For a startup, time management is crucial. Getting this wrong could result in the failure of a business or make it hard to get started in the first place. One question asked time and time again is ‘how do I manage my time better?’ For entrepreneurs that have to rely heavily on their own skills and time, getting the balance right could reap the rewards for future success. When starting a business, there is so much to plan,and you can feel overloaded with information on the legalities, taxes and marketing aspects that your business plan may be diluted. Knowing how to handle each process from the start will set you up from the beginning and reduce the amount of unnecessary distraction or interruptions during the early stages.
If you’re looking to get a business off the ground and bring a service or product to fruition, check out some of the most effective time management tips to set you on the right foot.
Plan and track everything
Planning has never been so important,and the same can be said for tracking everything that happens throughout the business. Helpful project and time management tools as featured on this website give you control over every aspect of both your time and anyone who works with you. This style of monitoring eliminates unnecessary paperwork and enables you to create schedules for everyone involved in a project. Of course, flexibility is part of the process,and sometimes there are areas that need addressing immediately but tracking these interruptions can help develop processes for the future.
Assess expenses and productivity
Monitoring the range of tasks that need to be carried out including everything from mundane administration to bringing the product to completion helps to assess productivity. Planning an allotted time for tasks can then measure how long it took or how much money it cost and can assist in evaluating future processes and costings. If a project took longer than expected, you can ask why, and if the results were not as expected, you can investigate the reasons behind it. Of course, it can work both ways,and if the project exceeded expectation or took less time than scheduled, processes can be tightened to accommodate results.
Automate processes as much as possible
There are some business tasks that eat up time and although important, do not make up the profit production elements of a business. To save precious time and money, these tasks should be automated where possible. Setting up automation may take time and initial in-depth planning but once set up will help to decrease the time spent manually doing these tasks. There are many different types of automation tools for startups from Internet automation and sales processes to marketing and social media tools. Each industry sector can benefit from one or several tools to create faster and more efficient processes, which frees the up the business and workforce for other projects.
No one can be good at everything and although your startup may have the best concept on the market, expecting to bring this to completion without help can be a tricky task. If you have a team behind you, learned to delegate effectively for better results. If you try to take on tasks or give them to someone who has little experience in that area, you’ll find reworking or starting over will waste more time than expected. Learning the art of stepping back is something that all good business owners need to do to take stock of everything around them and to encourage a collaborative working environment. A team that is happy and valued leads to a more efficient and productive workforce.
Avoid procrastination and interruptions
It’s sometimes difficult to plan for every eventuality and tasks can crop up when you least expect them. As a startup up it’s always best to monitor interruptions closely, as this can lead to time lost to things that could possibly wait until the main task is complete. Taking notice of stop gaps and periods of uncertainty about task prioritization will help to bridge these interruptions and give employees the necessary communication and direction they need. It is also best practice to monitor workloads effectively, as employees that have too much on their plate will start to become overwhelmed and this can also slow progress. This is also the same for startup owners, as keeping everything close to your chest can hamper progress in the long run.
Encourage collaborative working and squash negativity
If your startup has a team behind it, ensuring everyone is on the same page is paramount to the success of the business. A great way to achieve this is by encouraging a collaborative approach and giving people responsibilities and input into their role. Any negativity during the initial stages of a startup can have disastrous consequences for the success of a business as low morale, lack of motivation and a defragmented vision will impact the behavior and output of the whole team. At this time, it is important to assess the issues within the team and communicate openly about concerns and solutions.
Don’t forget to take a break
When you start a new business, there is the danger that you commit so much of your time and effort to it, you begin to damage other areas of your lifestyle. Stepping back and taking a break may not be high on the list of things to do in the early stages of business but it can have advantageous results for people who do. Health and happiness will ensure you can complete tasks and carry the business forward, as low motivation and fatigue will only start to affect the bottom line in the future.
A startup environment can test a business owner to the limits. There are many challenging steps along the way but sticking to important processes such as effective time management will give the opportunity to see the benefits and help the business learn and develop for long-term success.