Follow these Time Management Tips from Allsquare to help improve the efficiency of your time in your business

Efficiency has long been the watchword for success in business, but many businesspeople would do well to remember the saying “less haste, more speed”. Simply rushing around and trying to do as much as possible is neither the most sensible nor the most efficient way to make the most of your working hours. Read on for insider tips to help you manage your time like a true professional.

Try Tracking Your Use of Time

Like it or not, your time is a commodity, and a precious one at that. By breaking your time down into hourly or half-hourly units and tracking how you spend each block, you can uncover some very useful insights, such as whether you are spending too much time on one aspect of the business and neglecting another, or whether you are occupied with things that could be delegated to other team members.

These insights can also change the way you view a project or task and how you perceive its value to the business, which is the first step towards transforming your business into a lean and profitable entity.

Effective Planning and Project Management

The precise measures taken here depend on the size and nature of your business. Larger businesses may benefit by appointing a dedicated project manager who keeps a broad perspective on all of the current projects, ensuring a fair distribution of work and that the best people for the task are allocated in each project.

Smaller businesses may not need a dedicated manager in this role but can still benefit hugely by creating both short- and long-term plans of project workflows. The main advantage provided by this is analytical – with just a glance, you can see if you have allocated enough resources to each area of the project and are on target to deliver on time. There is a wide array of project management software available to help you with this.

Get Everyone Involved in Time Management Planning

Many small-business owners feel directly responsible for every aspect of the business. There’s no good reason not to involve your staff in the planning process, however – not only does it reduce your own workload, but it upskills your staff and motivates them by creating a shared sense of responsibility. It’s key here to let each team member fully take ownership of their roles. You’ll soon find that your staff are much more engaged and committed to efficient and profitable completion of any project.

Separate Profitable Projects from Others

As well as using your project management plans to analyse progress and delivery of work, it’s also important to track how profitable each project is. Bear in mind, though, that just because one project was unprofitable, similar future projects may not be. Analyse why you failed to turn a profit – was it a factor that you can address, such as skills shortages, staff absences or capricious client requests?

Fill in the Gaps

On the basis of your analysis, you can make decisions that will make your company the best it can be. If skills were lacking last time, then arrange training seminars. If staffing is the problem, consider using freelancers as a back-up. These actions are investments that will pay dividends in the long run.

Allsquare are professional accountants in Edinburgh offering financial and business services to help small to medium companies with business growth strategies. For more information, call Allsquare today on 0131 343 1510.