Most small business owners and MLM business builders are aware that they need to closely monitor their cashflow, i.e. income and expenditure. Considering that most home business owners suffer from inadequate capital, they sure realize that any failure to plug non-essential expenses will spell doom for their business.

But many overlook the vital role that time management can play in their business growth. The saying that time is money holds true for all businesses.

But for home business owners who typically lack the luxury of delegating tasks to others, this saying takes on even greater meaning. As a small business owner, a failure to properly manage time resources can have devastating impact on both you and your business.

Managing time can often prove very challenging considering that besides the interests of your business, there are several other things begging for your attention. But by tracking and organizing your activities each day, it is possible to manage your time in ways that helps you to accomplish more with your business.

Proper time management can also help free up sizable amounts of time each day and each week for you to use as you please—for leisure, family, or social engagements.

Whether big or small, every business has the potential to be more efficient than it currently is if only the owners learn ways to properly manage available time. There are quick and easy ways to achieve this. In this article, we’ll look at 4 specific ways of managing your time as a small business owner:

Track Your Activities: Beginning from the time you wake up in the morning, try tracking all you typically do in a given day. Do this for a few days. Now, determine what portion of your time is spent each day on things that don’t help your business in any way—such as doing facebook, reading emails from friends, or just surfing the net. Most people usually discover that a large chunk of their time is wasted each day on activities that add no value to their business.

Organize Your Tasks, Set Priorities: Organizing the tasks that need to be performed will help you have a clear view of the size of the task, and hence, the amount of time it will take to accomplish each. Next, arrange the tasks in their order of importance.

That is prioritizing. And the importance of prioritizing is that as useful as all tasks may appear, a critical examination of each of them will reveal that some are more critical than others. So perform those tasks on whose success the remaining ones depend. Then attend to the less urgent or less important bits of tasks much later.

Have a Calendar: some business owners report that having a specific calendar just for business use allows them to separate business duties from personal activities. This again helps them to focus more on official commitments.

You should also use your calendar to record time spent attending to specific customers and suppliers. Thus, if you discover that meetings or conversations with particular customers repeatedly over run, that would suggest that you should allocate a little more time when next you have an appointment with them.

Do Not Procrastinate: Yes, it’s often been called the thief of time. And it sure steals sizeable time from those who postpone till tomorrow what should or could be done today. So having organized your tasks, and having arranged them in order of importance, don’t unilaterally put off the execution of stipulated tasks. Also ensure that those working with you deliver on their duties.

Managing your time in this way is the surest way to put your business on the path of growth. It will also affect the way you feel about yourself when you know that you have a firm grip on the affairs of your business, rather than leaving things to chance.

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