5 Effective Time Management Tips For Entrepreneurs

Running a business can be overwhelming for entrepreneurs because of limited time. From answering phone calls and attending client meetings, to responding to emails, making sure the website has a responsive design, and solving technical business problems, the list is virtually endless.

Developing time management skills is definitely essential for business success. Time is a perishable commodity which, once lost, cannot be recovered. Whether it is meeting a client to close that business deal or launching a product, time is a key element that can determine whether your business succeeds or fails.

The reality is that no one can add more hours to their day. Instead, we have to master the art of effective time management. Thanks to fast advancing technology, we now have Artificial Intelligence, among other things, that have saved businesses a lot of time.

Here are other time management tips you can use to effectively master your time and increase productivity.

1. Apply time management wisely

5 Effective Time Management Tips For EntrepreneursWe all have the same number of hours during the day. However, it is not uncommon to find people who do more work compared to others.

This is because productive people are good at managing their time. Even if there are looming deadlines and client pressure, high achievers rarely fall short of their schedules.

What exactly is time management? Time management refers to how you plan on controlling the amount of time you spend on specific activities on your to do list. Effective time management helps you get more work done in less time.

You won’t have to work harder to achieve your goals, you just have to work smarter. Some of the benefits of good time management include:

  • Increased efficiency and productivity.
  • Reduced stress, which improves the quality of your life.
  • Improved profitability as a result of increased productivity.
  • Improved self-esteem.
  • Achievement of your set goals.

Once you know how to manage your time properly, you will definitely accomplish more.

2. Outsource tasks

It is important for business owners to understand which tasks they can outsource to outside staff, tasks that are urgent but not important. Outsourcing non-core work to other professionals is an effective way for businesses to master time in their day-to-day operations.

time management tips -- Outsource tasks

For example, administrative duties are usually time-consuming, although they do not lead to profits and growth. You can outsource these duties so that you have time to focus on important areas of your business like sales and marketing.

Thanks to the internet, it is much easier and affordable for businesses now to outsource tasks to skilled professionals. With just a click of a button, you can assign tasks to skilled freelancers anywhere in the world. There are a number of websites connecting clients and freelancers; a couple of the most popular ones are Upwork (check out this comprehensive Upwork review) and People Per Hour.

Once you have outsourced these routine tasks, you will have more time to focus on growing your business and improving your products and services.

3. Apply the 80/20 rule As a Time Management Tip

If you have been to a business class, you must have learned about the 80/20 rule. In time management, the 80/20 rule or the Pareto Principle involves completing 80 percent of tasks using 20 percent of the time you’ve got.

This principle, then, advocates delegating tasks that are time-consuming, but bringing less revenue. This is so you can focus on high priority tasks which bring more money to your business.

When prioritizing things to do, remember that your energy levels and productivity tend to fluctuate during the day. For you to successfully achieve the 80/20 rule, you need to focus on completing essential tasks when you are most productive during the day.

For most people, it is early in the morning. You have to find out which part of the day you’re most productive in.

4. Utilize Artificial Intelligence

Utilize Artificial IntelligenceA survey showed that business managers spend 68 percent of their time doing administrative tasks.

It’s a lot of time for something that doesn’t directly contribute to the company’s growth.

The solution? Artificial Intelligence. AI now automates many business processes including administrative tasks. Chatbots, for example, can handle thousands of queries a day without involving humans. Bookmark’s AIDA (Artificial Intelligence Design Assistant) also designs websites within minutes, taking away the most painful process of creating a website.

With these tasks out of the way, your time is freed up to do other things that are more important in growing your business.

Also, Artificial Intelligence is expected to be used in finding solutions to complex business processes. This will reduce the time used in making business decisions, therefore improving efficiency.

According to the survey, 78 percent of business managers said that in the future, they will trust the advice they get from Artificial Intelligence systems in decision making. In addition, you can also find time tracking apps that are AI-powered which helps business owners complete essential tasks on their to-do list. These time tracking tools are also effective in helping you achieve your goals.

5. Avoid distractions

Time wasters such as Facebook and other social media networks are considered the worst killers of productivity today. Unless you are using it for business, it is best if you avoid them during working hours.

Avoid distractionsTime wasters do not come from technology only. It could also come from colleagues and family who demand your attention.

If you are busy, it is important you learn how to say no to people who want your attention. Once you have completed important tasks, you can then address their concerns.

A bonus tip: schedule your tasks and prioritize them. When you want to do everything on your to-do-list, it will only leave you feeling overwhelmed. Identifying the high priority tasks on your list and tackle them first. Finishing them will give you a sense of accomplishment and will give you more energy to do more.

Controlling and mastering the time that you do have isn’t rocket science, but it does take a lot of willpower to do. After all, it’s so much easier to give in to distractions; it’s also tempting to do the very easy things first and put off the things we really need to do.

Important aspects of your business such as making sure your website has a responsive design, or making sure that your ads are converting, should be at the top of your to-do list. One thing is for sure: as an entrepreneur and small business owner, it’s up to you to manage your time well. Implement these tips and see how they’re affecting your bottom line!