Time management

The single biggest issue I encounter in working with small companies is time management. Or lack thereof. There seems to be an enormous amount of small business owners far too busy to get anything done at all, and the result is a large amount of half-completed projects lingering on your desk, and worse, cluttering your mind, effectively allowing you to focus on nothing. So let’s take a moment to focus on the items each day that must be performed in order to stay in business at all.
First, you must have an accounting department. An updated QuickBooks account, preferably daily, and knowledge of your complete accounts receivable and payable is essential. Know in advance upcoming financial demands. Accurate knowledge of today’s accounting can give you a very good idea of tomorrows. And while this is easy when the company is doing well, and there is more cash than bills, it is even more crucial when this is not the case. Avoiding the issue will not, no matter how much you pray, make it better. Set aside time each day (I typically start my day this way, from 8:00–9:00 AM) to handle the accounts, make collection calls, manage debt, and print out a current financial report. It is important at this time you are focused only on this, your mind not cluttered with thoughts of other work or concerns outside your financial matters. Avoid taking phone calls if possible. Doing this daily will free your mind to focus on other tasks the rest of the day, and the report you hand to the CEO (you, later in the day) will allow business decisions to be made with accurate information.
Next is marketing. It is vital that your marketing department be up and running every day, not just when you get slow and need work. Again, start with an empty desk, all other matter filed away, before you begin. Eventually, as with accounting, you will fill this position in with an employee, but until then, I suggest about 2 hours a day on marketing. Website development and updates would be handled during this time, and get in the habit of spending as much time on the phone as possible, speaking with past and potential clientele. I will discuss marketing more in future posts, but for starters, join a chamber of commerce and take the time to personally call or visit each member introducing yourself. No matter how busy you are, keep this time each day allotted for marketing. A failure in this area may not show itself for a few weeks or months, but also takes that amount of time to become effective. After the allotted time, fill out a daily report and give it to the CEO.
I prefer to get these necessary areas handled early so that they are properly handled during working hours. The remainder of the day (or night!) will be applied to your skill or profession, your labor department. As much as this will vary from business to business, a daily report is very helpful here as well. Your day will conclude with you performing your tasks as the CEO, reviewing daily accomplishments and using this accurate information to achieve company goals. As a consultant coming is to help a company, it is difficult to look at areas that need change to improve profitability without these reports. The CEO or a consultant needs to know exactly what is happening now to make the adjustments to what needs to be happening, so take accurate reporting seriously no matter how tired you may be at the end of each task. When you reach the point that you will hire an employee for a particular department, make sure daily reports are a part of their job requirements.
Often, small business are started because of a love of your craft, so spending appropriate time in those other areas sometimes get pushed to the side. Don’t. Handle them diligently, and manage your time well, and in time your craft can become a very profitable company.