For entrepreneurs, the old adage that time is money is more than just a saying can be a business-changing belief that drives your startup to heights you didn’t expect to reach. How you spend your time as a startup owner affects not just you personally, but reflects the entire culture of your business.
Indeed, effective time management is one skill that we all wish to possess, even more so for entrepreneurs. It is an essential quality that you need if you want to know how to build your startup from the ground up. Below, we share useful tips that every startup owner can benefit from.
• Keep track of how you spend your time
To spend your time more productively, you need to first know how you are currently spending your time. This enables you to see where you can improve, which activities you need to cut down on and which tasks you need to spend more time on. All you have to do is create a log of your daily routine – from the time you get up in the morning to the time you sleep – in a notebook, app or a spreadsheet. List out every little activity and the amount of time you spend on it. This will give you a great perspective on how you spend your time.
• Delegate, you don’t have to handle everything yourself
It can be tempting to get the work done on your own, especially if you don't want to compromise on quality. However, this is not only unrealistic, but it can cause you and your startup great damage. You have your team for a reason, so don’t take up every responsibility. Learn to delegate and work with a team so productivity and efficiency can increase. This is one of the most important time management skills for anyone wondering how to build your own startup.
• Make the most of your peak productive hours
You may find that you are most productive early in the morning, or maybe you can get tasks done more efficiently in the evening or at night. Whatever your peak hours maybe, learn to identify them and tackle your biggest and most important tasks during those hours.
• Save yourself from daily distractions
Today, we have access to so many devices and platforms that it’s easy to get distracted throughout the day. Activities such as checking your personal emails, texting with a friend, and going through social media are some of the biggest time wasters. While working, put your phone in airplane mode or turn of all notifications so that you can concentrate on your task better and finish it faster.
These are some time management tips that any startup owner can follow. Although they may sound simple, it’s easier said than done and the benefits can be huge because after all, time is money.