All Financial Education

Time Is Money! Five Time Management Tips for Business Owners

October 3, 2018

Businessman looking at watch while working on laptop.

Running your own business is no piece of cake. It often means juggling several different tasks at once and working far more than the standard nine to five. So what can you do to best optimize your time? Here are some helpful hints!

  1. Stick to a Schedule

Give yourself some time at the beginning of every week to write down exactly what your week will look like. Once you’ve done this, begin to prioritize that list. Which tasks need to be taken care of before you can focus on anything else?

  1. Don’t Downplay Downtime

When you don’t leave yourself some free time you set yourself up to fall behind. Scheduling free time has two important functions. First of all, you can use the time to deal with unexpected and last minute tasks. As a business owner, you know to expect the unexpected. If you schedule your days full from beginning to end there is no room for the unexpected and you’ll find yourself playing catch-up all the time.

Secondly and perhaps even more importantly, you need a break. There’s no reason to feel guilty for taking some time to do absolutely nothing productive. Giving your brain a chance to rest may help you tackle problems from a new perspective and will prevent burnout. No one can function at 100% all of the time.

  1. Get in Your Zone

Take notice of when and where you are most productive. Do you work best first thing in the morning or late at night? Are you better off in an office with the door closed or in an open area where you can bounce ideas off others? Is it hard for you to focus when your desk is cluttered? Once you’ve identified your ideal environment for getting things done, do your best to create that environment. Take a moment at the end of every day to tidy your desk in preparation for the next day, or set your alarm a half hour earlier to get things done bright and early.

  1. Delegating is Not the Enemy

If you can’t keep up, it might be time to start delegating. Letting go of something you helped create can be hard, but refusing to let go of anything could quickly become your downfall. Your team should be comprised of people you respect and trust. If anyone can handle this, it’s them. Start small and take time to set clear expectations with your team. Let them rise to the challenge.

  1. Automate Day-to-Day Tasks

Are you still bringing checks into the branch and doing payroll by hand?  Idaho Central offers electronic services designed for your business. You can manage your business accounts 24/7 with Business eBranch, schedule automatic bill payments, and even originate ACH entries. More things in one place means less time wasted switching from one task to the next. You’ll be able to manage your money from your phone or desktop anytime, anywhere.