Managing time effectively is essential for any type of business owners. Whether it is a large-scale enterprise or a small business owner, the time has some value attached to it. Some either measure it in terms of money while others measure it in terms of attaining the specified goal within a given deadline. Some of the effective ways of time management are:
- Setting alarms on clocks
- Chalking out of a perfect routine
- Setting up of advanced reminders on electronic gadgets
- Searching for various time management apps and downloading them, etc
Time management is important for the following reasons:
- There is not limitless time for anybody
- It helps in increasing the work efficiency as well as the concentration ability
- Excess of workload pressure can be removed and quality output can be obtained
Some of the time management strategies that can be applied by small business owners in order to put an end to the everyday stress are:
- Proper planning of daily work
This is a first and foremost step of time management. Running a business involves activities like decision-making, fulfilling task within the deadline, paperwork completion and even tackle employee grievance and customer objection. All of these can only be accomplished successfully if there is a selection of a course of action. The following steps can be adopted for smooth flow of work without any stress:
- Prioritization of work according to the order of importance
- Maintaining of planner
- Not attending emails or phone calls before the allotted time
- Chalking out a schedule that suits the most
- Giving priority to work based on their urgency
It involves certain methods like:
- Pareto Analysis or the 80/20 rule of business conveys that the small percent of work contributes the maximum business for an organization. So emphasis to be given on the essential portion that generates the maximum return.
- Eisenhower Method classifies a task on four categories like important, urgent, not important and not urgent. The task which is both important as well as urgent to be done first and the task that is not important and not urgent can be done later.
- Grouping identical tasks
This refers to the assembling of related or similar activities. Time can be easily saved if there is a stipulated time for particular work. As for example: handling customer problem, conducting meetings and conference, scrolling through mails, etc in individual time slots.
- Proper delegation of responsibilities
A delegation of responsibility is must if there is a requirement of saving time and reducing stress. Proper delegation can result in improved work performance and increased output. Organizing business involves:
- Tasks that have to be done all by oneself
- Tasks where the help of others can complete the same
- Tasks that can be completed by the others
- Reducing the distractions
Many times, distractions are the reasons for business owners to put an end to their disciplined daily plans. Distractions should be locked outside the door for ensuring a proper focus on the tasks along with their completion within specific deadlines.
One of the most important administrative tasks is time management done in an effective and efficient manner. It helps one to stick to the core of the business. With its help, one can be more productive with the maximum work done. Besides being successful, it also allows the owner to take out some time solely for himself.
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