Small Business (Time) Management

by Michael Barry

There is a theory glazed over in every freshman economics course on the way to supply side economics and demand side – I’ve already lost you. Economics might not be your cup of tea, but the theory is worth a listen. It goes a little something like this: Should Tiger Woods mow his own lawn? That’s it. The answer is an easy one. No. He has people for that. He should be golfing. The term for that is called opportunity cost. Why is there even a theory about that? Time management is why.

Investopedia defines opportunity cost as:

The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

In terms of your small business, opportunity cost refers directly to the actions you perform every day that take away from what you do best – managing your business. Here are a couple quick tips to manage your time so you can get back to work.

How Do You Spend Your Time

Time is money. Wasting time is wasting money. Plain and simple. The killers of time are well known too. Whether it’s fantasy football, Facebook, or searching for that new diet, all the time you click off the clock is time you’ll wish you had later. Future you will work hard, but she’d rather it wasn’t because past you had no discipline.

Track Everything

Make a budget of the time you spend each day, each week. Keep a list, a spreadsheet, write it in the margins of last months expense report. I don’t care where you write it, but get it down on paper. The same way money disappears at Target when you go in to buy “just one thing”, time disappears when you take “just one minute” to check Twitter. By writing down what time you spend doing what tasks each day you’ll be able to see where time is going. Making the change in how you spend that time is the difficult task.

You Have a Staff – Let Them Earn Their Pay

Maybe you read that last paragraph and said “I don’t waste time on social media” but time still escapes you. I have one question for you. How much time do you spend answering phones and replying to email? These mundane tasks are productivity arsenic. Your receptionist is there for a reason. She knows the phones and your day-to-day business like the back of both hands. You are the boss man, the oracle. Be there for the big things and swing in for handshakes and phone calls when needed. You don’t see restaurant managers waiting tables. They check in and move on, confident their staff is top notch. You have more important tasks to be doing. When you consistently spend time doing mundane tasks it become second nature to start there. The same goes for the converse. Your opportunity costs are clear. Be an innovator. The big picture awaits you.

http://www.bizoffice.com/small-business-time-management/#more-1322

7 Tips for Prioritizing Tasks Effectively

Published April 21st, 2011 by Steven Snell

Most designers, regardless of whether you are self employed or an employee, have a to-do list full of all kinds of different tasks that are fighting for attention. It may include finalizing a project for one client, working on an estimate for another client, responding to emails, recording payments and working on financials, etc. With so many different things going on and a to-do list that likely includes tasks related to several different projects, knowing how to effectively prioritize can be a real challenge.

Having productivity in your work day is important, but having productivity on the right tasks is what will really lead to a successful use of your time. In this article we’ll look at 7 tips that may be of help to you when struggling with knowing what to work on next.

1. Respect Deadlines

When working for clients the most obvious factor that determines priority and urgency is the deadline. If your project has a deadline approaching or if you are behind the pace to meet a deadline in the future, the work should have some added urgency. Meeting deadlines is an important part of giving your clients a positive experience working with you, and most designers understand the need to use deadlines in prioritizing work.

2. Set Milestone Deadlines

If a client project only has a deadline for completion of the project, make an effort to break down the work that is needed to complete the project and put it into a few different steps or parts. Assign each part with a deadline to hit a certain milestone that will allow you to move on to the next step, and use these self-imposed deadlines to help with prioritizing. This way rather than just seeing the final deadline, which may seem like it is far off into the future, you’ll have a clear understanding of the smaller steps involved in the project and what you need to do now in order to stay on pace.

These milestone deadlines that you set for yourself may not even need to be shared with the client, they can be used just to help you stay on track and to view the big picture of the project. Staying on pace with a project can also have an impact on everything else that you are working on. If one project gets off track you may need to dedicate extra time to getting caught up, which of course takes time away from your other projects. So staying on course will allow you to prioritize effectively, rather than being forced to dedicate your time to certain things because you’re behind.

3. Consider the Consequences

Most likely there will be times where you’re not sure how you’re going to be able to get everything done. If you have several different things that are pressing for your attention and you’re not sure how to prioritize, consider the consequences of not getting the work done or not meeting the deadline. Chances are, there will be much different consequences from one task to the next.

For example, you may have a client project that would be disastrous if you can’t meet the deadline. Maybe the client has other things, such as a marketing campaign, that are dependant upon you getting your work done by a specific date. On the other hand, you may have a client project that has an upcoming deadline, but there really are no significant consequences if it falls a little behind schedule.

