Time Management for Entrepreneurs

Time is precious and it’s a valuable commodity to an entrepreneur or business owner. I’m pretty sure we have all wished for more hours in the day during the last week! And once the time is gone we never get it back.

If you are getting an app/product/service to market then you are running a project. When it comes to time management on a project, it is one of three primary drivers of a project. The other two drivers being cost management or quality management. Deadlines, constraints and performance are typically the key time issues on any project.

If time management is a primary project driver of your project it could be because of a deadline, constraint or performance. Some of the reasons for these are:

Deadlines

  • You committed to someone in delivering your app/product/service to market by a certain date
  • You need sales volume to repay a loan that funded the development of your app/product/service so it needs to be out to market by a particular date
  • Being innovative, competitive and relevant with you app/product/service to market before others beat you to it
  • Getting your app/product/service to market to take advantage of a particular time of the year
  • Someone is going to give you one hell of a hard time if you don’t deliver on time, and it usually has a contract involved

Constraints

  • If you are a solo entrepreneur or small business owner with few staff, then the constraints on your time or your staffs time can dictate the amount of time reasonably available to execute your project
  • The people you need to hire to get your app/product/service to market are only available at a particular time and you need to cater to their availability

Performance

  • Your team may not be too sure about what they need to do on your project and you will need to allow time for them to learn
  • If a project is new in your business or unfamiliar to people in your team, a project schedule outlining the tasks of the project, and what they are responsible for assists with individual and team performance
  • Realistic expectations of what needs to be done and when reduces individual and team stress

So why is time management on your project important? It can help you and your team with the following:

  • Achieving overall and incremental results on what needs to be done to get your app/product/service by its deadline. What are your project deliverables and when do you need to get to market?
  • Clarify to you what tasks need to be taken in order, ie step by step task management
  • Understand when to hire the resources you need to get your project done on time. At what point do you need to start hiring or engaging the right resources to meet your project deadline?
  • Understanding your time frames and communicating these time frames to people either internally or externally to your project
  • Identify any issues that may get you off track in meeting your deadlines
  • Estimate the performance of you, your team and others to meet your deadline so you can identify where things are slowing your project down and why
  • Estimate your project cashflow and when you need to pay to supplier
  • If you have obtained funding or have an investor, it can give them an understanding on ROI, based on what you plan to deliver and when. Together you can take corrective action to get to market on time if necessary

EmineoHub supports you at getting your best work out to the world. If you would like a FREE 20 minute chat with Sarah to realise your business goals please click here.

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