Time Management for Entrepreneurs

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Introduction: What is Time Management?

(Hint: it’s not what you think it is.) When someone utters the words “Time Management” there are normally two types of

reactions. Some cringe or roll their eyes. These folks are either so tired of hearing about

how they should be doing things that they just don’t care anymore. Nothing they’ve tried

has worked and they’re just done with the whole concept of time management.

Who can blame them? Many time management guides and gurus require you to modify

your personality to fit their structured program. That’s just not going to happen, right?

The other reaction is to smile and feel a bit of curiosity. These folks are ready, willing

and anxious for some tips that actually work. They are either new to the concept of time

management or they’ve tried a few things and they have worked so they’re ready for

more insight and helpful tips.

Both reactions are normal and to be honest depending on the day you may have felt

both reactions.

This report is designed to help you create a time management system that works for

you. No personality change is required! (Though you may have to modify some habits.)

What is Time Management?

Time Management, as it is discussed and addressed in this

report, is about living your best life. It’s about having time to

focus on your essential tasks, skills and passions. It’s about

streamlining your practices and business tasks into systems that

you can manage yourself quite quickly and efficiently - or you can

hand them off to someone else to manage and trust that the job will be done to your

satisfaction. You see, when you create systems they are repeatable and can be used

successfully by anyone time and time again.

Time management is not forcing you to use a software, practice or tool that doesn’t fit

your personality, needs, or preferences. For example, one commonly suggested tactic

for creating website content quickly is to use a standard egg timer to help you stay

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focused and on task. Well that might work for some but if you don’t work well under

pressure that time is simply going to drive you batty.

Other people recommend using a structured planner with a priority rating system to

track your daily tasks. This method works very well for structured people however if

you’re a creative person this structure may feel too confining and be completely

ineffective.

The Effects of Poor Time Management

It’s sometimes difficult to see the effects that poor time management can have on a business. However, they are very real, very unfortunate and very avoidable.

A little story…

Terry owns a coaching business. She loves to work with her clients one on one. Each coaching session fills her with the kind of satisfaction most only dream about. Even better, she’s very good at what she does and her clients reap tremendous benefits from their time with her. Terry has built a successful business. However, this professional coach isn’t so great at managing her time. In fact, sometimes she’s so overworked that she has to cancel appointments with her clients. This of course doesn’t help her bottom line because it is her coaching sessions that generate the most immediate profit.

Worse, sometimes Terry is unprepared for the sessions because she hasn’t had the time to review the client’s material and their needs. She often finds herself “winging it.”

So Terry’s work suffers. Her clients don’t get her full attention because she’s often multi-tasking while on the phone with them. Also, she’s working for dollars. Her lack of time management has created a business where she’s always working to earn a dollar, she’s reacting instead of being pro-active. This means she squeezes client consultations and coaching sessions in during all times of the day and week. Sunday mornings, Friday nights she works whenever she can. This is causing stress on her personal and family life.

Terry, being a smart business owner, does know the importance of marketing. She writes her own content and publishes on a successful professional development website. She also has a blog and she uses social networking to communicate with her audience. She also spends a lot of time creating downloads and materials her blog and website visitor can benefit from.

Unfortunately, because Terry is often juggling many tasks at once and isn’t prioritizing

the most important, and profitable tasks, not to mention the tasks she clearly loves, she



is working 12 hours a day, seven days a week and she’s not making the money she

wants to make.

She’s stressed out. She’s losing enthusiasm for her business and occasionally peruses

the classified ads for a different job. She’s also occasionally dropping the ball,

cancelling too many times on a client, and losing customers.

Unfortunately, Terry’s story is a common one. If you see yourself in any part of this story

there’s good news. This report will help you create, or get back to, the business you

love. And it’ll help you enjoy and profit from your business for as long as you choose.

How to Use This Report

Because this report is designed to help you create time

management systems that work for YOU there are many

questions and action steps along the way. It’s a very

interactive report. There are two suggested methods to

using and benefiting from it.

The first is to read it through cover to cover. Then go back

and answer the questions – start creating your systems.

