Time Management for The Entrepreneur & Their Business

11th March 2022

Time is an asset, and more hours of the day cannot be created. Management of time allows tasks for those hours that are available to be fully utilised. Although time management is important for everyone, it is essential for entrepreneurs.

An entrepreneur must be so versatile in their daily tasks and can often have to multitask throughout the day to just “get things done.”

So why does time management matter to the entrepreneur? By mastering the skill of time management, an entrepreneur can work smarter, and not necessarily have to work harder.

Best Practices and Tools for Time Management
Assessing the management of business processes, it can be astonishing how much time waste and redundancy could have been avoided. The physical activity of time scheduling can force the entrepreneur to put time management first. Creating the schedule allows tasks to be visualised in relation to how much time they will take, and where to place them on the schedule. Forbes shares simple steps that can help an entrepreneur work towards being time-efficient.

a. Delegation
The fear of relinquishing control or allowing someone else to take a task over can hinder how an entrepreneur spends their time. To let go of the time-consuming tasks that others can oversee means the entrepreneurs’ skills can be more focused on more important tasks. Assigning tasks through time management software tools gives employees a clear understanding of what needs to be completed.

b. Reflective Practice
Being too focused on getting things done and operating fast forward leaves no time for mindful thinking. To put time management as a priority means making the “time” for it. Reflecting on the schedule and tasks priorities by asking simple questions, such as:

● Identify the most important task, what are my A Tasks for the day?
● Does the schedule reflect my priority and medium priority tasks?
● Is my time managed realistically?

c. Unstructured Time
Unstructured time is as important as structured time on any work schedule for an entrepreneur and his business. The benefits include problem-solving time, a focus on creativity and innovation, as well as allowing breaks to decrease stress. Companies like Google have built on this “non-commissioned,” paid innovation time to allow employees to develop their ideas in an encouraging environment. The “20 Percent Rule” by Google leaves the opportunity for employees to spend 20% of their time being creative and working on innovative projects, (INC Online)

d. The ABC Method by Alan Lakein
Structure time schedules and tasks through a simple method prioritising and allocating:

● A-tasks are tasks that need to be done by the entrepreneur, they require his/her skill set, attention, or decision making. The execution of the task provides the highest value.
● B- tasks are of average importance and can be delegated and managed by team members.
● C-tasks are time-consuming administrative tasks, with a lower priority currently.

e. Time Management Software

The use of time management software benefits each member of the team and the entrepreneur. It allows efficiency throughout all tasks, of varying importance. Being able to analyse and report on how the time was spent on a task creates transparency for the clients, the entrepreneur, and his team members.

The 1Time system provides the all-important project planning, and task planning tools an entrepreneur needs to run his business. Sign up for the free 30day trial and see how 1Time can help create a smarter work schedule.

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