Effective Time Management Strategies for Small Businesses
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Welcome
1.
Agenda
2.
Ground
Rules
3.
Introductions
TIME
MANAGEMENT
‹#›
Objectives
TIME
MANAGEMENT
‹#›
After
completing
this
training,
you
will
be
able
to:
•
Explain
the
concept
of
time
management
and
why
it
is
important
to
small
businesses
•
Explain
some
commonly
employed
time
management
practices,
including:
•
Pareto
analysis
•
ABC
method
Eisenhower
method
•
POSEC
method
What
Do
You
Know?
TIME
MANAGEMENT
‹#›
What do
you
know
or
want
to
learn
about
time
management?
Time
Management:
TIME
MANAGEMENT
‹#›
•
Systematically
prioritizing
tasks
and
competing
demands
to
complete
the most
important
tasks
within
a
certain
amount
of
time
•
Goal
is
to
reduce
distractions
so
that
more
tasks
and
demands
are
completed
Importance
of
Time
Management
for
a
Small
Business
TIME
MANAGEMENT
‹#›
•
Poor
time
management
can
cost
you
money
•
Maximize
the
number
of
hours
in
your
workday
•
Work
smarter
not
harder
within
the
time
constraints
of
a
workday
Benefits
of
Time
Management
for
a
Small
Business
i
n
c
o
me
•
More business
equals
more
•
More
focused
•
More
organized
•
Less
stress
•
More
time
for
family
and
friends
TIME
MANAGEMENT
‹#›
Discussion
Point
#1:
Benefits
of
Time
Management
Describe
how
you
could
benefit
from
using
time
management.
TIME
MANAGEMENT
‹#›
Time
Management
Plan
TIME
MANAGEMENT
‹#›
A
written
guide
of
prioritized
tasks
to
complete
on
a
daily,
weekly,
and
monthly
basis
that
will
achieve
your
written
goals
Sample
Time
Management
Plan
TIME
MANAGEMENT
‹#›
GOAL
I
will
generate
a
minimum
of
$6,000
in
sales
every
month,
starting
the
month
after
next
(March).
Time
Management
Plan
Key
Elements
TIME
MANAGEMENT
‹#›
1.
Clearly
defined
written
goals
2.
Detailed
list
of
tasks
3.
Prioritization
of
the
tasks
4.
List
of
important
ongoing
business
functions
5.
Built
in
flexibility
Key
Element
1:
Clearly
Defined
Written
Goals
TIME
MANAGEMENT
‹#›
Key
Element
2:
Detailed
List
of
Tasks:
TIME
MANAGEMENT
‹#›
For
each
task
•
What
needs
to
be
done?
•
Who
needs
to
do
it?
•
When
is
it
due?
•
Where
is
it
being
done
or
being
delivered?
•
Any
other
details
Key
Element
3:
Prioritization
of
the
Tasks
TIME
MANAGEMENT
‹#›
•
Assign
a
priority
level
to
every
task
under
each
step
•
Rearrange
the
tasks
in
order
of
priority
•
Allocate
ample
time
to
complete
the most
critical tasks
first
Key
Element
4:
List
Important
Ongoing
Business
Functions
TIME
MANAGEMENT
‹#›
Include in
your
task
list
time
to:
•
Pay
bills
•
Invoice
clients
•
Review
correspondence
•
Make
bank
deposits
Key
Element
5:
Built-in
Flexibility
TIME
MANAGEMENT
‹#›
When
assigning
an
estimated
amount
of
time
to
complete
each
task,
be
sure
to:
•
Allow
for
time
to
address
opportunities
and
issues
as
they
arise
•
Allow
extra
time
for
critical
tasks,
if
needed
•
Allow
time
for
interruptions
•
Allow
time
for
breaks
SMART
Goals
TIME
MANAGEMENT
‹#›
Discussion
Point
#2:
SMART
Goals
Write
one
of
your
business
goals
using
the
SMART
format.
TIME
MANAGEMENT
‹#›
Using
SMART
Goals
TIME
MANAGEMENT
‹#›
Write
the
steps
and
tasks
to
identify:
•
Who
•
What
•
When
•
Where
•
Why
Discussion
Point
#3:
Tasks
Developed
with
SMART
Goals
Look
at
the
SMART
goal
you
wrote
for
your
business.
Write
the
steps
and
tasks
needed
to
achieve
your
goal.