This is the appropriate approach if you like to read material

and think on it before you take action. However, you may

want to keep a notebook handy when you’re reading so you

can jot down any thoughts or notes.

The second approach is to read the report and take action as you work your way

through it.

For example, if there is an action step that asks you to look into autoresponders to help

manage your email then you may want to stop reading and find the best autoresponder

for your needs. This approach is best if you’re the type of person who likes to take

immediate action on your thoughts and inspirations.

Of course you can always take a combined approach. Take notes on some items and

action on others!

Lets get started…



Chapter One: How Well Do You Manage Your Time? Most people could use a little improvement

with their time management – no one’s

perfect. Even those amazing people who

have systems, documented procedures,

remember everything and have labels on

every box or bin can use some

improvement somewhere.

This quiz is designed to help you see where

you could use some time management

improvement. No judgment here! Be kind to

yourself. Everyone is learning and has to start somewhere. If you find that you need

across the board help in every area of your business, great! You have the most to gain.

And if you find you only need to tweak a few areas to maximize your efficiency then let’s

help you refine your systems.

The goal of time management for many entrepreneurs is to:

1. Make more money

2. Spend less time making more money

3. Spend more time on tasks you enjoy and are skilled at

4. Ensure happy and satisfied customers

5. Create repeatable success

Sound good, right? Before you jump in, spend a few minutes evaluating your present

status – how good are you at managing your time?



(1) On a monthly basis, are you making as much money as you’d like to make with your

business?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(2) On a weekly basis, are you spending your time on tasks you enjoy?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(3) On a weekly basis are you spending your time on tasks you’re good at/skilled?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(4) On a daily basis does email take up more than 10% of your work day?

- Yes

Quiz Time!



- Most of the time

- Some of the time

- Rarely

- Not at all

(5) On a daily basis do you feel like you’re accomplishing what you set out to

accomplish?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(6) On a daily basis does social networking take up more than 10% of your work day?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(7) On a daily basis does customer service take up more than 10% of your work day?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(8) In your home office, is it easy to find what you’re looking for? Do you spend less

than a minute, sixty seconds, looking for any item?



- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(9) On your computer is it easy to find what you’re looking for? Do you spend less than

a minute, sixty seconds, looking for any item?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(10) Do you find that you often need to create new materials for your business? (i.e.

email responses to frequent questions, contracts, job/contractor postings etc…)

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(11) Are you frequently stressed?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all



(12) Do you often find that your task list grows and you are simply transferring the

same tasks to the next day?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(13) Do you back up your content, website/blog, and other important information on a

weekly basis?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(14) Do you have time each day to focus on your personal life?

- Yes

- Most of the time

- Some of the time

- Rarely

- Not at all

(15) Do you have time each week/month to plan your business?

- Yes

- Most of the time

- Some of the time

- Rarely



- Not at all

Taking a look at your results…

Review the questions you answered. What areas do you need to improve? For example

#13 Do you back up your content, website/blog, and other important information on a

weekly basis? If you answered anything other than yes then a system needs to be

created to ensure you never lose important business information.

With question #9 On your computer is it easy to find what you’re looking for? Do you

spend less than a minute, sixty seconds, looking for any item? If you answered anything

other than yes or most of the time then you would benefit from a better organization

system on your computer.

On a separate piece of paper write down any areas where you found that you need

help. Don’t worry about how to fix it or create a system just yet. We’ll get to that

throughout the rest of this report. In fact, the next chapter is dedicated to creating your

ideal systems.



Chapter Two: Creating Systems for Sustained Success In the previous chapter you probably got an indication about what you need to look at with regard to your time management. For example, you may have realized that you are procrastinating on the same tasks. They get shoved to the next day over and over again. This is a sure sign that the task is probably harder than it needs to be and maybe someone else should be doing it. This chapter is all about creating systems which is the heart and soul of time management.

What Are Systems?

