7 Laws About Time Management Every Entrepreneur Should Know

Entrepreneurship is a rewarding career that many dream about but only a few turn into action. Launching your own business and becoming your own boss can be an exhilarating step, and good time management is an important skill for success.

time is money
Time is literally money when you own your own business. Remove distractions, learn to say no, and get work accomplished.

Small businesses have numerous responsibilities, and it can become overwhelming. You are the idea person, the action person, the follow-up person, the sales person, the accountant”¦and time is of the essence for every client.

Make the most of your valuable time and take your business to the next level by maximizing your time.

1. Track expenses

The easiest way to keep business and personal purchases separated is by opening a business checking account. Credit card companies offer incentives and breaks to small businesses that open certain lines of credit. Plus, it is easier to separate business and personal purchases with a designated business card.

business credit line
Opening a business credit line gives your company a boost and helps to separate company purchases from personal ones.

During tax season, such information is required for claiming certain expenses and receiving tax breaks. Save yourself the headache now and keep expenses separated.

2. Book appointments wisely

It’s exciting when a potential customer wants to meet with you, but don’t become overzealous. Meet with clients and prospects two to three days a week. That way, you have two to three solid days in the office to answer phone calls, prospect, and tend to the other aspects of your business. Another tip is to block appointments together in the same area. It will save you time and gas if you meet in one area of your region one day and another the next. Space out your appointments to give yourself ample time with the client so you do not have to run to your next meeting.

3. Block out time

Time is money. When you’re supporting yourself, that precious time is worth even more money. When you’re hard at work, try to ignore the distractions of email and social media. One idea is to set a timer for sixty minutes. Work diligently for those sixty minutes, and reward yourself with a ten-minute break. Repeat. It’s amazing how focusing on the tasks at hand proves more lucrative.

4. Create office space

Many entrepreneurs launch their businesses out of their houses. Creating a space dedicated to your company is a key factor. It can be a separate room, the basement, or even renting a cubicle in a larger building. If working from home proves to be too difficult, then a separate building is your answer. Yes, it costs money, but that won’t be a problem since you’ll be bringing in new cash flow.

5. Unplug

Beware, workaholics. Every responsibility rests solely on your shoulders from the beginning to the end. Remember that you deserve a break every so often, too. Try to take at least one day a week and unplug. Pick up a hobby, exercise, or do whatever it is that makes you happy so that you can avoid burning out.

6. Set goals

Create five or six realistic goals for each year. Write those down and post them where you can see them every day. Make decisions based on meeting those goals.

7. Say “no”

There are clients, friends, and family members who demand a lot of time. They mean well, but they require a large amount of time and effort with which to correspond. We shouldn’t remove those types of people from our lives, but it’s important to pinpoint the offenders. If a certain person is not pushing you toward your goals, he or she is not a healthy key to success. Decline invitations if it doesn’t help you or your business in some way, and never accept because you feel guilty. That is a waste of everyone’s time.

About the Author: This article is written by Laura Burkey on behalf of Business.com