After all, the most common reason for people to start their own businesses is to allow them to take control of their lives and find a better work-life balance.
How much Much is your Your Time Worth?
Let’s say you want to earn £30,000 / $50,000 per year from your business. After weekends and holidays, you work 200 days of the year and you do 10-hour days. That means your time is worth £15 / $25 per hour. Remember that when deciding how you are going to spend it.
Definition of Time Management
Time management is the organisation and execution of work and leisure activities based on always prioritising what needs to get done.
Achieve control over your life
Balance work, rest and play
Be pro-active rather than reactive
Relieve pressure and stress
Stop working on time
Increase your personal sense of achievement
Plan your year first and your day last
1) Enter key yearly planning dates in your diary:
Known one-off events trade fairs, company accounts, Board board meetings
2) Plan your next month:
Count the available unplanned days available
Duck less important events
Reserve a free day each week
Reserve key task time (review sales, do expenses, plan marketing activities)
3) Plan this week:
Develop regular habits (e.g., review of weekly figures, preparation of management accounts, writing down expenses, etc.)
4) Plan each day at the outset:
List and prioritise jobs. Give each a time and a deadline
Make a list of phone calls and allocate a time when you will get through them
Tackle jobs based on the impact they will have on the business
Do the tough jobs before the more enjoyable ones
Don’t be too ambitious
Be ruthless with paper and post that you don’t really need
Make a list at the end of each day of what you did not get done and a list of what you want to do the following day
Build an interruption hour’ into the day
Get the Whole View
At the end of each week, think about what you have achieved in the context of your monthly and yearly business goals.
Get a Diary Format
To be really efficient, you need to create a diary format that helps you plan ahead and prioritise. You should also include leisure activities in this diary to ensure you are balancing work and pleasure.
Don’t forget to reward yourself for achieving your goals. Go out to dinner, buy yourself something or take a holiday.
If you manage your time well, running your own business will be the best job in the world.