TIME MANAGEMENT TIPS FOR SMALL ENTREPRENEURS

Most small businessmen often face the problem of managing their time effectively, because they have to personally handle all aspects of their business. While this is normal, business gets complicated when you aren’t able to raise enough funds from your clients to hire people for your mundane and day-to-day administrative work. At this point that small entrepreneurs tend to get overwhelmed and start believing that they lack time management skills, which sometimes is really not the case.

Analyze your goals

An entrepreneur needs to be very clear about the following things when launching a business:

How much profit do I need to make on a monthly and an annual basis?

How much sales are need to accomplish monthly and annual net profits?

How much marketing do I require for each sale?

I’m sure you got my first two points but what about the third one? That’s comparatively a little trickier. So allow me to walk you through the third point.

Step 1: Segregate your clients

Make a list of your most profitable clients and calculate the amount of revenue each one of them has brought in last one year. Make a spreadsheet and arrange the list by placing your most profitable clients on top.

Then carefully study the list. As you move towards the bottom you will be able to draw a natural break and realize that some your clients are not bringing in enough profits to justify your working for them. Here you have the option of breaking off with them to concentrate solely on your larger clients. However, if you feel that you can’t do without the profits you generate from them then stick with them until you get bigger clients.

Step 2 : Focus on the crème

Study the clients at the top of your list. Draw a second line separating the good from the best. Analyze your best clients, and think about where and how you found them. Is there something that they have in common. Use this insight to plan on finding premium clients.

By chopping away the extra wasteful flab that was slowing you down, you will soon be able to function efficiently. Once you have realized markets for optimum revenue, focus your marketing strategies solely on getting more of them.

Step 3: Calculate your total marketing time

Carefully examine how many people you need to convince before getting a meeting with real decision makers. Having done the your maths, you’ll be able to calculate how much time you need for your marketing objectives.

After following these steps, you can invest time in only doing what is profitable. By bringing in greater profits, you’ll soon be in position to hire your first employee.

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