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Time Management for Entrepreneurs

time management for entrepreneurs

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What secrets do the rich and famous know that we don’t?

If you study the lives of the rich and famous, you’ll discover that they have certain habits that attribute to their success. 

People who are successful pay close attention to and are careful about how they spend their time.

It doesn’t matter how you see it or how you slice it, we ALL have 24 hours, 1,440 minutes or 86,400 seconds in a day.  The key is to learning how to use that time wisely.

Here are some ways you can do that.

Monitor Your Time

How are you currently using your time? – monitor it!

If you find yourself sometimes feeling like there’s not enough time in a day or your days go by too quickly, try creating a log of what it is you’re doing daily.  Doing this will allow you to see what you are doing with your time.

Start writing down everything you do on a day to day basis, from what time you wake up to the time you go to bed.  Look at how much time you spend on email, phone calls, etc., then ask yourself this question:

What daily activities do you do that provide you with the greatest returns? (both personally and financially)

Once you’ve identified these daily tasks, focus on them!

How Much Is Your Time Worth?

time

Time is money!  How much is your time worth?

By knowing how much your time is worth, you will be able to make better decisions as to what tasks you should perform yourself and what tasks you should consider outsourcing

Example:  If you’ve determined that your time is worth $300 an hour, wouldn’t it make sense to pay someone else $30 an hour to answer your emails or edit your ebook?  Then bank the $270 per hour by spending your time on profit making activities.

While you’re at it, figure out how much time a day you’re going to need to spend on billable tasks – money making projects - in order to meet your desired profit. 

Daily Scheduling

to do list

Create a daily schedule.

You should not start your day without a to do list.  Creating a daily schedule is going to take some getting use to, if you’ve never done it but it’s so worth it. 

Create your list of tasks, then categorize them into business and personal tasks.  Once you’ve done that, break the bigger tasks up into smaller tasks and if you can break up the smaller tasks into tasks that are even more smaller, please do so.  Breaking up tasks like this make your tasks seem less intimidating and way easier to accomplish.

Bundling certain tasks together is another helpful way to get through them.  As you work through your list, bundle up tasks that are alike.  Create a separate chunk of time for answering email, returning or making phone calls, etc..

Prioritization

If you feel like you have more to do than there are hours in the day, then prioritize. 

When you prioritize your tasks, you will make sure that you’re taking on the ones that matter most.  Everyone has their own way or their own system that works best for them – create a system that works best for you.  One way of prioritizing is marking the tasks with A, B, and C.

Here are some questions you can ask yourself to help determine your prioritization order.

  1. What tasks MUST be done today?
  2. Can any of these tasks be rescheduled?
  3. Can any of these tasks be outsourced?
  4. Which tasks match my goals and priorities right now?
  5. Can I eliminate any of these tasks? 

Say No!

say no

Learning how to say no was one thing that was super hard for me but after many years I have learned that this is just something that we MUST all do at some point in our lives, in order to get to where we want to go.  I found myself adding so many more things to my "to do list" that eventually made my to do list a never-ending one. 

YOU control your time.

YOU are strong.

YOU have to uphold your personal boundaries.

When you’re well rested and reward yourself and your family to the time off that you deserve, you’ll feel so much happier and productive when you have to get back to work.

Before you say yes, ask yourself a few questions:

  1. Do I have the time and energy for yet another task?
  2. Do I like this person? Are they good to me?
  3. Will this task be profitable or beneficial to me?
  4. Will this task invade on my personal time?
  5. Does this task involve doing something I enjoy?
  6. Does this task fit in with my goals?

Time Wasters

Time wasters are everywhere!  Pay close attention to which things you do on a daily basis that are sucking up your valuable time.  I have another article where I talk about the most common time wasters here.  You have to learn how to remove these distractions because, whether you realize it or not, they are holding you back from achieving your success.

Plan

Stick to your plan at all times.  Don’t get sidetracked.  Unless it’s a true emergency, or you are being paid for the rush time, you probably don’t need to squeeze the task into your schedule. 

Also, assign deadlines for yourself, you are most likely to keep on top of things when there’s a deadline to meet.

Work Environment

work environment

Choose an inspiring place and time.

We are all different, we’re all unique. Therefore, I can’t tell you what your place and time is but for me it’s early morning, with a cup of coffee, in the sunroom.  This is when I do the tasks that take up or need the most of my “brain power” because it’s when I am at my prime.

Are you an early bird or a night owl? 

Create for yourself a clean work environment, distraction free, and make it inspiring.  I make my place inspiring by hanging up quotes – If you’ve read any of my other articles or posts you know that I am truly a quoteaholic. They simply inspire me. 

I would love to hear what inspires you? Let me know by leaving a comment below.  I personally read and reply to all comments.

Interruptions

Interruptions – Avoid Them!

Trying to do a certain task over and over again because of interruptions can be frustrating.  Once you start a task, finish it – see it till the end.  If something comes up while you’re trying to complete it, add it to your list and continue. 

Organization

Be and Stay Organized.

When you’re organized you save time, which in turn frees you up to focus on the task. 

Digging through a pile a papers or having to go through 4 flash drives looking for something isn’t very conducive to getting your work done. 

If you don’t know it, discover what your organizational style is.  Everyone has their own style.  

An example of this would be phone lists, I arrange my phone lists into the following groups; family, friends, doctors, etc. then by name as a subcategory.  For instance, I list my sister in the family group under “M” for Milly.  This is how it works for me because it’s how I think.

Some more examples include:

Emails: you can group your emails using categories and folders.  You can also color code your emails.

Use one calendar.  When keeping track of appointments and meetings, whether for business or personal, it would benefit you to keep them all in one calendar. 

I’ve actually started bullet journaling, which I am still getting use to but it allows me to keep all of my to-do lists, calendars, and the likes all in one place, amongst other things like keeping track of my time.  It’s been working great so far. If you have any tips or tricks for me about bullet journaling please let me know. 

Conclusion:

Why wait for your success when you can literally schedule it! 

You can accomplish so much when you master your time. 

Focus on the things that match your goal, the things that take you one step closer to your goal.  By taking the time to monitor, measure and manage your valuable time, you will for sure reach your success in no time.

time management for entrepreneurs