Everybody knows that time is money in the world of business. And this is particularly true for small businesses, especially those under tight budgets and limited capital. This is why it is important for us to learn how to effectively and productively manage our time. It can happen to every company and startup out there but looking for time management tips for small businesses will make a difference.
There are several strategies, techniques, apps, even workshops that specialize in this area. However, we will discuss three of the most effective time management tips for small businesses that we know will work. First and foremost, keeping track of our time is a must. Second, we need to learn how to recognize those time wasters we might not realize. Lastly, identifying and avoiding “shiny objects” will help us manage our time efficiently and productively.
One of the most useful yet underestimated time management tips for small businesses is keeping track of time. The meticulous, almost systematic documentation of the time we spend doing each and every daily activity sounds hideous. However, it’s only through detailed time logs that we can identify how much time we are wasting and how much we are taking advantage of.
If walking around with a notebook and a pen with us turns to be too much trouble, relying on technology might be the answer. There are several time tracking apps available, some of which were specially designed for small businesses, that keeping track of our time along with our staff’s time won’t be a problem.
Once we have made a habit out of time tracking, being able to recognize and identify our main time wasters is the next step. Whether we waste time by ourselves or by interacting with others, one of the best time management tips for small businesses is getting rid of time wasters.
These activities and useless tasks are getting in the way between us and the success we want to achieve. Therefore, eliminating such distractions will only benefit our company, and help us become much more productive.
A very common affliction among entrepreneurs, especially small business owners, is what we know as Shiny Object Syndrome (SOS). According to Entrepreneur.com, SOS is the equivalent of a small kid that chases shiny objects only to lose interest as soon as they get them.
When we suffer from SOS, our business will definitely be affected, too. Finishing projects might be harder for us. We could end up chasing the wrong project or client, too. We probably won’t be able to effectively plan our company’s goals and objectives, either. One of the best time management tips for small businesses regarding SOS is to learn how to abandon projects. Also, learning when to drop a client, and finding ways to communicate with our team effectively is of great help.
After all, they can be our support system within our business. Thus, they might help us overcome such shiny object distractions. These are some of the most common time management tips for small business, but there are many more you can follow to increase your company’s productivity.
In some instances, outsourcing work can save you time. By factoring your accounts receivable you can obtain an immediate infusion of cash by selling your invoices to the factor. The factor is responsible to the credit checking, collection and cash posting of the accounts receivable.
The factor then becomes your “back office” support for credit and collections. Call John at ACS Factors for more information on how factoring can increase your cash flow and save you time chasing down customers for payments. John can be reached at 909-946-5599.