table. This will help prioritize your work and also act as a reminder. There can be many distractions and interruptions throughout the day, leaving you with unfinished business such as calling up an important client or solving an issue with an esteemed customer.

Do not wear multiple hats – Small business owners must realize that they do not have enough time to wear all the hats. You should delegate work, and in some cases, think about outsourcing some part of the work. Though, you may think it as an overhead cost, in the long run it will help you stay ahead of your competitors and also make a profit.

Implement collaboration tools in your business – There are many online and cloud applications that help in implementing collaborative tools in your daily business. Collaboration tools will help automate many processes and will in turn boost productivity.

Exploit the online platform – There are many online applications available either for free or at a minimal fee. Some of them include payroll, project management, online invoicing and CRM. Once you automate your business, life will become easier.

Save time and cost by integrating mobile apps – It’s the digital age and smartphones are here to stay. Integrated mobile applications will enable you to conduct business at anytime and anywhere.

Learn to say “No” – Whether it is to your employee, customers or to your mobile devices, you should know how and when to say “No”. As a business owner, you need to understand that spreading oneself too thin is going to affect the productivity and focus of your business. Similarly, spending a lot of time on multiple mobile devices is likely to eat up a chunk of your time. Therefore, avoid using multiple devices and also set a time allotted to using your mobile devices. You have to keep your customers happy but that doesn’t mean you have to commit to something that is impossible. Similarly, you cannot please all your needy employees. You can always politely say “No”.

In brief, a business owner should spend some time evaluate his time and energy spent. This will help you be more organized and focused. Ultimately, bringing you closer to your goals.

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