Systems are essentially a process that you can repeat over and over again successfully. A very simple example of a system is your morning routine. It might look like this. You get out of bed. You feed the pets. You start a pot of coffee. While you wait for the coffee pot to do its thing you might meditate or boot your computer. Maybe you take the pets outside to do their morning business or start breakfast for the kids. Regardless of what you do each morning it’s probably the same thing. It’s a system you’ve created that works for you. In many aspects a system is a habit. This is true for your personal life as well as your business. Businessdictionary.com defines a system as – “A methodical procedure or process that is used as a delivery mechanism for providing specific goods or services to customers.” That being said, you can create systems that serve you – they help you manage every facet of your business from planning to implementation.

Examples of Effective Business Systems

In order to better understand systems let’s take a look at a few that have been effective for other business owners. A system is also known as a SOP or Standard Operating Procedure.



Customer/Prospect Inquiry System:

1. Customers/prospects fill out a form on your website for clients to fill out when they have a question or a need.

2. Form is automatically emailed to you or a virtual assistant.

3. Prospect receives an automated message letting them know that you’ve received their inquiry and will respond within 24 hours.

4. You, or a virtual assistant, respond to inquiry with a pre-written template. You can of course customize the template based on the specific questions asked in the form.

Now part of making this an effective system is also setting aside time each day to respond to inquiries. Because this is an important task but not ultimately tied to an immediate profit this is a task that can be addressed during your non-productive time. For example, if you’re a morning person then later in the day is a non-productive time. It’s not a high priority task so it shouldn’t be addressed first thing in the morning. Setting aside five to ten minutes to respond to inquiries at the end of your day should be plenty of time to get the task done effectively and efficiently.

Service Provider Invoicing System:

Prospect fills out questionnaire detailing their service needs – for example a virtual assistant may be asked to provide a price quote on uploading articles to an article directory. The questionnaire may ask what service is needed and any special requirements.

Using a service like PayPal or FreshBooks, a deposit invoice is delivered to the new client once the questionnaire/project requirements are received.

Client makes payment easily because all they have to do is click a link.

You receive payment and begin working on project.

Project/service is delivered to client and a final invoice is generated using the same automatic billing system.

Business Planning System:

Each Sunday afternoon you review your task list for the week and evaluate your productivity and efforts for the prior week.



The first day of each month you plan your content for the upcoming month. You utilize your analytics to evaluate which content had the most response and/or helped you achieve your goals.

The first day of each quarter you establish your marketing strategy and corresponding tactics for the month.

The last day of each month you evaluate your marketing tactics taking a look at the data to determine which tactics need tweaking for better results.

The first week day of each year you create a product/service plan for the year. What new products/services will you create/launch?

Of course the above planning system also requires documentation, testing and analytics. For example, how do you track your daily and weekly priorities? How do you track your time to determine your success?

How Can Systems Benefit Your Business?

As you can hopefully see from the examples, systems can offer tremendous benefit to your business. Systems help you…

Repeat frequent tasks quickly and easily.

Provide consistency to your customers.

Grow your business.

Focus on planning your business – rather than maintaining or managing it.

Provide the best customer service possible.

Communicate effectively with your clients and prospects.

Find balance in your life.

Maintain the passion for your business that makes you smile and helps you create the best business possible.

Provide peace of mind – you’re able to get your work done for the day and focus your attention on other areas of your life.

A sense of achievement and satisfaction – being able to check off tasks that have a profound and direct impact on growing your business is extremely rewarding.



More energy and less stress. It’s a huge drain on your psyche to always feel overwhelmed and underproductive.

A feeling of being in control over your life.

Where to Start?

At this point you may be feeling overwhelmed. There are so many different aspects to your business how is it possible to create systems for everything? The answer is to start with the systems that are most important to your business. To determine what is most important to your business there are a few questions to consider.

Take a look at your daily, weekly and monthly routine. What tasks and responsibilities have a direct impact on your profits? For example, if you are an information marketer then creating information products has the most impact on your business. Do you have a system in place to consistently create new information products?

What common complaints or concerns do you have from your customers or prospects? For example, do your customers often contact you to request another download link because they’ve misplaced the link or their link isn’t working?

What tasks take the most time? Do you spend a large majority of your work day answering emails or on social networking sites?

