As a business owner, one of the most crucial resources you possess is your time. It’s the one thing you have in abundance, and how you spend it affects everything from your sanity to your profitability and bottom line. Figuring out how to spend your time effectively is something better done sooner than later. It’s not something that you can leave to chance.

In the early days of entrepreneurship, everything is new, and a lot of structure is probably missing. This is when you are still trying to define your brand and business, even to yourself. There are decisions to be made regarding both the internal and external aspects of the business. It’s also likely that in the early days, all responsibilities will fall on you. Even the simple step of deciding what your business or brand name will be should not be taken lightly.

Key Decisions to Make Early On

Your Value Proposition

Understanding and clearly defining what product or service you are offering, why you are offering it, to whom, and for how much is crucial. This forms the foundation of your business. Without a strong value proposition, it will be challenging to attract and retain customers.

Your Presence

Decide where people can find you. Will you have a physical store, or will you operate entirely online? Maybe a combination of both? Your presence needs to be aligned with where your customers are most likely to be.

Sales Channels

Determine how you will sell your products or services. Will you operate a walk-in store, offer delivery services, or run a purely online business? Each option has its unique set of challenges and opportunities.

Payment Methods

How will people pay for your products or services? Will payment be required before or after delivery? Will you accept part payments, and will transactions be limited to cash or include other payment methods? These are essential questions to answer to streamline your sales process.

Operating Hours

Define your business hours clearly. Do you take requests all day, every day? Is your business open only during specific hours? Setting clear operating hours helps manage customer expectations.

Automation

Consider if some of your services can be automated. Automation can free you up to focus on other critical issues, enhancing your productivity significantly.

Customer Service

How will you handle customer service issues? Will you have a refund policy in place? Establishing a system or structure for addressing customer queries and complaints is vital for maintaining customer satisfaction.

Team Size

Decide whether you will be a solopreneur, start on your own and build a team as you go along, or establish a team from the get-go. The size of your team should align with your business needs and financial capacity.

Finances

Have a clear understanding of your operating budget before making any income. This will influence what you can and cannot afford to do, helping you make more informed decisions.

Trial Period

Determine how long you are willing to run the business out-of-pocket to test the market or your idea before deciding to pivot or change to an entirely different business.

Success Metrics

Identify how you will measure success for yourself and your business. The metrics you use could be unique to your individual goals and the type of business you’re running.

The Importance of Planning

Making time to figure out these aspects is essential, and you should consider spending a significant chunk of your time on each individually. However, the pressure you may feel (whether from within yourself or external influences) to “get things started” could easily dissuade you from giving much attention to how you will run the business—both in the short and long term.

The dangers of not starting off with a clear plan include:

• Repetitive tasks that could be streamlined or automated, saving you time and effort.
• Poor record-keeping, which may cause you to lose key data or miss opportunities to extract maximum value.
• Missed opportunities in attracting or finding potential clients due to unclear target customer definitions.
• Running multiple and conflicting business models simultaneously, leading to mixed messages about your brand and value offering.
• Being a Jack/Jane of all trades when you should outsource certain functions, or prematurely hiring a team when you should manage different functions yourself.
• Approaching marketing generically, without understanding which methods and platforms work best for your type of business.

Be Systematic

As much as possible, try to be systematic. Write down the questions you need to answer before going too far and making mistakes that could have lasting effects on your brand. Explore free resources available for beginner entrepreneurs; it’s better than assuming you know what to do. At the same time, be wary that some resources may be purely marketing gimmicks with no additional value.

Take the time needed to get your business ready for launch and to prepare yourself for the business journey. Everything doesn’t have to be perfect, but having a clear plan will save you from unnecessary stress and setbacks.

Time Management Tips for New Entrepreneurs

Here are some practical time management tips to help you stay focused and productive:

Prioritise Tasks

Not all tasks are created equal. Use the Eisenhower Matrix to categorise tasks into four quadrants:

1. Urgent and Important: Do these tasks immediately.
2. Important but Not Urgent: Schedule these tasks.
3. Urgent but Not Important: Delegate these tasks if possible.
4. Not Urgent and Not Important: Consider eliminating these tasks.

Set SMART Goals

Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. This approach helps you stay focused and provides a clear action plan.

Use Time Blocking

Allocate specific blocks of time for different tasks or activities. This helps you stay on track and ensures that you dedicate enough time to essential tasks.

Leverage Technology

Use productivity tools like Trello, Asana, or Notion to keep track of your tasks and deadlines. These tools can help you stay organised and manage your time more effectively.

Delegate When Possible

As your business grows, learn to delegate tasks to others. This allows you to focus on high-priority tasks that require your input and expertise.

Take Breaks

Regular breaks can improve productivity and creativity. Use techniques like the Pomodoro Technique, where you work for 25 minutes and take a 5-minute break.

Reflect and Adjust

Regularly review your time management strategies and adjust as needed. What works today might not be as effective tomorrow, so be flexible and open to change.

Conclusion

Time management is a critical skill for new entrepreneurs. By understanding its importance and implementing effective strategies, you can focus on what truly matters—growing your business. Remember, time is the one resource you can’t get back, so use it wisely.

If you found these tips helpful, be sure to check out more productivity tips and resources on our blog. For more personalised advice and strategies, feel free to get in touch with us.

Start your journey towards better time management today and watch your business thrive!