Time Management Tips for Small Business Owners

By Robert Whited Small Business Financing October 27, 2023
As we gear up for the busy holiday season, it’s easy for small business owners to become overwhelmed with tasks. Between hiring, payroll, and inventory, there’s a lot on a manager’s plate. That said, time management is a critical skill for small business owners to master—effectively allocating your time has the power to increase productivity, provide work-life balance, and help your business succeed at all levels. Let’s look into some practical time management strategies, specific to the unique challenges small business owners face. Daily Prioritization One of the first steps in effective time management is understanding your priorities. Every day, break your time into blocks that make sense for your business: Morning, mid-morning, afternoon, and mid-afternoon, for instance. Add times to those blocks and include the tasks you’ll want to tackle during those times, prioritized by urgency and importance. Your biggest focus should be on the items that have a direct impact on your business goals. Setting up a schedule can help you move easily from one task to another, and eliminates the guesswork/time needed to determine “what do I do next?” Set Specific Goals for the Week Establish clear, specific, and measurable objectives for your business. Not only does this give you direction, but it but also lets you allocate your time to activities that align with your overarching business vision. At the start of the week, lay out all the tasks you’re hoping to accomplish over the next several days. Then, bucket out your top 3 for each day. If you’ve got tasks that don’t really need to be completed in the current week, move them to next week and don’t clog your brain with them. Rethink Multitasking Folks tend to pride themselves in their ability to multitask, but studies show it just doesn’t work. Multitasking can lead to reduced productivity and increased errors, which isn’t efficient at all. And according to the journal GetAbstract, it takes an average of 23 minutes to get focused again after being interrupted. Instead, focus on one task at a time to ensure quality (and save time in the long run). Smart Delegation We cannot possibly do everything on our own—and that goes double for small business owners, who tend to wear multiple hats at any given time. Understand that you have a team for a reason, and delegation isn’t a burden to anyone. Whether it's administrative work like running payroll, or marketing efforts, or following up with customers, passing tasks off to others frees up your time for strategic planning and core business activities. Take Hold of Technology Technology is out there for a reason! Leverage one of the countless digital planners or task management programs out there to streamline your processes and save time. Tools like project management software, accounting software, and marketing automation platforms are huge helpers in saving time and ensuring great output. By automating routine tasks, you can focus on high-impact activities that drive revenue for your business. Make “No” a Full Sentence Being selective about the opportunities and commitments you take on is crucial. Saying no to low-priority tasks or projects that don't align with your business goals allows you to preserve your time and energy for what truly matters. You don’t need to provide excuses for why you’re saying no, either: If you’re bogged down and just don’t have the time, “no” is the appropriate response—full stop. Mastering time management is an ongoing journey for small business owners. By prioritizing tasks, setting clear goals, and leveraging technology, you can optimize your productivity and achieve greater success in your business endeavors. Remember, effective time management isn't about doing more; it's about efficient doing what matters most for the business. For even more content on small business strategy, head over to ARF Financial and the Financial Pantry—we’re always cooking up tips for busy business owners like you.

As we gear up for the busy holiday season, it’s easy for small business owners to become overwhelmed with tasks. Between hiring, payroll, and inventory, there’s a lot on a manager’s plate. That said, time management is a critical skill for small business owners to master—effectively allocating your time has the power to increase productivity, provide work-life balance, and help your business succeed at all levels. Let’s look into some practical time management strategies, specific to the unique challenges small business owners face.

Daily Prioritization

One of the first steps in effective time management is understanding your priorities. Every day, break your time into blocks that make sense for your business: Morning, mid-morning, afternoon, and mid-afternoon, for instance. Add times to those blocks and include the tasks you’ll want to tackle during those times, prioritized by urgency and importance. Your biggest focus should be on the items that have a direct impact on your business goals. Setting up a schedule can help you move easily from one task to another, and eliminates the guesswork/time needed to determine “what do I do next?”

Set Specific Goals for the Week

Establish clear, specific, and measurable objectives for your business. Not only does this give you direction, but it but also lets you allocate your time to activities that align with your overarching business vision. At the start of the week, lay out all the tasks you’re hoping to accomplish over the next several days. Then, bucket out your top 3 for each day. If you’ve got tasks that don’t really need to be completed in the current week, move them to next week and don’t clog your brain with them.

Rethink Multitasking

Folks tend to pride themselves in their ability to multitask, but studies show it just doesn’t work. Multitasking can lead to reduced productivity and increased errors, which isn’t efficient at all. And according to the journal GetAbstract, it takes an average of 23 minutes to get focused again after being interrupted. Instead, focus on one task at a time to ensure quality (and save time in the long run).

Smart Delegation

We cannot possibly do everything on our own—and that goes double for small business owners, who tend to wear multiple hats at any given time. Understand that you have a team for a reason, and delegation isn’t a burden to anyone. Whether it’s administrative work like running payroll, or marketing efforts, or following up with customers, passing tasks off to others frees up your time for strategic planning and core business activities.

Take Hold of Technology

Technology is out there for a reason! Leverage one of the countless digital planners or task management programs out there to streamline your processes and save time. Tools like project management software, accounting software, and marketing automation platforms are huge helpers in saving time and ensuring great output. By automating routine tasks, you can focus on high-impact activities that drive revenue for your business.

Make “No” a Full Sentence

Being selective about the opportunities and commitments you take on is crucial. Saying no to low-priority tasks or projects that don’t align with your business goals allows you to preserve your time and energy for what truly matters. You don’t need to provide excuses for why you’re saying no, either: If you’re bogged down and just don’t have the time, “no” is the appropriate response—full stop.

Mastering time management is an ongoing journey for small business owners. By prioritizing tasks, setting clear goals, and leveraging technology, you can optimize your productivity and achieve greater success in your business endeavors. Remember, effective time management isn’t about doing more; it’s about efficient doing what matters most for the business. For even more content on small business strategy, head over to ARF Financial and the Financial Pantry—we’re always cooking up tips for busy business owners like you.