What areas of your business feel the most chaotic, disorganized and unplanned? For example, do you struggle to make time to create content for your business even when it is an important part of your marketing strategy?

Consider making a list of the tasks and responsibilities required to manage and grow your business. From that list, start prioritizing your tasks from most important to your bottom line and/or general happiness to the least important. Once you’ve prioritized your business tasks then start creating a system for the very first task – whatever it may be.

Action Step!



Evaluation and Adaptation

It’s important to know that creating systems generally isn’t a ‘set it and forget it’ process. You’ll want to occasionally evaluate your systems to make sure they’re effective. Some systems may need an occasional tweaking while others may need to be overhauled completely. For example, in the invoicing system example used earlier you might find that customers are confused about how to pay. In this case you’d need a tweak in the content or perhaps a different invoice system. Flexibility and occasional analysis will help you make sure your systems always work for you and help you create and grow the business you want. Creating systems on paper is only the beginning. Once you have a written plan, you’ll want to embrace the tools and technology that can make your plan a reality. For example, your invoicing system might utilize an automatic billing tool like PayPal’s recurring billing. There are many tools and resources at your disposal. Plan the system first and then look for tools and technology that will make it a reality. In the next chapter we’ll take a look at some of the top tools and resources to consider.

Chapter Three: Using Tools and Resources

Time Management Tools, Technologies and Resources

Okay, let’s be honest here. Searching for a time management technology can be both overwhelming and a huge waste of money. Many tools and technologies over promise and under deliver.

It is STRONGLY recommended that you create your system on paper first. Plan it out. Then based on what you need, research and compare technologies to find the best tool to meet your needs.

Many people buy first based on promises of productivity and profits and then try to bend their systems to fit the technology. That alone is not good time management!



And there are enough developers available that many times you can have a plug-in or tool created that perfectly fits your needs and doesn’t cost nearly as much as a pre-packaged tool.

That being said, the remaining portion of this chapter is dedicated to discussing a few of the most common types of technologies and offering a few popular manufacturers.

Online Tools

Online you can find a tool, software or plug-in for just about any need you have. This provides you with a wonderful advantage as a business owner. You no longer have to do everything yourself. And much of the “management” of your business can be automated. For example, you can have a customer satisfaction survey sent to each of your customers a week after they make a purchase. This information might be tied into your marketing campaign as well as your customer service strategy.

The Most Common Tools You Can Use to Automate Processes and Save Time

Autoresponders

Autoresponders may be your biggest asset as a business owner. You can use them to deliver your monthly ezine. You can use them to send promotional messages to your subscribers. You can use them to deliver downloadable files. You can also use an autoresponder to manage much of your customer service system.

Consider:

aWeber

Constant Contact

MailChimp

OneShoppingCart

iContact

Invoicing/Bookkeeping

The financial end of your business can take a lot of otherwise productive time out of your day. Automating it takes the burden of bookkeeping off of your shoulders. And you also don’t have to worry about outsourcing the task and giving a stranger access to your financial information. Most invoicing/bookkeeping systems also create real time reports so you can know at a glance how your business is doing. This makes cash flow, forecasting and planning much easier.



Consider:

QuickBooks/Quicken

PayPal

FreshBooks

BillingBoss

Peachtree

Membership/Customer Service/Forums

For many business owners, community is extremely important. It can mean the difference between a business that is steadily growing and on that has reached a plateau. Membership software programs, forum management programs and even customer service/ticket systems can all help your customers feel like they belong – they’re part of your community.

It offers them more value and it makes marketing to and serving your customers much easier.

Consider:

Kayako

aMember

osTicket

Zoho

vBulletin

Time Management, Project Management, and Planning Tools

Automating your systems is just one aspect of time management. It’s also important to be aware of how much time you spend on tasks. This helps you better determine and increase your hourly value. (We’ll show you how to figure that out in the next chapter.)

If you’re working with a team of contractors, then project management tools, like Basecamp, can be helpful because they’ll keep everyone in the loop without too much back and forth. You also don’t have to worry about losing emails. Everything is contained on one account/thread.