Another factor to consider is your relationship with the client. If it’s a client that you have worked with for a while and have always met deadlines, they may be more understanding if you’re struggling to meet a deadline (depending on the situation). Or you may have a situation where you’re working with a new client and hoping to get more work or referrals in the future from this client. In this case, your relationship with the client may be important enough to shuffle things around to get the work done.

4. Consider Payment Terms

You’ll also want to take into consideration the impact that a task will have on getting paid. You may have a project where you will be paid at various milestones throughout the project. If you are just a small step away from reaching one of those milestones you may want to give added priority to getting it done and getting paid.

Likewise, there may be a situation where a client has already paid for your services and you just need to complete the work. Completing this client’s work may take priority since they have already paid for your time.

If you’re a freelancer you’ll always need to be considering your cash flow situation. So taking into consideration the situation with money and how/when payment will be made will help you to know what you need to be working on to keep your business functioning smoothly.

5. Consider Time Required

There may be times when you have two or more equally urgent tasks that are competing for your attention. However, although they are equally urgent they may not require the same amount of time to complete. My preference is to prioritize the tasks that will take less time to complete so that I can get it crossed off my list and be able to focus more effectively on the remaining tasks.

6. Set Monthly Goals and Work Backwards

Setting goals can be very helpful for determining what needs to go on your to-do list. This process is made a little bit easier if you take a look at the big picture before setting your to-do list for a particular day. Try starting with monthly goals of what needs to be done. Then look at the specific actions or tasks that need to be done in order to reach this goal. For the first week of the month take the most urgent actions, those with deadlines and those that are foundational for other tasks, and put them onto a to-do list for the week. Then you can plan your week more effectively by splitting them up and setting certain things that need to get done each day.

This can be a much more effective way of prioritizing tasks than simply trying to decide what to work on for a particular day without really giving much though to the big picture. With weekly and monthly to-do lists in addition to a daily list you’ll be able to see how each task impacts the other things on your list, and priorities tend to clearly emerge.

7. Schedule a Percentage of Your Time for Personal Projects

There are other tasks that are important aside from just working on client projects. Things like working through tutorials, reading a book on a topic that you’d like to learn more about, re-designing your portfolio site, maintaining a blog, etc. often get pushed to the back burner because they don’t seem to have the same urgency as other things on your to-do list. In the long run though, these types of personal projects and opportunities for development or improvement are very important.

The best way to make sure that you get time to work on these things is to prioritize them by setting aside time in your schedule. You can decide that you’ll dedicate 10% of your time (or some other amount) to working on projects like this, and set aside time each week to do something for your own improvement. If you don’t set aside the time, most likely you won’t get around to it since other things will always come up.

Stop Procrastinating & Plan for 2013

By Kevin Duan

If you're not planning for the coming year then you better believe that your competitors are. Here are three solutions to get you going before it's too late.

Hooray! The election season is finally done. The holidays are close behind, and 2013 is just around the corner. And yet a good many companies still don't have a formal strategic plan on the books. Many don't even have a meeting scheduled before the end of the year to create a strategic plan and align their team. Often executives will manage for the current quarter with little consideration for three to five year objectives or even a one year plan.  Sadly, as the executives of these companies try to navigate uncertain times, they will wonder the following:

• Why aren't we hitting our goals?
• Why aren't we all on the same page?
• Why can't our people execute without having to ask questions at every turn?
• Why aren't we more prepared?

The answer is simple... procrastination. That sounds harsh but those of you regularly reading this magazine and website have seen plenty of material about the value of long term strategy. You have heard experts such as Collins and Peters, tout the benefits of long term strategic planning and alignment. Many of you know other successful companies who plan and execute consistently. So there is little question that you are just putting off what you know must be done. But perhaps there are solid reasons for your procrastination. Allow me to identify and resolve some of them for you.

1. Complacency

Maybe things are going well for you. Or at least they seem good enough. I am sure that's exactly what your competitors are thinking too and none of them are developing strategy  on how to steal your customers and gain market share. Keep telling yourself that and soon you'll find out the hard way that your business is always vulnerable to others who strategically plan and can out-execute you. This why many businesses fall into what Jim Collins calls the "Doom Loop" as outlined in his book Good to Great. Why be lazy? Taking a long-view approach in your business will insure you are ready for the next disruptor in your industry and can remain competitive.

2. Confusion

Perhaps you would like to execute a strategic plan for the company, but can't focus because you aren't really clear about where you personally want to be in life. Perhaps you spend too much time thinking about what you want to DO in your life, and not enough about who you want to BE. In fact many companies miss their mark because their management team doesn't focus enough on individual objectives beyond the company's goals. If your people are not clear on who they want to be and what motivates them to contribute, the results will suffer and you will likely wander off course. But this is resolvable. Ask everyone "Who are we as a company and where do you see your role in five years?" See if his or her answers align with your perceptions. Taking time to consider your own future might be a good start and better prepare you to lead strategic talks for your executives and your company.

