Time is money
I have heard that time is money. I used to think of this in terms of an hourly wage. But when you operate your own business it has a different meaning.
Today I see it more this way. These are two things you really have to manage well as an entrepreneur. You have a good chance at success if you have a handle on them both.
Time management requires:
- Goal setting- make some decisions about where you are going and when do you feel is a reasonable time to get there. You should have long term goals, from3 to 5 years. Your short term goals can be from 1 month to 6 months and should reflect the efforts necessary to reach the long term goals. Then break that down into accomplishments for the week and then each day. I even break my day down into time 2 hour intervals with 15 minute breaks in between. Each 2 hour session is designed for me to focus and work on a particular part of my business. Working this way is difficult for me. I tend to be the kind that works on something until I am finished with no thought of time. The problem with this kind of thinking is that there are many aspects of my business and I can get stuck inside one of them and allow the others to fall short. I put the time intervals on my calendar with alarm reminders to move on to the next thing. At the end of each week I log my accomplishments for the week. The time constraints allow me to be disciplined, focused and well rounded.
- Organization- Keeping everything in an organized fashion is essential to time management. I know I can spend hours looking for something that is right in front of my face. If your business has structure and operational systems in place it makes it easier to have a place for everything. Walk through your operation from beginning (product development) middle (client purchase) to end (financial procedures) and establish a work station and a set way of performing each part of your operation. Where do you sit to design, are all of your needed materials within arm’s reach of that place? Where and how are your fabrics and patterns kept? How do you display your items for sale? Where is your receipt book kept? Where is your operational money kept? When do you go to the bank? Look at every aspect of how you function and give it order then practice that order until it becomes second nature.
- Quantification- Monitoring my business accomplishments helps me to feel good and stay on track. I keep a weekly log of what I accomplished in each business category. This helps me determine what areas need more attention and what needs to be done next. I keep a log of how many clients have purchased, how many prospects I have contacted, what marketing materials have gone out or been distributed and by whom. I also keep a log of each client, everything that they have ever purchased from me along with their personal information like birthdays ( I send birthday cards) and occupation. I have garment production logs that list who is working on what and how long it takes them to complete it. My financial records show the purchase along with the cost to produce it, the deposit paid and the balance due. I view myself as a leader in my business so I monitor my leadership skills and constantly work on improving them by reading books, going to seminars and lots of practice. Because God is my business partner I rise early to begin my day with prayer and have a business meeting with Him. I log the meeting with lessons learned, instructions and insights.