“Time is money.” It is not just a statement uttered for lateral benefits, but it also tells a lot about how a business grows and realizes profits. After all, what is the intent behind starting a business – to make money, isn’t it? Time is closely related to ‘effectiveness’ and ‘efficiency’ – be it in individual or in collaborative terms. However, the net result of being effective or efficient may be debatable. But companies that run on fixed schedules and rely on timely deliveries of their products or services enjoy a greater degree of trust from their clients and customers.
Today, when there is an unprecedented boom in the entrepreneurial world, numerous startups and small businesses are mushrooming everywhere. Do all of these new companies stay in the market even for a couple years? Not really. As a rough estimate, based on researches by some industry experts, 90% of startups fail. While reasons may include a wide array of factors responsible for the downfall of these small companies, but time management among them presents a grim reality that these startups fail to take into consideration. It is, therefore, a very pertinent tool given that level of competition in startup world has increased considerably.
Are you grappling with the similar time management issue in your business?
Before we delve deeper into this issue and bring out some possible solutions, let us consider some time constraints that might arise anytime since running a business is not a walk in the park. There are certain time constraints that are inevitable and require more focus and energy. Nature of projects and their susceptibility of running into mistakes may require most of your efforts. In such circumstances, you rarely know how much time they will take to get completed. Secondly, certain random events can cause huge bottlenecks, due to which time is the first casualty. And finally, the overestimation of your ability to handle the workload can cost you dearly.
The following time management techniques can be immensely beneficial for your business:
Plan early to manage better
In order to enhance your company’s overall time management skills, you need to dedicate half an hour or so planning in the morning. It will help you to prioritize and focus on the most important tasks or projects. It is vital to prioritize those tasks first that need your employees’ freshest brains and high energy levels whether they seem toughest or easiest ones. Planning ahead gives you necessary confidence to take risks, which ultimately help you reap the benefits of the opportunities that come along with them. If you fail to do so then taking risks in the later stages will most likely result into loss and adversity. Planning early also makes you proactive and due to which you will be able to take right action in the face of unexpected challenges.
Use effective time tracking tools
When time is managed effectively, productivity and efficiency are the obvious results that are seen across the board first. To achieve this, time tracking tools can help you record and manage your work time effortlessly. So when it comes to managing and tracking work, powerful time clock software are already assisting many companies to become more productive. An effective time tracking tool should address three important aspects. First, planning and time efficiency: they go a long way when productivity is of paramount importance. In order for your employees do not move forward unprepared, you need to allot them a stipulated time for project planning and record their time with automated time systems. Second, employee monitoring in real time: you are also enabled to see when your project milestones are met. If not, you can take corrective actions in time. Third, employee evaluation and analysis: since employee monitoring provides you plenty of data, which you can use and analyze to see trends and correct poor performance as a whole.
Apply Pareto’s 80/20 rule
Pareto’s 80/20 rule essentially means that in any particular situation, 20 percent of the inputs are responsible for 80 percent of the outputs. In terms of business productivity, the 80/20 rule helps you focus on the few, larger things that will generate the most significant results. Therefore it provides you a deterministic way as to where you should spend more time. The rule further helps you assessing risks for a project because it tells not every risk would carry equal significance. So, you can identify the top risks that pose the highest potential for damage. One of the important advantages of this rule is you can also identify 20% of those customers that generate approximately 80% of your business and then work out on opportunities that drive better results.
Communication is must in a workplace because it helps in effective time management and efficiency. Some people might be tempted to think that communicating would consume their time but it is also a fact that communicating to employees well keeps them more focused on meeting deadlines. The reason behind this is they are able to manage their time in an effective manner. Moreover, the art of communicating throughout all the levels of an organization helps break down barriers and promote the collaborative atmosphere. A seamless communication is a company means a direct gain in productivity.
Say no to procrastination
Procrastination has no place in business. It can kill your business and can turn a success story into failure. So, one of your most important objectives should be not to let the procrastination enter in your workstation. If an employee procrastinates, the workload shifts on others, which leads to resentment. Therefore, putting the burden of responsibilities on others’ shoulders will not bode well for your company. As a possible solution, no matter what, you should encourage your employees to ask for help and motivate them to proactively take up their shared responsibilities.
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