TIME
MANAGEMENT
‹#›
Pareto
Analysis
20%
of
tasks
or
a
person’s
efforts
will
produce
80%
of
the
result
•
Tasks
that
generate
the
greatest
return
should
be
completed
first
•
Prioritizing
tasks
is
critically
important
because
small
business
owners
usually
juggle
many
priorities
TIME
MANAGEMENT
‹#›
ABC
Method
•
Give
most
important
tasks
the letter
A
•
Less
important
tasks
the
letter
B
•
Least
important
tasks
the
letter
C
TIME
MANAGEMENT
‹#›
Eisenhower
Method
TIME
MANAGEMENT
‹#›
POSEC
Method
TIME
MANAGEMENT
‹#›
Managing
Your
Time
TIME
MANAGEMENT
‹#›
For
the
next
work
week:
•
Prioritize
the
list
of
tasks
•
Allocate
ample
time
to
complete
each
task
•
Don’t
forget
those
important
ongoing
business
functions
Select
a
tool
for
planning
your
daily
and
weekly
time
A
Closer
Look
at
Allocating
Time
in Your
Time
Management
Plan
TIME
MANAGEMENT
‹#›
Tips
for
prioritizing
your
tasks
•
Know
the
number
of
hours
in
your work
day
•
Allocate
only
75
percent
of
the
available
work
hours
Working
Your
Plan
TIME
MANAGEMENT
‹#›
Tips
for
prioritizing
your
tasks
•
Use
timers
or
alarms
to
stay
on
task
•
Work
high
priority
tasks
FIRST
•
Take
time
to
manage
your
business
•
Take
breaks
•
Set
aside
time
to
prioritize
for
next
week
Assigning
Tasks
and
Delegating
Roles
and
Responsibilities
TIME
MANAGEMENT
‹#›
•
Who
else
can
do
one
or
some
of
the
tasks
in
this
week’s
plan?
•
Am
I
the
only
person
who
can
do
this?
Discussion
Point
#4:
Task
Delegation
To
whom
can
you
delegate
tasks?
TIME
MANAGEMENT
‹#›
Reviewing
and
Updating
Your
Time
Management
Plan
TIME
MANAGEMENT
‹#›
Common
Distractions,
Obstacles,
and
Solutions
•
People
•
In
person
•
By
telephone
•
Meetings
•
•
Work
environment
•
Self-initiated
distractions
TIME
MANAGEMENT
‹#›
Top
Four
Key
Points
to
Remember
TIME
MANAGEMENT
‹#›
1.
The
five
key
elements
of
a
good
time
management
plan
2.
Use
written
SMART
goals
with
steps
and
tasks
to
create
clarity
of
focus
3.
The
four
ways
to
prioritize
goals
for
writing
your
time
management
plan
4.
Update
time
management
plans
daily
and
weekly
Summary
•
What
final
questions
do
you
have?
•
What
have
you
learned?
•
How
would
you
evaluate
the
training?
TIME
MANAGEMENT
‹#›
Conc
l
usion
TIME
MANAGEMENT
‹#›
You
have
learned
about:
•
The
concept
of
time
management
and
why
it
is
important
to
small
businesses
•
Some
commonly
employed
time
management
practices,
including:
Pareto
analysis,
ABC
method,
Eisenhower
method,
and
POSEC
method
Learn how to prioritize tasks, reduce distractions, and maximize productivity with time management techniques tailored for small businesses. Discover the importance and benefits of efficient time management, create a solid time management plan, and boost your business's success with practical tips and methods.
