Time Management Strategies for Entrepreneurs

I had never thought of myself as a time management expert, but when I came online in 2006 it was obvious that I was managing my time in a way that worked well for me as a new online entrepreneur. This led to a book I co-authored with the late Geoff Hoff, entitled Time Management Strategies for Entrepreneurs: Hoe to Manage Your Time to Increase Your Bottom Line. It became a bestseller and continues to rank highly.

It’s amazing how much some people manage to get done, while others seem to be stuck in a rut without enough time in the day to accomplish much of anything. But, here’s the secret. Everyone has the same amount of time in every single day. It’s one way in which we are all created equal. Everyone has the same twenty-four hours in a day. Here are some tips on how to get started with managing your time.

Track Your Activities for a Week

To get a real picture of how you spend your time, try tracking everything you do for at least one week. Use a small recorder to record when you start and stop any task, and include the time. Alternatively, just use an old-fashioned pad and paper. Don’t change anything for now; just live your life as you do.

Evaluate

Now look at how you spent your time. Organize each thing that you did into urgent, important, family, fun, and time suckers. Some things that are fun might fall into the category of time sucking and that’s okay, because you can place limits on some things to still allow yourself to have fun without going overboard into time wasting.

Assign All Important Tasks to a “To-Do” List

Everything that is urgent and important should be scheduled. Some urgent and important things will also be family things. Put it all into the schedule. Give it the amount of time you think it will take, adding a few minutes for padding to avoid run over and missed deadlines.

Schedule Fun and Down Time

Don’t forget to put time for fun into your schedule. Fun often goes with family and friends and it is a very important part of your life. The trick is to schedule the right amount of time and the right amount of fun, without intruding on the important and urgent tasks and activities that you also must do.

Spend Time Each Night and Morning in Planning Mode

Take the time each evening to evaluate how your day went, decide what could have been done better, or what needs longer or shorter times to accomplish. If you do this you will get better at creating a plan. Each morning take the time to look over your schedule to remind yourself what is coming up so you don’t forget anything. Never rely on just memory or you will get off track.

Create a Plan of Action for Each Activity

It doesn’t matter if the plan is for family time, for business, or something else — if you create a plan of attack for each item on your to-do list, you’ll accomplish it faster with fewer problems. One of the biggest time wasters is jumping from item to item. Stick to one thing at a time until it’s done and you’ll feel as if you have a lot more time in your day.

Train Others to Respect Your Time

If you have a business, especially if you work from home, you will often find that other people seem to lack respect for your time. The real issue is that you’ve not taught people to respect your time. As Oprah (or maybe it was Dr. Phil) once said, “You teach people how to treat you.” Are you teaching people to respect your time? If not, it’s time to start doing so.

Delegate, Delegate, Delegate!

Never underestimate the power of delegation for getting more time in your day. A good assistant can almost double your time. So while you can’t actually get more time, remember that everyone has the same 24 hours. You can create a situation where you duplicate yourself by hiring an assistant or outsourcing some mundane tasks such as housework or lawn care. There is no such thing as a successful CEO who doesn’t delegate.

Finally, it’s important to always be realistic about what can really be accomplished in any given amount of time. No matter how much you want to be, you’re not superwoman (or man) — you’re just a human who is doing their best to manage the resources they have. If something doesn’t get done today, move it to tomorrow. As you get better at scheduling, you’ll get it down to a science on how long it really takes you to do any particular task and you’ll have fewer days where you don’t succeed. Developing time management for entrepreneurs is a skill that will serve you well. And pick up my book, Time Management Strategies for Entrepreneurs: Hoe to Manage Your Time to Increase Your Bottom Line to make this a natural part of your daily routine. You’ll thank yourself for doing so, I promise.

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