Time management is key to business success

Q:I operate a small service business. There are only so many hours in a day and I find I am overwhelmed with all the demands on my time. Any suggestions you have will be appreciated. -- Louis K., Henrico

Answer: Louis, time is the one resource that most small business owners wish they had more of. It is not enough to work hard, you must also work smart. Scores of articles have been written on effective time management and are readily available by searching the topic on the Internet. However, I will try to limit my comments to the issues most small business owner face on a daily basis.

Fortunately, one of the most effective time management tools is also the simplest the basic "to do" list. Each day jot down all of the things that need to get done, all on one sheet of paper. Then check the ones that are the highest priority "must do" items. This will help you focus on and complete specific tasks, thereby giving you a sense of accomplishment. Technology can assist you in this endeavor. http://www.TimeTiger.com provides a Web-based to-do list that helps you monitor your project and non-project activities.

Effective use of subordinates is often an underutilized asset of which many business owners fail to take full advantage. Owners accustomed to "doing it all" find this exceedingly difficult. Time spent in training employees to handle specific tasks will pay big dividends in the long run. Outsourcing is another option to consider. Bookkeeping and payroll are two time-consuming functions that can be outsourced for a nominal fee.

Get the monkey off your back and place it where it belongs. When employees come to you with a problem, they generally want you to solve it for them. Turn this situation into a learning experience by asking them, "Well, what do you believe is the best way to deal with this issue?" If their response is reasonable, praise them and let them deal with the "monkey." It is also a great confidence and morale builder.

Learn to minimize distractions. No matter how well you plan your day, phone calls and walk-in customers will wreak havoc with your "to do" list unless you take control of the situation. If you must take the call, be sure to stay on point and conclude the conversation as soon as possible. If a subordinate can handle the customer's need, be sure to bring them together. Explain that he or she is responsible for that function. This lets the customer develop a relationship and comfort level with others in your company.

Time management is not just for the boss. It should be stressed at every level. Divide the day into small time blocks and record what you and others were doing in each block. Compare this real use of time to your goals, expectations and priorities. If they do not align, you need to take action. Time management must be part of the culture of a successful business, and the leadership, by example, must start at the top.

Volunteers with the Richmond Chapter of SCORE, Counselors to America's Small Business, will answer questions from small-business owners and managers. Go to http://www.richmondscore.org and click on the link to "Ask SCORE." A counselor will respond within 48 hours. Selected questions and answers will be featured in Metro Business on the second and fourth Mondays.

Richmond SCORE will offer a free informational seminar, "Starting your own business/franchise in a down economy," on Wednesday from 6-8 p.m., at Embassy Suites 2925 Emerywood Pkwy. In Henrico County. To register, call Tom Lawrence at (804) 514-8409.