Time management is a huge challenge for many business owners and
there are dozens of management consultants, blogs, books and magazine
articles aimed at helping the overwhelmed entrepreneur get their working
hours under control, improve their productivity and enjoy a healthy
work/life balance. If you are anything like me, just thinking about
reading all of them causes time management issues in itself!
Time management expert Tim Ferris makes a living by telling people how to work more effectively. In a recent article in BRW he discussed a number of attitudes and systems which can help business owners and employees work more productively and maximize their effectiveness in the workplace.
As someone who is generally a time efficient and effective person I found some of his insights interesting and challenging so I thought I would share them here.
Efficiency vs. Effectiveness
Ferris highlights the difference between being efficient (doing a lot to a high standard in a small amount of time) and being effective (doing things that will bring value to your business or employer). He sees lack of effectiveness rather than lack of efficiency as one of the main problems for time-poor people trying to run a business.
Time spent on tasks that are not going to provide overall value to your business or that aren’t making the most of your skill set is time not spent as effectively as it could be, no matter how quickly you manage to complete those tasks.
Increasing your effectiveness means looking at what tasks take up the most of your time and deciding whether you should be doing them yourself, outsourcing or delegating to someone else, or not doing them at all. Automation can be a highly effective way of taking care of tasks which are not necessary for you to do yourself such as paying bills. Outsourcing is another option if someone else can do the job better and for less than your hourly rate.
Prioritization
Effective prioritizing is another key to working more effectively according to Ferris. Rather than prioritising tasks based on urgency alone, he suggests prioritizing them on their overall long term outcome for the business. When deciding what tasks to complete first, consider what the impact will be of completing them. According to Ferris, the tasks that offer the most significant long term impact should be the ones that are focused on first, even if there are other tasks that are due sooner.
Prioritization can help reduce the feeling of being overwhelmed that can be at the root of small business owners and employees working too many hours. By selecting a small number of essential tasks that have to be done in any particular day, it is easier to stay focused and ensure that you are doing what you need to in order to keep things moving forward.
Whatever your time management strategies are it is important to review them regularly and think about whether or not they are working for you. Do they allow you to get the most out of the time you spend working? Could you be working more effectively on certain areas in your business and either outsourcing other areas or not doing them altogether? By maximizing your effectiveness and prioritizing differently you can potentially grow your business without having to sacrifice your work/life balance.
Phew What are your time management tips?
Keywords
marketing agency, marketing agency Melbourne, marketing consultant, small business marketing, marketing plan, graphic design Melbourne, design studio, marketing strategy, small business marketing consultant, social media, marketing services
You may also like:
Time management expert Tim Ferris makes a living by telling people how to work more effectively. In a recent article in BRW he discussed a number of attitudes and systems which can help business owners and employees work more productively and maximize their effectiveness in the workplace.
As someone who is generally a time efficient and effective person I found some of his insights interesting and challenging so I thought I would share them here.
Efficiency vs. Effectiveness
Ferris highlights the difference between being efficient (doing a lot to a high standard in a small amount of time) and being effective (doing things that will bring value to your business or employer). He sees lack of effectiveness rather than lack of efficiency as one of the main problems for time-poor people trying to run a business.
Time spent on tasks that are not going to provide overall value to your business or that aren’t making the most of your skill set is time not spent as effectively as it could be, no matter how quickly you manage to complete those tasks.
Increasing your effectiveness means looking at what tasks take up the most of your time and deciding whether you should be doing them yourself, outsourcing or delegating to someone else, or not doing them at all. Automation can be a highly effective way of taking care of tasks which are not necessary for you to do yourself such as paying bills. Outsourcing is another option if someone else can do the job better and for less than your hourly rate.
Prioritization
Effective prioritizing is another key to working more effectively according to Ferris. Rather than prioritising tasks based on urgency alone, he suggests prioritizing them on their overall long term outcome for the business. When deciding what tasks to complete first, consider what the impact will be of completing them. According to Ferris, the tasks that offer the most significant long term impact should be the ones that are focused on first, even if there are other tasks that are due sooner.
Prioritization can help reduce the feeling of being overwhelmed that can be at the root of small business owners and employees working too many hours. By selecting a small number of essential tasks that have to be done in any particular day, it is easier to stay focused and ensure that you are doing what you need to in order to keep things moving forward.
Whatever your time management strategies are it is important to review them regularly and think about whether or not they are working for you. Do they allow you to get the most out of the time you spend working? Could you be working more effectively on certain areas in your business and either outsourcing other areas or not doing them altogether? By maximizing your effectiveness and prioritizing differently you can potentially grow your business without having to sacrifice your work/life balance.
Phew What are your time management tips?
Keywords
marketing agency, marketing agency Melbourne, marketing consultant, small business marketing, marketing plan, graphic design Melbourne, design studio, marketing strategy, small business marketing consultant, social media, marketing services
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