3. Priority

So many executives are constantly battling with competing priorities. As my father always says: "When you are up to your rear end in alligators it's hard to remember that your primary directive is to drain the swamp." It's very difficult to make the transition from working IN the business to working ON the business. But one thing is for sure. If you don't start prioritizing strategic planning you will forever be letting the business run you. The sooner you make your strategy and alignment a priority, the sooner you'll achieve goals effectively and create efficiencies that will free up time and resources in your company. You don't have to be the CEO of a company to raise the priority of strategic planning. Any individual can drive the process and show their value to the company at the same time. Here are the first three steps.

1. Set a date for a 2-day planning retreat before the end of the year. If you don't do it now, you'll forget. Once the date is set you can figure out all the other details.
2. Hire a facilitator or a coach. For a successful retreat, you need methodology and objectivity. A good facilitator can provide both of these things and is well worth the money.
3. Engage your team. Email them this column right now. That way you'll demonstrate your commitment to strategic planning as a priority and get the conversation started. Share the pressure of accountability and you are assured of getting a long term strategic plan in place before year end.

Execute on these actions and you'll surely surpass your procrastinating competitors.

http://www.inc.com/kevin-daum/stop-procrastinating-plan-for-2013.html?nav=next

9 Routine Task You Should Eliminate from your Workday

By Jane Porter  

Rachel Weeks couldn't get through the workday without constant interruptions. Employees at her Durham, N.C., apparel company, School House, would ask her to sign checks, approve designs and field questions whenever they wanted. Realizing that routine tasks were taking over her day, she started signing checks once a week, sending out packages at a set time each day, and addressing staff questions at weekly meetings.

Those changes have helped Weeks grow the business by developing a new e-commerce site and partnering with a big-box retailer. So far this year, revenue has risen 20 percent, compared with the same period in 2011. "In a small company, there's this tendency to think … if anybody needs something, they can come and find me," she says. "You really have to carve out those hours of uninterrupted work time."

But that means something's got to give. Here are nine daily tasks you probably can eliminate from your workday to help you stay focused and be more productive.

1. Stop overloading your to-do list. You might feel the need to write down everything you need to accomplish each day, but resist making an impossible list of daily tasks, says Peter Turla, a time-management consultant in Dallas. Compiling a lengthy list of things you need to accomplish might seem productive, but you could be doing more harm than good. "It results in too many items at the end of the day that are not completed," says Turla. "That will make you feel stressed out, inadequate and unfocused." Instead, create a manageable list of essential tasks that should be finished on a given day--and save the rest for later.

2. Stop having open-ended meetings. Figure out your priorities before you call a meeting and make them clear to all the attendees, says Doug Sundheim, a New York consultant and executive coach. Too many small-business owners waste half the meeting just getting to what they really want to talk about. Sundheim suggests putting three priority topics at the top of your agenda to avoid getting sidetracked by other issues.

3. Stop answering repetitive questions. If you find yourself answering the same question from clients or employees frequently, you're wasting time, says Peggy Duncan, a personal productivity trainer in Atlanta. Instead, put together an FAQ on your website or create instructional videos that people can access via links at the bottom of your emails. "Figure out better ways to answer [questions] without your having to be involved," she says.

4. Stop taking the same follow-up approach if people ignore you. If you've sent someone an email and the recipient hasn't responded, don't keep firing off more emails. Try communicating in another way--calling, sending a text or visiting in person if it's appropriate, says Jan Yager, author of Work Less, Do More (Sterling, 2008). Too many business owners get bogged down communicating with people inefficiently, she says.

5. Stop eating lunch at your desk. Tempting as it might be to scarf down a sandwich between emails at your computer, don't make it a daily routine. A short break will help you make clearer decisions, Sundheim says. "You get your best ideas when you get up and walk away from your desk."

6. Stop making regular visits to the post office. Instead of going to the post office, schedule mail pickups from your business or home office, Duncan says. You also can buy envelopes with pre-paid postage or invest in an inexpensive scale and postage printer.

7. Stop making piles. Eliminating clutter can boost efficiency, Duncan says. Rather than organize papers in piles whose logic is known only to you, stick to a systematic filing system and eliminate any pieces of paper you no longer need.

