Back to Blog

Importance of Time Management for Business Owners

    
Working on a laptop.

Why Time Management is Essential for Leadership

Business owners, and managers, lead by example. The values and work ethic displayed by a company's decision makers have a direct influence on company culture, and many times, on a business' profitability. Time management improves the efficiency and effectiveness of a business, and business owners should continuously work on developing, or improving, their own time management skills.

Time Management Benefits

Time management is one of the most important skills to have, but it is often a concept that many businesses, and people, struggle with. Small businesses, in particular, cannot afford to waste time with bad time management and inefficiency. However, the benefits of good time management practices are immeasurable. Businesses that utilize good time management are better positioned to consistently deliver their product, or service, on-time.

Good time management also means that a business is able to solve problems that arise without it significantly impacting day-to-day operations. This is essential for businesses that rely on constant output to increase ROI - a planned, structured schedule provides extra time for problem-solving or unforeseen circumstances.

Business owners can, and should, cultivate a workplace that values time management. Here are some tips for business owners to improve time management in the workplace.

  1. Prioritize - Prioritizing each item on your to-do list will help you stay focused on hitting your day-to-day, and overall, goals. Ask yourself, "What absolutely needs to be done by the end of the day?" Rank each item by its importance - or deadline - and start working down the list. If anything unexpected comes up during the day, you can feel better knowing that the most time-sensitive tasks have already been addressed.
  2. Set Measurable Goals - This is essential for both business owners, and employees. Establishing clear-cut goals will help you measure the success of your work and effectively track progress that you have made toward that goal. As a company, you should be asking questions like "Where do we want to be next year, at this time? How much revenue do we need to make next month to stay on track?" The answers to your questions should form measurable, tangible goals that you can communicate to your employees. Time management means that you are not only productive with your time, but your productivity is focused on achieving your company's goals.
  3. Plan Ahead - Planning ahead today saves you time, and unnecessary stress, tomorrow. Once you have established your goals, you can also start working on a feasible timeline to reach them. An important part of planning is to be realistic about what you can achieve and how quickly you can work through that timeline. Don't fall into the trap of being overly-ambitious with every deadline - although time is money, ensuring that you have enough time to deliver a high-quality product, or service, should always be a top priority. Never meeting deadlines can discourage your employees as well, so be sure to set reasonable goals and communicate to your team exactly what needs to be accomplished to meet them.
  4. Know When to Delegate - As a business owner, your time is often divided between day-to-day operations and big-picture responsibilities. Knowing when it's appropriate to delegate some of those tasks to other team members can save you quite a bit of time. It's also a great opportunity to motivate your employees with increased responsibilities and challenges. A great way to approach what should, and shouldn't be delegated, is to estimate the time it would take for someone else to complete the task. Would it involve extra training? Would I spend more time reviewing their work than the time it would take me to do it myself? These are all questions that you should be asking before making the decision to delegate.

Using Software for Time Management

Time management, like many things, can be much easier when utilizing helpful tools. Time management systems, like the software at Orbital Shift, provide a simple, straightforward way to manage your schedule. Our cloud-based time tracking systems, for example, mean that you can manage your employees' schedule (and your own) right from your smartphone or desktop.

Tracking time on a shared interface also allows business owners to demonstrate transparency and teamwork. With the ability to quickly manage schedules and assign tasks, you can rest assured that your employees know what is expected of them, and you can ensure that every employee is pulling equal weight in the company's success.

Test Before You Buy

Finding the best solution for managing your time often requires a bit of trial and error. What works for one business owner may not necessarily work for another, and we encourage you to try out a few different techniques to find one that truly helps you manage your time.

At Orbital Shift, we offer a 14-day free trial to give you an opportunity to use our workforce management software risk-free, with no hidden fees or charges. We know the value of time management for business owners, and we want you to experience our software before you make the decision to fully utilize it for your organization.