5 Time Management Tools To Become A More Effective Entrepreneur
Updated: May 20, 2024
Written by: Elena Manole, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
With great power comes great responsibility. Whoever chooses to take the path of entrepreneurship knows the sacrifices that they need to make in order to run a successful business. Managing their time and making sure they prioritise their activities accordingly becomes essential. Following are the 5 key time management tools that, if applied today, will make you a more satisfied and effective entrepreneur.
1. Stop juggling things at the same time
As entrepreneurs, we all like to think that we are capable of getting as many things humanly possible done over a work day. This simply won't be the case for the majority of people with entrepreneurial aspirations. The key factor within this discussion on an individual basis relates to knowing individual limitations and learning to let go of multitasking. Spend a week tracking your time and learn when your primal times are. Plan accordingly and follow your natural rhythm.
As an entrepreneur, learning how to delegate is key. So why not write down all your tasks and then individualise those which can be done by someone else? Hiring a personal assistant, a bookkeeper, an accountant, lawyer, etc, can have exponential results on your business. Know realistically how much you can accomplish and let go of the rest. Yes, I know, we all can do a lot. Giving yourself room to breathe and rest is also part of being productive. There's no need (with the right timekeeping skills) to sacrifice the quality of input as a result of having too many things on an entrepreneurial/business plate.
2. Set small but achievable goals
Schedules for individual business days might seem insurmountably packed with a wide variety of different tasks. These may or may not have a range of different outcomes that determine success on a broader business level. Make sure that every task is related to a business goal and is not a result of outside pressures. Breaking larger tasks into a variety of smaller tasks can make teams or individuals feel more likely to get the most out of their business day. Both from a timekeeping and business dealing perspective, breaking down and segmenting the tasks for the day into smaller groups may also result in a broader range of potential daily success on both micro and macro levels.
3. Plan for the unpredictable
Some may like to think their business’ success is thanks to keeping a decidedly rigid schedule with little in the way of accounting for changes that are not predetermined. That said, the ability to account for any number of small short-term changes within timekeeping will make businesses and entrepreneurs more adaptable to a changing economic and business environment. Not to mention, greater adaptability could lead to expanded and distinguished success within broader fields. Look for opportunities. You’ll find them where you least expect them.
When planning your schedule for your day and booking your meetings, leave room for unpredictable events. You never want to pack yourself back to back and risk being late for meetings or not showing up. As an entrepreneur, your actions are your best business card. So make sure you have some breathing space and take a few minutes to rest from one meeting to the other.
4. Tackle difficult tasks first
There may be dozens of social media accounts and entrepreneurs out there letting an audience know just how easy it was for them to start a business based exclusively on their passion and hard work. As you will embark on the journey, you will soon realise that there can be a number of challenges and difficulties in developing the business daily that you didn’t predict. The critical factor in tackling these in a successful manner is to give them the right priority. The ideal is that they can be tackled successfully without overstretching management, personal time keeping, or success in other areas.
Conventional wisdom may say to tackle the most difficult task first thing in the morning. This will prove effective for millions of potential businesses and entrepreneurs. On the other hand, if an individual knows there is a time at which they are typically most productive there is no harm in scheduling the day's difficult tasks as the priority for productive work periods. This will lead to a greater chance of success when tackling more straining tasks that can be completed without stretching further timekeeping in a way that affects their daily duties.
5. Invest in hobbies, friends and family
It might seem counterintuitive that spending time having fun and exploring your hobbies and passions will make your business thrive. Running a business requires a lot of strength and courage to take risks that at times are out of the ordinary. Having a strong support network and relying on your family and friends for encouragement and moral support is a great way of replenishing the energy that you invest in your daily working life.
There's no better feeling than arranging a block of time at the end of the day to go and switch off with an event, social gathering or form of entertainment which you can look forward to. As opposed to simply taking time off from a work/business schedule because one is physically and legally required to do so, make sure you plan something you look forward to. The ability to invest time effectively in hobbies has the potential to bring greater success from both an entrepreneurial and business perspective.
Give yourself some breathing
No matter what your strategy, remember that as an entrepreneur, you are doing something which the majority of people out there are not able or willing to do. Remember that you have to wear different hats throughout the day and giving yourself some breathing time is essential. Learn to prioritise, delegate and not overstretch yourself. There is no way you will not be successful!
Elena Manole, Executive Contributor Brainz Magazine
Elena is a time management and productivity coach. She teaches female entrepreneurs how to bring more balance to their life and structure their days so that their priorities are on top of their list. Her clients thrive on accountability and clarity as well as compassion and gentleness. Elena is a hands-on productivity teacher passionate about all things done in a mindful way. She helps her clients fulfil their deepest visions and desires without sacrificing anything in their life. Today she lives her vision and makes a point to remind herself, and her clients, that living a life based on values means that we don't have to wait for the next goal to be reached in order to be happy and fulfilled.