Finally, you may find it helpful to utilize planning and scheduling tools. For example, many people use Outlook by Microsoft to schedule their day, week and month. Google offers scheduling and calendar functions and there are many others. We’ll talk a about scheduling in a bit. For now, consider whether you’re a paper planner person or an electronic planner person. How often do you use your mobile device/phone and how



often are you on your computer? If you’re not often online or on your phone then paper may still be your best scheduling option.

Consider:

Rescue Time http://www.rescuetime.com/

Effexis http://www.effexis.com/achieve/planner.htm

VIP Quality Soft http://www.vip-qualitysoft.com/

BackPack/BaseCamp

Outlook

Google Calendar

MindJet Mind Mapping Software (Note there are free and low cost mind mapping applications for your tablet or mobile device too)

NOTE: Before you dive in and purchase any of these products, use the free trial to make sure the system is right for you.

Your Home Office

It’s important to keep in mind that an organized space will help you stay focused and productive. If your desk is covered with stacks of papers, receipts, and junk then it’s going to be difficult to find what you need and to manage your time well.

Spend some time planning your home office organization space. Take a look at what you use, what you need and how to best organize your space.

Consider the three tier system which works like this:

Tier One – This tier consists of the times you use on a daily basis. They should all be within reach and easy to find. An example might be your planner, computer, notebooks etc…If it takes more than thirty seconds to grab what you need then the system needs improving.

Tier Two – This tier consists of the items you use perhaps on a weekly or monthly basis. They don’t have to be within reach but should be in your office and easy to access. An example might be your business plan.

Tier Three – This tier consists of items you access very rarely. For example, your tax returns from last year. They don’t need to be stored in your home office. You can store them in a file box elsewhere in the home. However, make sure the box is well labeled and the material is organized.

File boxes, desk top organizers and shelves can all help you create an organized office space. But what about the business tool you probably use the most…


http://www.rescuetime.com/

http://www.effexis.com/achieve/planner.htm

http://www.vip-qualitysoft.com/


How Organized is Your Computer?

Look at the desktop on many computers and you’ll see a screen covered with files and documents. It not only looks overwhelming and cluttered, it makes it difficult to find anything. That wastes your valuable time!

Create an organization system on your computer that is consistent, logical and easy to use. Consider embracing the three tiered system on your computer too. For example, files and software you use on a daily basis can be on your desktop. Files and software you use weekly or monthly can be saved in your “My Documents” folder. Each folder will be labeled by what is in it and then each file or sub folder will be labeled and perhaps dated. Then, any items you only use on a yearly basis or less can be stored on an external hard drive.

This forces a quick mention about backups. Please, please, please create a system for yourself where you back up your information, software and websites/blogs on a very regular basis. Daily is great. Weekly is strongly recommended. Monthly and you’re at risk for losing valuable information. Anything less than monthly will likely result in regret. Investigate online backup services and/or an external hard drive.

How organized is your home office? Do you have a stack of papers that you haven’t

looked at in more than a month? If so, it’s probably time to clean the clutter and create a

more organized office space. Consider using the three tiered system. Outline what you

use daily, weekly/monthly and annually. Then create organization systems to support it.

Don’t forget your computer too! Give yourself a full weekend to do this. It’s strongly

recommended that you create your plan on paper first and then go buy the products to

support your plan. Don’t buy products and then try to create a system around them.

Your money is as valuable as your time.

Your second action step is to research the software/tools to make the first system on

your list a reality. For example, if the first system you’re focusing on is an opt-in/email

marketing system then research autoresponders to support your system and your

needs.

Okay, so by this point you have planned your systems. You may have purchased or

created some tools to help you automate the process and you have hopefully begun to

assess and organize your home office. You basically have all the information you need

Action Step!



to create time management systems you need to run your best business – and live your

best life.

The next two chapters are devoted to myths and mistakes and also some expert time

management tips.

Chapter Four: Common Time Management Mistakes and Myths

Everyone makes time management mistakes. In fact, much of the process of creating systems that work for you is a trial and error process. However, if you can avoid some common mistakes you’ll be able to streamline your processes and eliminate much of the trial and error. You’ll be able to focus on the tasks of building and growing your business and spending your day doing what you love.

