Importance of Time Management
- Posted by admin
- 08 November 2013
Many new business owners are so exhausted after the process of company registration that they tend to forget the true key to business success. The true key is always time management. How should a new business owner spend his or her time once the formation and set up process is complete? It’s actually quite simple.
Strategic vs. Operational
There are two ways in which a business owner can spend his or her time after the registration of the company. The individual may choose to work strategically and plan new ways for the business to succeed, or the individual may choose to dive head-first into the operational side of things. Of the two, 90% of the new business owner’s time should be spent in operational mode. There is no strategy that anyone can create if he or she does not fully understand the inner workings of the company, no matter how large or small it might be. Another reason why owners should place themselves in the center of operations is to make sure that the employees remain motivated.
Before delving into operations, the business owner should do three things immediately following the registration of the company. First, everyone must be on the same page about the company’s overall vision. Second, everyone involved in executing the vision must be able to communicate effectively. Finally, transparency in teamwork should be stressed beyond anything else. Once all three of these things are in place, it is possible to become involved in and observe the operational side of the business, while forming strategies at the same time. This allows the owner to become fully vested in his or her company, and find new ways to help promote overall success.
While most business owners have good intentions after the registration of their companies, they often make the mistake of taking on too large of a workload, and allowing distractions to put them behind. Many owners feel as if they are the only “employee” in the company that is capable of performing certain jobs the right way, and this can be detrimental to a business after its incorporation. Part of managing time effectively involves delegating the workload fairly and adequately to those who are able to handle it. Similarly, this is where it truly pays to hire individuals who understand the various parts of the industry and business management.
Take Personal Time
Another thing that many business owners fail to do is take personal time for themselves. It is certainly difficult in the beginning stages of opening a company, because there are so many things to worry about and so many things to do. However, people who do not get any personal time or who cannot disengage from the business for at least a couple of hours per day cannot see things objectively. It is important to make the time to enjoy hobbies, spend time with family and even take vacations here and there in order to give the company 100%.
While there are many things that go into making a business successful after its registration, time management and task delegation are the most important. Without these things, a business simply cannot succeed.