3 Time-Smart Practices That Help Small Business Owners Build Long-Term Success
“We can’t afford to stop and fix it.” *Proceeds to push and push until it is beyond repair…*
I get it. I also have a history of perpetually over-caffeinating instead of prioritizing sleep. It is human nature to reach for the quick (but temporary) fix.
If you’re reading this, that tells me you are willing to take a couple minutes out of your daily hustle in the pursuit of long-term success. That’s great! As a former small business owner myself, I know how hard that can be—When I ran my restaurant, I became so protective of my time that I was offended when friends would ask to hang out. I’d think, Do you even realize how much I’m juggling right now?
A better chance at success in your business doesn’t have to mean big time commitments. Read on for three intentional practices you can start tomorrow to vastly increase your chances of long-term success at the expense of very little of your valuable time.
1. Daily Planning (1x/day; 10 minutes tops)
A few minutes at the beginning of every workday
can work wonders for evaluating top priorities and taking control of your time. Sit down and do the following each day:
- Look at your calendar. Ask yourself, are you prepared for everything you have scheduled? Do you have holes to fill?
- Prioritize: What are 2-3 tasks you need to accomplish today? What is likely to derail you?
- What unscheduled tasks need to get done? Should you allocate time with the door shut, phone muted, and team aware that you are in “do not disturb” mode?
- Delegate: Is there anything on your agenda that someone else could, should, or would do for you? If so, do you have a valid reason why it is on your agenda?
How does this practice save time? Reduced “switching” time throughout the day when changing from one task to another; removes unnecessary work from your agenda
2. Routine Numbers Review (10 minutes weekly + 30 minutes monthly)
If you got into business because you like numbers—talking to you, CPAs—skip to #3. However, most small business owners get a little queasy at the thought of managing their finances. But, if you pause to understand just a few key metrics and then set a regular schedule for a quick check, you will feel empowered. Look, Ma! No hands!
- Identify 2-5 key performance indicators (“KPIs”) that matter to you and your business. Are you in a growth phase focusing on increasing revenue? (KPI: Gross Revenue) Are you considering hiring and want to know about human resource utilization (KPI: Wages as a percentage of Gross Revenue). Did you just invest in a Google Ad and want to know if there is a return on your investment? (KPI: Number of New Customers)
- Block time in your calendar for these reviews. Maybe you rip the band aid off first thing Monday morning or soil the last 10 minutes of your lunchtime every Wednesday. Maybe it is after you put the kids to bed but before you turn on Netflix. Find what works for YOU.
How does this practice save time? Tells you where the DOLLARS say you should allocate your time; Also reduces the risk of needing to spend an entire week (or more) at the end of the year preparing for taxes.
3. Burnout Prevention (5-60 minutes daily)
The secret is, I sold my business (for less than I should have) because I burned myself out. I got too caught up in my day-to-day—serving customers, cleaning the messes that were staring me in the face, making shortcuts to survive—and I forgot the bigger picture. I forgot to pause and assess; I forgot to breathe.
- Take 10 minutes each day to have an honest conversation with yourself. Sit down and close your eyes or go for a stroll. Ask yourself: How am I doing? Is my energy level and mood sustainable? What do my mind, body, and soul need right now?
- Move! I know you’ve heard this before, but studies show that even mild exercise vastly decreases the risk of burnout. It doesn’t need to be vigorous or time-consuming. Schedule 5 minutes every day to stretch at bare minimum—and yes, I said schedule. Maybe it is a checkbox on a white board, an accountability buddy, or blocking the time in your calendar. Commit to it for 66 days (the approximate length of time to introduce a new habit1).
- Delegate: This is hard if you are a Type A like me. What is the worst thing that could happen if you assign something to someone else? I challenge you to give it a try and observe the results. Start with a low-stakes task. Accept less perfect output on small tasks to free yourself for higher-value work.
How does this practice save time? When you are at your best, you work faster. When you don’t fear accepting help, you can spend your time on the work that most needs your attention.
The reality is you may always be just a bit too busy. (It may even be why you chose to open your business in the first place.) But, take it from me, a clean sink isn’t worth losing the pulse on your finances, losing key relationships, or…losing your mind.
I challenge you to select 1 of the topics above (Planning, Finances, or Burnout) that you struggle with the most and commit to the tasks. Then, mark your calendar (literally not figuratively) for 1 month from now to observe the difference.
Your time is valuable (and limited), but you can make more of every working hour. You just have to be willing to take a tiny bit of time to learn how to be more efficient, focused, and productive. Don’t let a spotless kitchen blind you to what really matters—your health and the health of your business. A few minutes spent on the right tasks today can save you hours of chaos and cleanup later.
About Alison Lane
Professional Background: Ali is a Certified SBDC Business Advisor serving the Bangor, Ellsworth, and Belfast regions. The Maine Small Business Development Center (“SBDC”) offers no-cost, confidential business advising to folks starting or running small businesses. Services include helping with business plans, marketing, financial analysis, loan package development, and more.