8. Stop scheduling appointments by phone or email. You can waste a lot of time just trying to find a time that works for a meeting. Instead, use an automated system that does the work for you, Duncan says. She suggests using software, such as Schedulicity or Appointment Quest to let people schedule appointments with you online.

9. Stop signing every check. Designate a specific day and time for certain tasks, such as signing checks, rather than allow them to randomly interrupt your workflow. Better yet, you can have your signature printed on checks to avoid signing each one. Programs like QuickBooks let you use preprinted checks and keep track of transactions, Duncan says.

 http://www.entrepreneur.com/article/224063

Resistance and procrastination: Ways to identify and overcome these goal stealers

Everyone finds at certain times that they just can’t move forward, they are stuck...has this ever happened to you? It may mean that you need to reformulate your goals. It might be helpful to go back to brainstorming or other goal setting basics. This can also be a sign that it’s time to get creative and find other more enjoyable ways to get where you want to go. Getting help from others can be particularly useful at these times.

Internal roadblocks that keep you from advancing towards your goal can stem from temporary lack of focus or fear. Outside distractions like too much partying, TV or computer games can also stop your forward momentum. Some people distract themselves with extra long “to do” lists of unimportant tasks that take up time that might be better spent focusing on high priority items.

However, resistance and procrastination may be a sign of distress stemming from deeply held programming or blockages from childhood. Another possibility is that you may have a deep-seated fear of success and the responsibilities that come with it, or you may fear failure so much that you don’t even try anything. When you encounter obstacles such as these, it is useful to get support from a therapist or other professional. A professional can help you explore your internal motivation so that you can release what gets in the way of your creating a life you love to live.

1. List obstacles in your journal: Writing down both inner and outer obstacles to reaching your goals can help you to become more aware of what is getting in your way. And it can help you overcome them. Often just being conscious of the difficulties helps you to find creative solutions.

For example, your goal may be to develop a successful business that nets you one million dollars in 3 years. Examples of external obstacles you might face in reaching this goal could be; recent challenges in getting a bank loan; a lot of competition in your type of business; or family members who are unsupportive or negative about your idea. Inner obstacles might be: your own belief system, that says; “you will never succeed with your own business”; a belief that you don’t really deserve what you want; or fear of failure.

Writing such obstacles down takes them out of your head and puts them on paper where you can get a helpful degree of objectivity.

2. What are the payoffs for not reaching your goal? One payoff for not reaching your goal may reflect a part of you that says; “I don’t want to change. Attaining this goal will force me to become a new person and I’ll have to move out of my comfort zone”. Or, “reaching this goal might put me in a position of power and I don’t like giving orders, directions or commands”. It might also be that, “reaching this goal will require me to have to work much harder than I do now, I may have to take risks or do things I’ve always been afraid of.”

You might become so successful that you could lose friends. So another payoff for not reaching your goal is to keep your present friends. Yet another payoff for not reaching your goals or having “problems” is that you get to play victim and have people feel sorry for you. You may get extra attention for having a problem. It’s human nature to want to keep the status quo of comfort and security.

3. Ways to release negative feelings: In your Goals Journal, write down anything negative that comes into your mind. Keep writing until you have a sense of completion. If you find that the negative feelings you face repeat over and over like an obsession, consider getting professional help.

4. Explore inner and outer conflicts: When you start losing energy or passion for your goals, explore any conflicts you uncover. Ask questions in your journal with your dominant hand and answer with the non-dominant hand. See if this helps bring clarity into the issue you’re facing. You can also use your Goals Support Group to help you understand your motivations. Sometimes you may have a conflict with another person that is somehow impeding your progress, at other times you actually have a conflict inside yourself. You may find that the answer is simple and only requires tools that you will find here or…you may find that you need professional help.

5. Take action on things you’ve been putting off: Make a list of all the important things you’ve been putting off and start doing them. These things may not necessarily be directly related to your goal. Put them on your “to do” list. Denis Waitley, a well-known success trainer, says that he writes down the five most important tasks that he has put off for the last month and then makes sure to take steps towards finishing them. You break out of being stuck by doing and taking action. Willingness to take action creates the energy to do something. This is an extremely powerful technique that will really help remove resistances and catapult you ahead!

6. Find your “problem areas” that may be holding you back: The concept of “problem areas” is that you may have a weakness in a certain area or a lack of skill which holds you back in other parts of your life. For instance, a salesperson tells the story of being reasonably successful but hating cold calling and prospecting. Once he made the commitment to focus and overcome the resistance and fear he had about taking action, his sales career really took off. Not doing this was holding him back even though he was quite successful in his other work activities. Figure out what your “problem areas” are that may be holding you back in your desire to reach your goals. Start taking action on them today!