How to manage your time effectively when running a business

When running a business, time is money, so you want to ensure you’re using it efficiently. Some of the consequences of poor time management include: • Poor workflow: Without planning or sticking to goals, you may end up jumping between tasks rather than working through them in a sensible, organised manner. This reduces efficiency and can delay outcomes. • Lower quality work: By poorly planning your time, you may need to complete tasks at the last minute, leading to lower quality work. • Loss of reputation: With poor time management, deadlines may be missed and outcomes not delivered, which can impact your company’s reputation. Here are our top tips on how to make the most out of your time as a business owner:

1. Focus on results

Quality over quantity has never been truer. More time doesn’t mean better outcomes, so focus on results rather than how much work is getting done.

2. Prioritise

Generally, tasks can be grouped into 4 categories: • Important and urgent • Important but not urgent • Urgent but not important • Neither important nor urgent Whilst it’s important to focus on ‘important and urgent tasks’, the more you focus on ‘important but not urgent’ tasks then the less likely they are to become urgent.

3. Set clear goals

Using SMART goals can help productivity and also ensure people are held accountable. SMART goals are Specific, Measurable, Attainable, Relevant and Timely.

4. Time management software

Software that’s specifically designed to plan your time effectively can help you and your employees remain effective and accountable.

5. Delegate

Sometimes you’re the best person for the job, and sometimes it’s better to delegate. Know when to delegate, and you will save time that might be wasted doing tasks that someone else is more qualified for. Highwoods & Associates is an accountancy firm that can help your business’ finances run more efficiently, allowing you to use your time more effectively. Contact us for more information on working together today.

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