10 Small Business Tips for Time Management, Profits

 

As a small businessperson, you’re still probably a bundle of nerves even after you’ve successfully coped with the federal tax code this year while preparing for your next return. While completing your tax return, you were also reminded about your financial pet peeves – few of which aren’t even recorded in your profit and loss statement.

You’re probably agitated by a myriad of things that tax your patience: Health care costs, the federal government deficit, ill-advised legislation by the state Legislature, biting your nails as your products sit in a parked truck on the freeway, watching solo drivers crowd into the carpool lanes, or suffering from poor customer service while shopping after a long day.

Certainly, such events tax the patience of many small businesspeople. Yes, it’s very frustrating not to be able to control events.

But everywhere I turn, I hear these words: “There isn’t enough time in the day.”

That’s true. Yet, now it’s important to budget enough time to gauge your current business progress – so that enough corrections can be made in time to improve profits by the end of the year.

Where to start – the first step: Every manager and employee should be asking one key question: “Is my behavior in financial matters matching my goals for performance.” Usually, the answer is a resounding “no.”

The second step: Develop strategies for better time management in analyzing your profits.

Here are 10 keys for micro businesses:

Review your long range goals. When developing your goals, be specific. Identify your priorities in order to list your financial goals. That usually means making your managers and key workers more effective. Develop your strategies and set a specific timeline for action.

Track your progress and delays.  Record everything, including your progress. Avoid frustration by looking for progress – not perfection.

Analyze your progress. Record and analyze how you spend your time. At every juncture, ask: “Is what I’m doing right now helping me to reach my goals?”

Take baby steps. Start your road to success by setting your sights low. Even slugger Mickey Mantle would resort to bunting in order to break out of a slump.

Avoid procrastination. Make sure the first hour of every day is the most productive. The rest of your day will seem like a walk in the park. Then, take advantage of technological efficiencies and budgeting tools to see how your expenses compare to your goals.

Be gentle. Take it easy. Do everything gently. Remember the wise words of songwriter and entertainer Hoagie Carmichael: “Slower motion gets you there faster.”

Plan your time.  Make your “to do” list by Friday for the following week. Review the next day’s schedule before going home each night. Ensure that your employees, particularly salespeople, have their activities and appointments set at least three to five days in advance.

Prioritize: A, B, or C. Not every matter is a top priority.

Avoid desk clutter. Instead of “Post-it Notes,” put all the necessary folders away in the appropriate file drawers.  Once the clutter is off your desk, the “to do” list serves as the master organizer.

The bottom-line:  If you don’t take the time to do it right, when will you have time to do it over?    

From the Coach’s Corner, here is a tip on Windows 7 from IT and business information systems consultant Jerald M. Savin:

“Windows 7 is meant to be fully compatible with Vista compatible hardware and applications, but, as with every other major release of an operating system, confirm that the applications you care about will run on Windows 7,” advises Savin of Cambridge Technology Consulting Group, Inc. (http://www.ctcg.com/).

“If you’re planning to buy new hardware before PCs are available with Windows 7 preinstalled, confirm that the new PC is Windows 7 compatible and that its performance will be satisfactory before the purchase,” he adds.

“Windows 7′s new features are less dramatic than the changes Vista introduced. In fact, some of Vista’s features were removed from Windows 7,” the management consultant says. “The upgrade includes a redesigned Windows Shell with a new task bar, a home networking system, called HomeGroup, and improved performance (hurray).”