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Presentation Transcript
Time Management FOR A SMALL BUSINESS Updated:09-2016
Welcome 1. Agenda 2. GroundRules 3. Introductions TIMEMANAGEMENT #
Objectives After completing this training, you will be ableto: Explain the concept of time management and why it is important to small businesses Explain some commonly employedtime management practices,including: Paretoanalysis ABC method Eisenhowermethod POSEC method TIMEMANAGEMENT #
What Do YouKnow? What do you know or want to learnabout time management? TIMEMANAGEMENT #
TimeManagement: Systematically prioritizing tasks and competing demands to complete the most important tasks withina certainamountoftime Goal is to reduce distractions so that moretasks and demands arecompleted TIMEMANAGEMENT #
Importance of Time Management for a SmallBusiness Poor time management can cost youmoney Maximize the number of hours in yourworkday Work smarter not harder within the time constraints of a workday TIMEMANAGEMENT #
Benefits of Time Management for a SmallBusiness More business equalsmore income More focused More organized Less stress More time forfamily andfriends TIMEMANAGEMENT #
Discussion Point #1: Benefits of TimeManagement Describe how you could benefitfrom using timemanagement. TIMEMANAGEMENT #
Time ManagementPlan Awritten guide ofprioritized tasks tocomplete on a daily, weekly, and monthly basis that will achieve yourwrittengoals TIMEMANAGEMENT #
Sample Time ManagementPlan GOAL I will generate a minimum of $6,000 insales every month, starting the month after next (March). TIMEMANAGEMENT #
Time Management Plan KeyElements 1. Clearly defined writtengoals 2. Detailed list of tasks 3. Prioritization of thetasks 4. List of important ongoing business functions 5. Built inflexibility TIMEMANAGEMENT #
Key Element1: Clearly Defined WrittenGoals TIMEMANAGEMENT #
Key Element2: Detailed List ofTasks: For eachtask What needs to be done? Who needs to doit? When is itdue? Where is it being done or beingdelivered? Any otherdetails TIMEMANAGEMENT #
Key Element3: Prioritization of theTasks Assign a priority level to every task undereach step Rearrange the tasks in order ofpriority Allocate ample time to complete the most critical tasksfirst TIMEMANAGEMENT #
Key Element 4: List Important Ongoing BusinessFunctions Include in your task list timeto: Pay bills Invoiceclients Reviewcorrespondence Make bankdeposits TIMEMANAGEMENT #
Key Element5: Built-inFlexibility When assigning an estimated amount oftime to complete each task, be sureto: Allow for time to address opportunities and issues as theyarise Allow extra time for critical tasks, ifneeded Allow time forinterruptions Allow time forbreaks TIMEMANAGEMENT #
SMART Goals TIMEMANAGEMENT #
Discussion Point #2: SMARTGoals Write one of your business goalsusing the SMART format. TIMEMANAGEMENT #
Using SMARTGoals Write the steps and tasks toidentify: Who What When Where Why TIMEMANAGEMENT #
Discussion Point #3: Tasks Developed with SMARTGoals Look at the SMART goal you wrote foryour business. Write the steps and tasks needed to achieve yourgoal. TIMEMANAGEMENT #
ParetoAnalysis 20% of tasks or a person s efforts willproduce 80% of theresult Tasks that generate the greatest return should be completedfirst Prioritizing tasks is critically important because smallbusiness owners usually juggle manypriorities TIMEMANAGEMENT #
ABC Method Give mostimportant tasks the letterA Less important tasksthe letterB Least importanttasks the letterC TIMEMANAGEMENT #
EisenhowerMethod TIMEMANAGEMENT #
POSEC Method TIMEMANAGEMENT #
Managing YourTime For the next workweek: Prioritize the list oftasks Allocate ample time to complete each task Don t forget those important ongoing businessfunctions Select a tool for planning your daily andweekly time TIMEMANAGEMENT #
A Closer Look at Allocating Time in YourTime Management Plan Tips for prioritizing yourtasks Know the number of hours in your workday Allocate only 75 percent of the available workhours TIMEMANAGEMENT #
Working YourPlan Tips for prioritizing yourtasks Use timers or alarms to stay ontask Work high priority tasksFIRST Take time to manage yourbusiness Takebreaks Set aside time to prioritize for nextweek TIMEMANAGEMENT #
AssigningTasksand DelegatingRoles and Responsibilities Who else can do one or some of the tasksin this week splan? Am I the only person who can dothis? TIMEMANAGEMENT #
Discussion Point #4: TaskDelegation To whom can you delegatetasks? TIMEMANAGEMENT #
Reviewing and Updating Your Time ManagementPlan TIMEMANAGEMENT #
Common Distractions, Obstacles, andSolutions People In person Bytelephone Meetings E-mail Workenvironment Self-initiateddistractions TIMEMANAGEMENT #
Top Four Key Points toRemember 1. The five key elements of a good time managementplan 2. Use written SMART goals with steps and tasks to create clarity offocus 3. The four ways to prioritize goals for writing your time management plan 4. Update time management plans daily andweekly TIMEMANAGEMENT #
Summary What final questions do youhave? What have youlearned? How would you evaluate thetraining? TIMEMANAGEMENT #
Conclusion You have learnedabout: The concept of time management and why it is important to small businesses Some commonly employed timemanagement practices, including: Pareto analysis, ABC method,Eisenhower method, method and POSEC TIMEMANAGEMENT #