Mistake #1- Not Creating a Schedule That Works For YOU.

When creating your schedule, take the following into consideration:

When are you most productive? For example, are you better able to focus first thing in the morning? In the evening after the sun has gone down? Mid-day? When is your best time to work? This is the time to schedule the high priority or profit producing tasks.

What is your family/personal schedule? Parents, spouses, children and outside commitments all play into your productivity and your schedule. For example, if you volunteer at your child’s school every Friday then it’s probably a good idea to keep Friday clear and to focus on your business the other days of the week.

How much do you want to work each day or week? You’re not required to work every day from 9-5. In fact, if you want to work two days a week or six it’s all up to you. However, when you’re planning your business, keep your needs in mind.



Mistake #2 - Not Recognizing Time Suckers

Time suckers are those habits and tasks that take way more time than you think they do. They consume your day and before you know it, it’s time to pick up your kids from school or make dinner.

So….what is keeping you from being productive?

Common time suckers include:

Email – Aim to outsource and automate some of your email and then check it no more than twice daily. (Experts recommend not checking email first thing in the morning. Instead save it for the end of the day when you’ve already accomplished the important items on your task list.)

Bookkeeping – Outsource/automate what you can and then set aside time each week or month to get the rest done.

Social networking – Be disciplined here. Schedule your social networking time and stick to it!

Perfectionism – yes, you absolutely can spend way too much time on a project. Do your best and move on. If you struggle with this one, consider giving yourself a time limit.

Procrastination – Figure out why you’re procrastinating. It’s generally a sign that your system for whatever you’re procrastinating on isn’t working. Automating and/or outsourcing this task is often an easy way to end procrastination forever.

Household chores and errands – You can outsource these too. Housekeepers are great for business owners. And if that’s not in the budget consider scheduling your errands and chores into your day/week. That way you can focus on the most important tasks and know you have time set aside to manage your home later.

Online learning, searching and browsing – it’s easy to spend an entire day perusing information about your industry and you can learn a lot. However, spending a day surfing the internet isn’t productive. Consider outsourcing any research you may need. Subscribe to blogs that you commonly visit using a reader. Then you can stay up to date by spending an hour or two on the weekend or in the evening when you’re not normally “Working”.

Mistake #3 Forgetting about Balance

It’s almost guaranteed that if you neglect to plan for and schedule time away from your business, you’re going to suffer from burnout. We’ve already discussed burn out a bit. It



affects your joy, your ability to focus and stay productive and it affects your bottom line. A balanced life is important to the success of your business.

Now, like creating time management systems there is no one size fits all approach to balance. A balanced life is individual – you have to decide if you’re living a balanced life. No one can decide it for you and no one can tell you what your ideal schedule looks like.

Consider:

Taking time off each day to spend time on your own health and well-being. It can be something as simple as taking a daily walk. You can sign up for a class or meditate. Spend time each day taking care of you. Ten minutes is a bare minimum. Consider taking at least thirty.

Taking time off each week to spend time with friends and family. Your social life is an important part of your overall happiness. In fact, scientists have learned that laughter and connections with friends and family help you live longer.

Taking time away from your business monthly/quarterly/annually. You are the boss and that means you get to create your schedule. Yet, if you’re like most if you don’t schedule it you won’t take it. Entrepreneurs are notorious for being very driven individuals. So consider scheduling time away from your business regularly. And that doesn’t mean you have to take the standard two week vacation each summer. Do what works for you. If working two weeks a month and taking two weeks off a month is what works for you then do it.

List the activities or habits that distract you from being productive or get in the way of managing your time wisely – time suckers.

Take a moment and write down a theoretical schedule:

When would you work during the day or the week?

How many hours each day/week do you want to spend on business related tasks?

How many hours do you want to spend on personal activities/interests?

Action Step!



In the introduction we discussed the fact that there is no right or wrong way to manage your time as long as the systems you create support you to be productive, grow your business and enjoy your life. That being said, we would be remiss if we didn’t share some of the time management tips that experts use and teach around the world. The final chapter in this report is simply a nice list of a few expert time management tips. Try them if they sound like they’d support you and your time management style.

