Time Management Methods for Small Business Owners

 

When small businesses prosper it has a ripple effect that spreads through the whole economy. Small businesses are the lifeline of the economy. When small businesses are able to gain access to capital and funding they can hire more employees, spend money at other businesses and pump money into the economy.

According to the Small Business Administration small businesses represent 99.7% of all companies and employ half of all private sector employees in the U.S. Unfortunately,  lack of access to bank credit prevents small businesses from becoming innovative by developing new products or services or having resources to grow their business.

Automate

Automate as many of your business processes as you can to save time on administrative tasks. Use online portals or mobile applications to save time for travel planning, project planning, collaborating, and time management. Tools such as Basecamp, Trello, Google Apps for Business such as Google Docs or Sharepoint. Use tools such as Rescue Time or create a daily log of time spent on each client using Word or Excel.  Signup for voice to text messages service on your cell phone to save time. Find inexpensive ways to get what you need, hire interns, barter services, and use sites like Fiverr, social media or free or low-cost services.  

Know Your Worth

Value your time and let others know that your time is valuable. Create policies that show others you value your time. Create a cancellation and a guarantee or refund policy.  Identify a list of the things you won’t do and review them each morning before you start your workday. This saves time and frustration.

Open Trade Accounts

Open at least three to five business trade account with a vendor or supplier that reports to the credit bureaus Experian, Equifax, TransUnion or Dun & Bradstreet. This helps save time and money by allowing business owners to purchasing equipment and supplies online and taking advantage of corporate discounts.

 

Manage Clients

Don’t allow clients to take advantage of your time, i.e. use guilt, cancel appointments at the last minute, ask for free assistance, deliberately try to extend their appointment time, etc.  Confront takers right away. If you suspect a client or vendor is trying to take advantage of you, let them know you are aware of their actions and reinforce your business policies and expectations.  Train your clients and vendors how to treat you.  This overrules any written contract you may have and should be enforced at all times unless you state otherwise.  Identify clients and vendors who consistently waste your time and respond accordingly.

Service

Be honest at all times.  If the companies or clients do not respond to your approach or take advantage of you, ask yourself if you should continue to work with them. Let people know that you do have an edge and you use it when you need to. Be respectful and diplomatic. Don’t let someone or a situation cause you to act out of character. Practice different possible scenarios you may encounter with clients or business partners and develop a standard response, i.e. if a client has not paid for your services, how you will respond verbally and in writing.  Having a prepared response makes it easier when you want to show that you are nice but also have an edge. Turn away or fire clients if necessary.  You may have to find new business suppliers or vendors if you are not happy with their service.