“Lack of direction, not lack of time, is the problem. We all have twenty-four-hour days”, says Zig Ziglar.
Do you often have much to do and you don’t have enough time nor the resources to help you do them? Time wasted in business is letting go of opportunities to make more profits. With an array of distractions from social media, texting, emails time is wasted so easily at work. It impacts your productivity and your profitability.
The secret to creating profitable time management is to live by a set of rules. Before you do, you need to be fully on board with that rule. This can deeply impact you manage your time and make more money out of it.
If you were looking to be more effective, look at where your time is wasted the most. This is the best place to start.
Take a look at this list carefully to see if you are wasting your time:
- Taking unnecessary calls.
- Addiction to Netflix (or TV)
- Being idle most of the time.
- Aimlessly surfing the internet.
- Going day by day, without a plan.
- Doing things as they come, not prioritizing.
- Doing little jobs like running errands, instead of delegating.
We can safely agree that time is indispensable, it cannot be replaced. So, it’s very important that you don’t squander it away. Here are five rules for effective time management and being more profitable.
1. Increase Awareness by Tracking Time
If you’ve used apps like Toggl, you’ll know that tracking time may be a painful process. Yes, manually adding each task, pushing buttons to start and stop every single task is so annoying. You would rather focus on your task than play with the app, right?
Regardless of the pain, there is a myriad of financial benefits to tracking your time. Tracking time will help you process your payroll or invoices more efficiently. When you see how your day is spent or track your task’s progress then you can estimate the project costing.
The insights you get for costing will further help you think about how you could further lower them! If you work on flat rates, then you instantly value your time to get more done. Knowing you are on the clock will make avoid distractions to work more efficiently.
2. Prioritize for Most Results
You may have many tasks and need your attention right now. To create profitable time management, you need to rank your tasks. You need to work around the order of importance of the task so you don’t waste your time.
Here is the Eisenhower Matrix to help you to do:
- Urgent and Important (Do it now!)
- Important not urgent (Decide when to do it)
- Urgent not important (Delegate it)
- Not important not urgent (Dump it)
The most important and urgent task should get your immediate attention.
For example, spend time over an important email that may get you a $1000 business, instead of taking out your trash. Going on a smoke break may be urgent for you, but it’s not important for your health and well-being. So make sure you set priorities for all your tasks.
3. Stop Being Menial and Delegate or Outsource
If you are a new entrepreneur or a business owner, you may want to do everything yourself. But everyone has these tasks that they don’t like doing, but other tasks may not be within your skill-set.
For example, you have these great ideas or you may even be a great presenter but you don’t have the skills nor the patience to write a report on it. So instead of struggling through it and wasting your time, delegate such tasks.
You can always outsource to a copywriter or editor to get the writing done for you. Working with freelancers may cost you a fraction, save your time, and get you a better output. If you work from home, hire a maid to do the cleaning and cooking.
Then you can focus on the production time that makes you more money. This is an excellent path to profitable time management.
4. Don’t Feel Guilty About Downtime
Once you are aware of where your time goes, you will be in a position to create a schedule for your day. If you have the work ethic of an ox, then you will burn out and stop running your business. This hurts your profitability in a big way. Reward yourself with timely breaks to recharge and rejuvenate your mind and body.
Downtime gives you the much-needed space for yourself, so you can think. You can’t keep hustling from daybreak to midnight. Make your downtime count. This will help you stay sharp in your sales negotiations (and increase profitability!)
5. Plan the next Day
If you think about it, you are spent at the end of the day, tired and are most unproductive. At the beginning of the day has the most potential for productivity and profitability! If you start working on yesterday’s debacles, then you’re squandering precious time. With a pre-planned day, you can kick-start your work as soon as possible.
Consider these tips to plan for your next day, today.
- Respond to emails in under 30 minutes.
- Close all the unwanted tabs on your devices to have a fresh start tomorrow.
- Write down your to-do list to reduce mental clutter and get more mental control.
When your day is on schedule, planned, and devoid of distractions, you are better prepared. Thereby creating profitable time management for you and your business.