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Time Management: Profitability’s Next of Kin

Description:

This article details how time management affects how profitable a firm can be.

Content:

You’re an every man (or woman) you can handle it all because you have to, you call yourself a small business owner. Maybe your title is CEO, President, Founder, Executive Director, but no matter what it is you want one simple truth, you want your company to be profitable. As we all know there are only twenty-four hours in the day. So unless you can rely on two hours a sleep a night, you have a lot to do in a day. Every small business owner has to master the concept of time management.

First let’s throw out some myths about time management. First it is a necessary evil, structuring your life and planning out your activities aren’t sexy but they are necessary. Secondly, time management is not cramming all you can into a few hours and working yourself to the bone. As one man I know puts it all you’re left with are boney fingers. Thirdly and lastly time management is not a fad or a trend, it’s an established practice that can lead your company to profitability.

So why aren’t you as profitable as the next guy, you certainly work harder then he does, you sleep less and you do more. There in lies the problem, the competitor next door practices good time management. In this “do-it-yourself” world business owners lose sight of what their role is, and they begin wasting their time and energy working on problems and projects that are beyond their role. Just because you wore many hats at the beginning of the company doesn’t mean you can’t retire them as time goes on. Here are a few tips to getting time to work for you:

1.) Outsourcing is not a four-letter word. Hiring out projects, tasks, or entire processes are not the downfall of your company. If you take the time to find a reputable company to oversee the task you won’t lose quality, or money because you’ll gain all that time and energy to put into what is necessary for you to succeed.

2.) Make priorities: This is the key to time management. List out your daily tasks in order of priority. What should the criteria be for priority? What you excel in, what will help your company grow, what is necessary for your business to continue, and what is most profitable for your company. Whatever doesn’t score why against these four areas needs to be either moved to the bottom of the list, or given to another to accomplish. This is where honesty comes in, and you have to step back and look at the macro of the company. Do I need to supervise the sales staff personally, or should I be out networking with potential customers and clients?

3.) Know your strengths: You will spend more time focusing in on tasks outside of your strengths then those that come natural and easy to you. If you’re an owner or a top level executive remember your primary task is to be the visionary and leader of your company. You have hired employees for a reason, so they could do what you had to do, so you could be freed up to make your company bigger and better in the end to pad your bottom line. Hiring people better at you in an area isn’t a sign of ineffective leadership; it’s the sign of wisdom.

4.) Downtime is good for you: Too easily we get caught up in the flow of doing business and forget about what’s making the business happen, ourselves. You need time to rejuvenate. Even if you think you can’t or it’s irresponsible take this into consideration. In farming a smart farmer knows that the ground needs to be fallow every so often. Does he lose out on revenues for that season, yes he does. What sets him apart though from how we think is his long-term vision. He knows it’s not a sprint it’s a marathon. You set a pace, you rest, meditate, go away for awhile. When you return your mind and body are refreshed, you come back with fresh and new ideas. Remember you have to be a priority too.

Author: Jayson Cardwell

About Author:

Jayson Cardwell is the CEO and Founder of Cardwell Financial Group, a business and personal financial services company that assist established businesses, start-up businesses, and their owners navigate their businesses and finances. For more information visit them on the web at www.CardwellFinancial.com.

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