Chapter Five: Expert Time Management Tips

#1 - Know Your Hourly Value

Your hourly value is quite simply the amount of money you make each hour. For example, if you’re spending your time networking and emailing your hourly value is quite low. If you are speaking with clients or selling products then your hourly value is higher. However, hourly value is best utilized when it’s calculated as an average.

Calculate your hourly value by dividing your monthly income or net profits by the number of hours you worked. Yes, this means you need to track how many hours you actually spend on your business.

For example, if you have 5,000 in net profits this month (gross income less expenses) and you worked 100 hours this month then your equation is 5000/100 or $50/hour.

This information is important because it’ll help you make some critical business decisions. For example, if you’re outsourcing a task you can assess whether it’s a sound financial decision.

#2 - Prioritizing and Task Lists

If you’ve ever taken a Franklin Covey course on time management they have a very elaborate system of prioritizing tasks. While the system may not be right for your time management style they do have a valid point. Prioritizing tasks makes very good sense. Ideally, you want to make sure you accomplish something that builds and grows your business or contributes to your income each day. In order to do that it’s important to focus on that task first.

For example, imagine your daily task list looks like this:



Answer client emails

Post to blog

Publish ezine

Write content for next week

Invoice clients

Record next video how to series/product

Now looking at these six tasks there is hopefully one that stands out as the priority task - #6.

In fact, if you were to apply a priority system to these tasks the list might instead look like this.

1. Record next video how to series/product

2. Write content for next week

3. Answer client emails

4. Publish ezine

5. Invoice clients

6. Post to blog

Often tasks that are high priority are tasks that:

Result in a direct profit.

You’re skilled at.

You enjoy.

Are too expensive at this time to outsource or automate

Are essential for the growth of your business.

This example leads directly into our next expert tip…

#3 - Outsource

There are two truths – there are only so many hours in the day. And there is always work to be done.

Don’t risk your health, your sanity, your business and your happiness by experiencing burnout and/or becoming overworked and overstressed.



In the previous example, all but one of the tasks can be outsourced.

1. Write content for next week - ghostwriter

2. Answer client emails – virtual assistant

3. Publish ezine – virtual assistant

4. Invoice clients – bookkeeper/virtual assistant

5. Post to blog- virtual assistant

There are many benefits to outsourcing including:

Access to potential contractors from around the world – making it possible to find highly skilled contractors that fit your budget.

You don’t have to pay employment taxes or benefits.

Increase your hourly value – you can focus on your more profitable tasks.

Save your valuable time - focus on the tasks that you do best and enjoy the most.

What do you Outsource?

There are three categories of tasks that are generally outsourced.

They include:

Administrative tasks - answering your email, updating your website, scheduling, shipping and so forth. These are generally time-consuming tasks that can easily be outsourced to qualified assistants readily available and at competitive prices.

Technical tasks - search engine optimization or web design.

Professional tasks – copywriting, graphic design or learning a new scripting language to generate a feature for your website.

#4 - Ask for Help

Entrepreneurs wear many hats. However, you’re not expected or required to do everything yourself. Instead, ask for help when you need it or when it makes sense. Focus on what you enjoy and what you do well. Let others handle the rest.



#5 - Remember it’s Okay to Say “No”.

You don’t have to say yes to everything. Evaluate the offer or request. If it makes sense for you and your business then great. If not, “No” is a wonderful word. No excuses, no explanations. A simple “No thank you. That’s not going to work for me,” should suffice.

Finally, Remember to Take Care of Yourself

A balanced life isn’t complete without regular attention toward your health and happiness. If you’re too sick or too tired or too stressed to work then you’re too tired, stressed or sick to have fun and enjoy your life.

Time management is about creating the life you want to live and living it the best way possible. It’s not about conforming to a system created by someone else – unless it fits your personality and work style.

Create systems that support your goals and vision. Automate and outsource when it makes sense. And build the best business possible.

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Time Management for Entrepreneurs

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Transcript of Time Management for Entrepreneurs