Time management is an important tool for small business owners – organizing your time and understanding its value to your small business is a great way to become more focused and successful.
1. Time Allocation
In order to grow and develop a small business brand, owners and managers need to allocate time to three key functional areas:
- servicing existing customers
- searching for new business
The time required to achieve a balance between the day-to-day and long term needs of a small business will vary from situation to situation – A good time allocation rule of thumb to start is:
- 60% – Existing Customers
- 30% – Business Development
- 10% – Administration
2. Time Value
Yes, we all know that “time is money”…but, besides direct payment for products/services, how can your small business use time to create value and build brand equity? Here’s a hint: don’t just think about your time when it’s billable…view the time you spend as an investment in building your small business brand and creating trust and value over the long term. Some examples:
- spend face-to-face time with customers…take time to learn about their business so you are able to better serve them in the future
- take time to really engage with clients and prospects…don’t rush through situations that may not pay immediate dividends…listening builds respect.
- take time to think…about your business, your strategies, your employees, your vendors…it’s too easy to get caught up in the day-to-day and forget the value of spending time developing ideas
- respect the value of other people’s time…when you gain permission to share time with a prospect or client, don’t risk eroding the goodwill: Don’t be late for meetings; Don’t overstay your welcome; Don’t waste people’s time.
To find out more about how time can create value for your small business check out another great post by Seth Godin.