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Home Business Articles
See Also: Increasing Time Management Skills for Achieving Goals" by Gary Killops
Time Management Techniques In Business
Things which matter most must never be at the mercy of things which matter least. - GOETHE
Copyright © Stone Evans, The Home Biz Guy
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How is your business doing? Is it growing, stagnating or losing
ground? If your business is not growing, it could be the result
of a poor business idea or plan, a lack of advertising, or the
mismanagement of your business’ resources.
Let’s face it. Adopting effective time management techniques in business and running an efficient enterprise are not
the easiest things to accomplish.
Your struggles could be the result of factors beyond your own
control or factors within your control --- your own actions and
decisions.
FACTORS OUTSIDE YOUR OWN CURRENT CONTROL
If your business is stagnating or dying, there are several
factors that could be the cause of your current financial
discomfort:
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- Your local economy could be suffering stagnation or
negative growth.
- Your competition might be fiercely competing for your
customer base.
- The building, into which you have signed a lease, might
be seen by local residents as the home of businesses that fail,
so they will not support you until you have proven your long
term viability.
- You could be in a terrible location and trapped by your
lease.
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FACTORS WITHIN YOUR OWN CONTROL
On the other side of the coin, there are several more factors
that could be causing you pain that are well within your control.
Failure to implement proper time management techniques in business include things like:
- Not spending enough time planning for the
future of your business.
- Not spending enough time or resources on
developing and distributing good advertising.
- Not having enough staff available to fill incoming
orders or to serve interested customers.
- Mismanaging your financial or human
resources.
THE MOST ABUSED HUMAN RESOURCE IN MOST BUSINESSES
By watching the activities of many small business owners, one
has to ask themselves if the business owners are masochistic?
Source: http://dictionary.reference.com
MASOCHISTIC - adj :
2. The deriving of pleasure, or the tendency to derive pleasure,
from being humiliated or mistreated, either by another or by
oneself.
3. A willingness or tendency to subject oneself to unpleasant or
trying experiences.
How is it that I can even venture to suggest this definition
fits the behavior of many small business owners?
Simple. Small business owners often submit themselves and their
families to the demands of their business. Sometimes to the
detriment of those involved in their lives.
Of course, one could argue that the small business owners are
sacrificing themselves for the long-term benefit of their
families and their bank balances.
Well, one could argue that. And in some cases, the argument
would be true. In other cases, the argument would not even
remotely be true.
THE DANGER IN FAILING TO UNDERSTAND THE VALUE OF YOUR OWN TIME
The deadliest consequence in any business is the owner’s failure
to understand the value of his or her own time. Even a thriving
business can die under the weight of an owner who does not place
the proper value on time management techniques.
Some owners work long hours for little return because they do
not understand their own value. Some of these owners will
eventually quit their business for a job that could provide a
higher living wage. Others, while thriving, may keep themselves
doing tasks that can be and should be done by others. Sometimes,
the business owners want to believe that they alone can do
the task, or they want to do the things they most enjoy.
In the end, these folks fail to apply time management techniques in business and so the important
tasks of expansion and maintenance tend to be neglected. The
business collapses because they did not take care of the most
important facets of their business.
PLANNING, GOAL SETTING AND MEASURING COULD CHANGE YOUR FUTURE
PLANNING will permit you to see where you want to go and how you
hope to get there.
GOAL SETTING permits you to make certain specific determinations
about your business. One such goal that should be set early and
regularly is the level of income that you want to derive from
your business.
MEASURING lets you see the true state of your business at any
one point in time. Measuring at regular intervals lets you see a
moving slide show that will deliver an honest picture of the
continuing state of your business.
Additional measuring will permit you to see how much your time
could be worth and how much you are really paying yourself. Your
measurements should also permit you to put a cost on the
specific tasks and functions that are required in the operation
of your business.
MAKING THE RIGHT DECISIONS
If the amount that you want to be paid and could be paid is
higher than the cost of doing the task that you are doing, then
you should wisely consider having someone in your employment
handle the task.
Applying the proper time management techniques in business and delegating whatever can be done by someone else can make
or break your business. Make the correct decisions and you will
be treating yourself better than the average small
businessperson.
I wish you and your business the very best.
To Your Success!
Stone Evans, The Home Biz Guy
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