Time management is the establishment of tools and processes that let people and organizations accomplish more in a certain time period. Time management is critical to success for all individuals and very important to entrepreneurs. That's because they are usually faced with lots of challenges every day and quickly gather enormous “To Do” lists. This article includes tips and suggestions to help entrepreneurs better handle their time and be more productive.
The first step for entrepreneurs is to focus on uses of their time. For instance, what percent of their time is spent answering calls, having meetings, traveling to meetings, finding information and managing the team. Making the best use of their time might mean asking a simple question like 'will there be more value added to the organization if there was less travel time and more time devoted to actually managing the team?
Along with using their time wisely, entrepreneurs should follow tried-and-true management tips. These include:
1. Everything should work well: Great organizations perform tasks proficiently. However, it is impossible to be great at everything. Entrepreneurs have to concentrate on the serious activities.
2. Learn to say 'no': It is nice to be a hero and cater to everyone's wants but doing that is not a valuable use of time. Entrepreneurs have to say 'no' to plans that do not add as much value as others.
3. Precedence: There are only so many hours in a day so entrepreneurs have to say 'no' to some activities, and be attentive to those which have the most value and put forth the goals and objectives of their business plan.
A critical piece to a successful time management plan is a good business plan. It will lay out the critical fundamentals of your business needs, along with the action plan to accomplish them. The time management plan should overlay these fundamentals, forcing the entrepreneur to plan their time so that it meets the goals of the business plan.