Nowadays long working hours have become synonymous with different types of businesses, organizations, and enterprises all over the world. However, for most employees, leaving the work at the office after clocking the hours at work is still a possibility. For entrepreneurs, managing work is a 24/7 job, and time management plays an important role in this. Like managing other areas of business, time management plays an important role for entrepreneurs to be able to handle their businesses efficiently.
Talking about time management, a person from whom inspiration can be taken Eric Inspektor, co-founder of CORFinancial Corp. a Toronto-based boutique merchant bank that focuses on providing structured advice on asset based financing to small and medium sized businesses in need of growth capital. Eric Inspektor Toronto funded and re-structured many transactions including hi-profile larger re-financings and invested in a number of turnaround opportunities, all of which were successfully sold as going concerns. The following are some simple tips for time management effectively:
5 Simple Tips for Time Management
Time Planning – Short Term & Long Term:
Planning is an important aspect of business in today’s times as the environmental and market factors around the business are constantly evolving and changing. Financial planning, business planning, operational planning, and product development are all done using appropriate planning tools. Time management is a critical factor in keeping up with deadlines and managing the business on a day to day basis. Short term and long term time planning ranges from planning several days of business activities to allow time for a long term project.
Time management strategies like Getting Things Done design a methodology structured around creativity, focus, and efficient planning. David Allen, the founder of best seller, Getting Thing Done: The Art of Stress Free Productivity, believes that individuals should learn to control and process their required day-to-day tasks first in order to focus on big picture goals.
Daily Scheduling:
A secretary or pool of secretaries is an important asset to any business. This is because they help manage and schedule for entrepreneurs all over the world. Daily diaries are maintained by secretaries and sometimes busy business entrepreneurs have their day planned on a minute to minute basis for efficient productivity and management of their time.
Focus On Important Tasks:
Busy entrepreneurs usually have a lot of demands for their time and not enough time in a day to meet all the daily demands of the business. Entrepreneurs need to understand which tasks are important and how much time each task deserves during the day. This will help entrepreneurs manage their time in the best possible way. Once business operations have taken place for several years, entrepreneurs and their secretarial staff become aware of the type of tasks that require the full focus of the business owners or CEOs of the company.
Delegate:
Most business entrepreneurs like to run a tight ship and have complete control over their business. However, one of the simplest time management tips for business persons is to be able to delegate in business. This means that they should have the ability to hire senior management and should be able to delegate responsibility and decision making powers in some areas to the senior management of the company.
Make Timely Decisions:
There are two types of decisions that need to be taken in any business. This includes daily operational day to day decisions and long term decisions that could impact the future course of the business. For good time management, it is essential to have the skills and ability to take accurate yet fast and timely decisions in business. Entrepreneurs have the skill sets to assess the pros and cons of an impending decision on time and they should have the courage to make the decisions without spending too much time agonizing over them.
Time management is possible for even the most busy business persons running multinational organizations and time management is critical for good work-life balance.