It is usual for business owners to feel overwhelmed by tight schedules. Between chasing new leads, attending client meetings, and managing employees, it can be easy to lose track of the number of hours spent in a business. Some business owners work between 16-18 hours a day yet complain that most of their tasks remain pending. A study conducted by Harvard University found that businesses lost $ 65 billion in revenues after failing to meet their required deadlines. Business owners, especially those running startups, SMEs and MSMEs, must focus on honing their time management skills. It is vital on two accounts, to transition from working in the business to working on the business, and secondly, to reduce the loss of opportunities because of the inefficiencies of poor time management.
Why is Time Management Important Strategy for Business Owners?
As an entrepreneur, you are constantly challenged to do more in less time. Time management skills help you organize, plan, and control the time spent on each task. Unlike employees, Entrepreneurs are their bosses and can decide how they allocate their time between activities; in the process, they often miss out on prioritizing by accountability, thereby losing the plot.
Drawbacks of Poor Time Management Strategy
Poor time management Strategy leads to missed deadlines and rushed submissions, which translates to shoddy output, unsatisfactory or delayed client delivery, and client dissatisfaction.
Over time poor time management adversely affects the health and brand of the organization. Delayed decisions and high pressure on deliverables drive teams to extend themselves, resulting in stress & a strained work-life balance. Unhappy customers bring in bad reviews, increased dissatisfaction, and loss of self-esteem among employees. Disengaged and demotivated employees lead to increased employee turnover earning a poor reputation as a workplace of choice, which further makes recruiting talent a challenge.
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