5 Noteworthy Time Management Secrets for Entrepreneurs
Time Management has earned an underrated title over time. It’s a term that people use but seldom implement in their lives.
A recent study revealed that most people are productive only for 3 hours or less in an 8-hour workday.
Where do the rest of the 5 hours vanish?
Is it “Burnout”?
An entrepreneur’s life revolves around managing an unlimited list of tasks along with preventing burnouts. They don’t enjoy the luxury of sharing the tough tasks with the whole team. That’s exactly when they function as a ‘One-man’ army.
As a result, this takes a toll on juggling between personal and professional lives, resulting in burnout.
As the American Educator and businessman Stephen R. Covey rightly said —
“The key is in not spending time, but in investing it.”
Ever wondered how Time Management has played a crucial role in an Entrepreneurs life?
Statistics on Time Management utilities by Entrepreneurs —
- According to new research from The Alternative Board, the average entrepreneur works only 31.9% of the time working on their business such as strategic planning, long-term goals, etc.
- Another latest report by Business Pulse Survey cites nearly 63% of business owners exceed hours of working a week whereas the average entrepreneur works close to hours!
- 40% of business owners admit to not maintaining an ineffective annual operating plan/budget.
- When it comes to web browsing and researching, 32% of their time is spent on email/web browsing.
A change of mindset works to your advantage —
“Treating Time Management as Money Management resolves half the burden”
But what about the rest half?
“Repurposing” the dead zones of your time management can work wonders.
How can a busy entrepreneur utilize Time Management effectively?
1. Batch Smaller Tasks
Breaking down projects and completing tasks is the key motive of batching. Breaking down larger projects and tasks into smaller ones can provide the required clarity for gauging the tasks that need attention.
Set priorities: After breaking down each task, set priorities for meeting deadlines.
Label each task by function: Keeping your focus on similar tasks can help you stay on track and save time. For example, emailing numerous people like stakeholders, investors, bankers, etc. can be batched into one category. Setting your priorities per these batches keeps your credibility intact.
2. Time Tracking
Have you analyzed the major time wasters?
It’s time to focus on where you spend your time and the duration spent on it. Documenting and noting down can provide self clarification.
Need something that automates your time keep you on track with your milestones? Investing in Time Tracking software will only do better than any harm.
A remarkable time tracking tool offers a better project estimation. Seamless and accurate estimation leads to effective management of pipeline plus project revenue.
Orangescrum’s time tracking software has helped numerous entrepreneurs with achieving goals. An entrepreneur has to track major chunks of work just like a project Manager.
For example, a self-paced starter, Narshion N. found Orangescrum easy to use with advanced functionalities to save and track time.
Orangescrum addresses critical time tracking challenges and offers a software suite for our agile teams and a task-oriented management approach.
Having said this, intelligent Time Tracking with a Project Management tool is sure to skyrocket your productivity!
3. The 80/20 Rule
The 80–20 rule simply translates to 20 percent of customers equal 80 percent of sales.
Efficiently utilizing the best assets to create maximum value out is the principle of the 80–20 rule.
Entrepreneurs need to understand that getting busy isn’t going to make you rich.
Managing yourself as an Entrepreneur makes you one of a kind.
The objective of “Time management” is productivity and achieving more with limited assets is the easiest way to succeed and saving time on the personal front.
4. Invest In Productivity Tools
Did you know that entrepreneurs spend nearly 77% of their time completing truly urgent tasks?
A cluttered workflow can have unpleasant impacts on productivity leading to stress and delays.
Investing in business productivity tools like Project Management software or cloud-based time tracking software can result in 5X your productivity levels.
An all-in-one project team time tracking tool can get your projects and tasks in order, plus, provide insights on tasks completed.
As productivity is the crux of managing tasks, Time Blocking plays a major role in getting more work done with little.
Time blocking is especially beneficial for entrepreneurs as it has a lot to do with quantity. It focuses on discipline, planning, and objectivity.
What more would an entrepreneur demand if quantitative goals get fulfilled without compromising on quality?
Steps for Time Blocking —
- Slot your priority tasks into a calendar.
- Depute dates and specific hours with deadlines.
- Sticking to the tasks that need attention relieves half the workload.
Result? Complete tasks earlier than you expected. So now you know how to plan your work ahead of time and track your progress.
5. Avoid Multitasking
Working on multiple tasks puts your time and energy at stake. What you achieve in the end is nothing.
Multitasking serves to be a major wasted time. Focusing on one thing at a time goes a long way in the process of hitting productivity goals.
Multitasking calls for the urgency and need for delegation.
To maximize its effect, Resource allocation plays a great role. Entrepreneurs can have a system of tracking resource availability through various tools.
Remote Time Tracking: Multitasking woes are especially applicable amid the Covid-19 crisis when companies began operating remotely.
Entrepreneurs and Project Managers have resorted to remote team time tracking tools that increased more productivity than ever.
Time has changed and dependency on these tools has proven to reduce the hassles of collaboration.
Time Management is a long term Investment
If you’re a person who is limited to the practice of filling up time-sheets, you already know the next dig. If you aren’t, the best way to manage your time is to invest it in the right places with those who can ease your efforts.
Time is a precious investment for the long term and it also equals money. The more time you spend on productive tools and practices, the better outcome you’re bound to achieve.
Orangescrum, an apt Time Management Software
If time tracking and better work-life balance have become the need of the hour, Orangescrum is your go-to time manager.
It also offers capabilities of task management to take control of tasks across growing teams. Get your managers to work productively with 3X results with a single software.
What are you waiting for?
It’s time to invest!