It’s no secret that small business owners are strapped for time. According to a recent study put together by eVoice, highlighted in the infographic by Mavenlink here, time is the most important asset to small business owners, even above their computers and company website.
According to the study, the majority of small business owners (53%) report that the most difficult part of owning a business is having to cover multiple jobs, with 46% taking on 3-4 different employee roles. Filling all of these additional roles definitely takes its toll, as 40% say they take significantly less vacation time.
It appears that time is valuable, literally. 30% of respondents reported that just one extra hour of time is worth more to them than $100.
So how can you make the most of your precious small business time? Here are some more time management tips:
Learn how to delegate. It’s tempting as a small business owner to try to do everything yourself. It’s critical to hire capable employees to whom you can delegate important tasks. When that’s not an option, consider outsourcing different areas – like your marketing or bookkeeping.
Don’t wait on the bank. If you need cash quickly, don’t let the bank hold you up. Look into lending options with an alternative lender. Chances are, you can get a Merchant Cash Advance or a Working Capital loan in less than a week. That’s a huge time saver if you are waiting on funds to start a project.
Don’t forget to recharge. Shutting off in the evening and taking time to relax is key to being able to come in the following day with a clear head. If you never slow down, you run the risk of burning out and there’s almost nothing less productive than not being focused.
How do you manage your time at your small business?