General update by IBBZ Accounting on latest tax news, business growth and technology tips.
Time management is using a person’s time more effectively to accomplish tasks within a short period of time in order to improve both efficiency and productively of the task.
Managing time is one of the crucial skills for a small business to possess if wish to succeed. As many small businesses struggle to complete day-to day tasks within time, they end up wasting precious time which they should be using for growing their business. Once a small business start practicing good time management, they consistently improve their products and services.
•In order to make a healthy, efficient and productive environment, it is vital to start prioritising your day-to-day tasks, weekly tasks, quarterly tasks for achieving overall goals. For this, you can prepare a to-do list and whichever task is more important, do those first. If something urgent comes during the day that should be considered on top priority. Hence, you become confident in taking right decisions and will help in growing your business.
• Suppose you have a printing business and you provide business cards, flyers, brochures, receipt book and banners. A customer orders 1000 business cards for his company to be delivered within 7 days. In order to be more productive and efficient, you need to understand what customer needs, their budget for design and print. You need to plan the lists of tasks for this client to successfully complete the work. During the same day, you receive an unexpected design refusal from another customer. So, you need to prioritise work on new design. By managing time well for both the customers, you will be confident to make right decisions for satisfying customers.
• When you have planned your day-to-day tasks in a better way, then you get some time in hand for new strategies in benefit of your business.
• For instance, you have a grocery store and your monthly sales is $100,000. You wish to grow sales to $150,000 in 6 months’ time, but don’t get much time to work on new strategies. So, with time management you know when to advertise more, examine your pricing strategy, change item locations and offer free samples in order to increase your sales.
• When you are stressed in business, you either stay at work for long hours or take work home to complete it. This gradually impacts your personal life and family time. With time management you can have a good work life balance.
• For instance, you have to design a new website in a week for a client. You can start planning effectively from day 1 knowing the deadline and set milestone for achievement. By doing so, you will be able to finish work on time and spend leisure time with family or friends, watch a movie or play with kids.