“Time management is the ability to be productive in using your time”
Time management for solopreneurs and small business CEOs is necessary to optimize the rate at which business goals will be executed. It allows you to actualize the goals in which you set, through a variation of execution steps. Practicing time management is more than just having a planner or using your google calendar, it is about developing a strategic plan to execute daily specific actions for projects or business tasks; versus trying to tackle it all in just one day.
When it comes to time management for solopreneurs and small business CEOs, Khosla and Sawhney from Strategy + Business explains ” Narrowing the focus is essential in order to concentrate resources on areas where the company has the best chances of winning. Without narrowing the focus for your time management, you will jump from one task to another without completion of anything.
Khosla and Sawhney from Strategy + Business explains,
As a solopreneur and small business CEO, it is almost certain that for the first few years you will be wearing several hats in your business. So how do you focus on executing the business plan, implementing marketing strategies, managing the accounting; while trying to have a normal life and spend time with your family and friends? The answer is time management.
Practicing time management allows you to focus on the business and spend time with your friends and family, ideally, it creates a balanced life. To achieve this form of work-life balance, you have to practice time management. Without work-life balance, you will quickly become physically and mentally exhausted and could even suffer from health and mental illnesses such as anxiety and migraine headaches.
Unfortunately, these issues occur quite often in with entrepreneurs, but are rarely spoke of. Avoiding this entire dilemma can be done through implementing time management practices into your business and life.
Simply put, time management is the ability to productively use your time. This includes making sure you have time to participate in self-care, spend time with your family and friends and of course planning time to work on your business. Time management for solopreneurs and small business CEOs can go one step further if, they are aware of business systems, structures, and platforms that will allow them to juggle the many hats worn in business.
Here’s an example. Let’s say that you have a catering business. It is now the holiday season and you are busy with events and also trying to spend time with your family and friends. However, the business still has to operate while you are out of the office. So what can be done to keep your newsletter subscribers in the loop and also manage your new leads and bookings?
1. On your business admin days, use a business system that allows you to automate the scheduling of your monthly newsletters with holiday recipes to be sent to your subscribers.
2. Connect your website to a business system that allows your inquiries to be automatically sent your available dates for catering, or even a questionnaire to determine their food needs.
An implementation of any of these business systems, structures, and platforms can save a lot of time versus not sending your monthly newsletters because you have no time or following up with each new lead individually one by one.
Time management is about finding opportunities to be more productive with your time, learning how to work and think ahead and also recognizing when you are at your limits with what you can do. Here 10 tips for practicing time management as a solopreneur or small business CEO.
- Create a weekly plan of action.
- Break-up task over the course of that week.
- Put business systems in place to work for you.
- Implement structure into your business.
- Organize the internal operation of your business.
- Set a day aside to plan for the week ahead.
- Realize when it is time to outsource business task
- Recognize when it is time to hire a team
- Know when to say no.
- Take a day off, your mind needs to rest to be at it’s best.