Ohio State University Fact Sheet

Community Development

700 Ackerman Road, Suite 235, Columbus, OH 43202-1578

Tips on Effective Time Management

CDFS-1006-94

Small Business Series

In a small business, poor management of time will prevent the business from reaching its full potential. Many demands are made on you because you are totally responsible for operating the business. The workday can be long, tiring and frustrating due to poor planning and people controlling your time and work. Time is wasted doing things that should be done in a few moments or not at all. All of us have the same amount of time; the challenge is using this resource effectively. What follows are suggestions on using your time more effectively so your business will achieve optimum performance.

• Avoid crises (no fire fighting)
• Gain a feeling of accomplishment
• Do the things that benefit you and your business
• Enjoy your life. Do only things that matter.

Where Do I Start?

Where Does My Time Go?

After this exercise, you may be able to pinpoint your own time wasters.

20 Major Time Wasters

• Telephone interruptions
• Meetings
• Visitors
• Socializing
• Lack of information
• Excessive paperwork
• Communication breakdown
• Lack of policies and procedures
• Lack of competent personnel
• Red tape

• Procrastination
• Failure to delegate
• Unclear objectives
• Failure to set priorities
• Crisis management
• Failure to plan
• Poor scheduling
• Lack of self-discipline
• Attempting to do too much at once
• Lack of relevant skills

How Should I Direct My Time?

Set Goals and List Priorities

To make these goals operational, a daily "to-do" list should be used. Each workday should begin with a plan of tasks and the priority of each task. In budgeting your time, allocate part of each day to tasks that will lead to accomplishment of your goals. That is, block out part of your day or week for major projects to ensure that you have time to do the important things.

Remember the 19th-century Italian economist Vilfredo Pareto's 80/20 rule. This rules states that 80 percent of all that happens at work is really the result of 20 percent effort. For example, 80 percent of the dollar value of an inventory is often found in 20 percent of the items. Eighty percent of all telephone calls come from 20 percent of the callers, or 80 percent of meals ordered in a restaurant come from 20 percent of the items on the menu.

With your goals, you can be 80 percent effective by achieving 20 percent of your goals. If you have a daily to-do list of 10 items, you generally can expect to be 80 percent effective by successfully completing only the two most important items on your list.

To be effective, you must concentrate on the most important items first. Therefore, proceed through the day from the most important to the least important items. Make this a daily habit. (You'll find that you will complete the A as well as the C priorities.)

Making Your To-Do List

• Block time-Reserve a block of time that cannot be interrupted and use this time to accomplish tasks that need your attention.
• Use the power of habit to accomplish tasks in your to-do list.
• Force yourself to stay with an activity until it is completed.
• Identify and use prime time, both internal and external. Don't schedule heavy-thinking projects from 8 to 10 a.m. if you are an afternoon person.
• Do not schedule all of your time. This unscheduled time will help in case of emergencies.
• Bring big projects into manageable bites. For example, plan only to do sit-down projects and make a list of all your potential business contacts. Another day put together an address and telephone list. Then plan to call three to four persons a day.
• People tend to schedule the urgent but not the important. Include time for planning, preparation, thinking, socializing, recreation and travel.
• Include activities that relate to your long term goals. These may be family, personal or spiritual goals. These may be important to your health or your relationship with family and non-business friends.

How Can I Make Better Use of My Time?

• Setting up a routine that contrasts with your old way of doing things.
• Not allowing an exception to occur until the new habit is firmly established.
• Take time to start changing old habits now-don't procrastinate!

10 Good Time Management Habits

• Consolidate similar tasks-group similar jobs and do them concurrently. This eliminates a lot of sporadic behavior.
• Tackle tough jobs first-quit doing petty tasks and tackle the big jobs first. Remember the 80/20 rule. You will find you will be able to finish big jobs without stress.
• Delegate and develop others-delegation is not a dumping ceremony. Break the "Do-It-Yourself" habit and let others learn to share responsibility in operating the business. You will find you have more time for major tasks.
• Learn to use idle time-when there seems to be down time, read a book, write a memo or plan what needs to be done in the business. Get control of the paper flow-handle each piece of paper only once-throw out junk, and don't pick up a piece of paper unless you plan to use it.
• Avoid the cluttered desk syndrome-a clear desk helps you to think clearly, locate papers easier and keep your mind on the task at hand.
• Get started immediately on important tasks-no matter how much you hate doing a task, do it. Remember, you must change old habits. Try rewarding yourself at the end of the day. This will motivate self-discipline.
• Reduce meeting time-ask yourself if a meeting is necessary. Will a phone call do just as well? If a meeting is a must, try a standup one; this will guarantee that the important issue is addressed. Take time to plan-without it, how will you know what needs to be accomplished for a day, week, month or several years?
• Learn to say no. This requires practice, but the more you say it, the less guilty you will feel and the more jobs you are committed to.

In conclusion, your ability to manage time effectively could separate you from unsuccessful business people. Unless you manage your time, you will be unable to manage much else.

As one anonymous author said, "Time and tide wait for no one."

Remember to-

• Start with yourself and analyze how you waste valuable time.
• Decide to change poor working habits by replacing them with effective tasks.
• Set yearly, monthly, weekly and daily goals and then develop strategies to reach these goals.
• Write a to-do list with the 80/20 rule in mind-do the most important things first.

Don't get discouraged; it may take years to become proficient at managing time. The point is that the little positive changes you make on a daily basis will prove beneficial when, a year from now, your stress level has diminished and you are enjoying owning and operating your business.