20 Nov 2022| ONPASSIVE
Why Time Management is a must while Building a Brand?
Small and medium enterprise owners are always in a hurry to set up their businesses successfully. The main thing is to know while building a brand is to understand the importance of time management. One of the core concepts, while building a brand is figuring out the importance of time management and generating revenue as early as possible. With strict industry competition, it is a well-known fact that time is money! Still, many different SMEs are losing out on their valuable business due to the lack of time management skills. Let’s take an in-depth look into the five easy saving time methods while building a brand of your own!
As a small or medium enterprise owner, you already know and understand the importance of time management, especially while building a brand. You might also be under pressure to meet a specific deadline, complete essential paperwork, and handle customer inquiries. If you cannot plan your day, you will spend most of your time doing tasks that your employees, freelancers, or friends could’ve handled. If more productivity is what you’re looking for, then you might want to try out the following suggestions:
Prioritizing will help you understand the importance of time management while building a brand. These days, customers expect to interact with their favorite companies on a digital platform by utilizing social media, which improves the overall work done by a small or medium enterprise owner. While prioritizing your brand building tasks, you will have tremendous respect and value while understanding time management’s importance.
· The ABC Method: The ABC method involves ranking all your work with A, B, and C in order of degree of importance. It is vital to complete A-1 tasks first, A-2 second, and finally C-3 and so on.
· The Eisenhower Method: The former President of the USA, Eisenhower, said that ‘what is important is rarely urgent, while what is urgent is rarely important” The method sorts through tasks as necessary, not important, urgent, as well as non-urgent. It is essential to do the ‘important and urgent’ tasks first and finally, the ‘important but not urgent’ tasks next.
· The Pareto Analysis Method: Another critical method, which is also commonly known as the 80/20 principle, is fundamentally important to determine which type of task is the most important while building your brand. You can assume that 20% of your customers can generate 80% of revenue, or 20% of your work produces 80% of the business. It is then possible to focus on that 20% to generate your business’s most significant returns.
As a small or medium enterprise owner, it is vital to have clear, attainable goals and measured relatively quickly, especially time management. Here’s how you can effectively set up goals for your business· Deciding how many hours you want to dedicate while finishing up an urgent project and committing to delivering before the time set, to have a good understanding of how you want to spend the rest of your day to achieve your objectives.
· While prioritizing, it is essential to eliminate the tasks that may be insignificant and not stressing out about getting more work done. Doing small things like responding to emails may give you a false feeling of productiveness, so it is essential to keep these distractions aside and focus on the most important thing. If you have in-house employees or are outsourcing work, it is crucial to brief the person on what and how you expect the result to comply with its deadline. It is also possible for you to save up on a lot of valuable time otherwise spent time on reworks, to figure out what you want.
Various businesses are based on the concept of working on others’ behalf. As an SME owner, delegating tasks is one of the more challenging things you might have to do. There is more pressure, especially if you want to save time, reduce stress, and increase your brand’s overall success. It is crucial to organize your work on a few basic metrics, especially while building your brand, such as:
· Tasks only you are capable of doing
· Tasks that you can do but need others’ help to complete
· Tasks others can do but need your help to complete
· Tasks others can complete individually
It is possible to complete 80% of a task as long as you delegate it to them. However, it is essential to remember that micromanaging is counterproductive. By merely encouraging and trusting whoever is doing the work for you to do it independently, you can understand the importance of time management, especially while building a brand.
With small and medium enterprises, every business, vendor, and the client wants to talk to the owner. Minimizing distractions is the name of the game, especially while building a brand and understanding the importance of time management. It is vital to regaining concentration after an interruption that takes a lot of time.
· Setting aside allocated time in a day that can handle interruptions and employee discussions. It is essential to be patient and take the time out to talk it out with your team.
· It is also essential to set a specific time to answer/return phone calls and emails. Always ignore them until that time.
In case you’re the owner of a small business, it is an essential practice for you to try with a set of acceptable time management practices that can reduce the operational cost and generating more income in the future.
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