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WEDCO helped us with an interesting problem.  We needed a new warehouse and wanted to put it on the same lot as our existing retail store.  Zoning was good and money was not the problem, but financing was going to be tricky.

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Question: As a small business person, I have a very hard time knowing that I am spending my time in a way that is most beneficial to my business. How can I better manage my time to take care of the most critical tasks to make my business more successful?

Time is a precious commodity for every entrepreneur. With all the responsibilities of managing and growing a small business, the hours and the days can easily slip by, sometimes leaving one to wonder just how much
got accomplished.

 

For many, the go-to time management tool is the to-do list. Marking off completed items may provide a sense of satisfaction—at least until you remember what else has to get done— but it may not be as productive as you
think, according to professional organizer and productivity expert Julie Morgenstern

"You're tempted to start with small easy tasks, or things you're in the mood to do," Morgenstern says. "Often, however, they're things that won't drive your business forward." Instead, Morgenstern says entrepreneurs should prioritize tasks based on revenue, a concept she calls "dancing near the revenue line."

The key is to consider how many steps each task separates you from revenue. One step is providing the service or making the products. Two steps is doing a proposal or developing a product that may lead to new business. Three steps is going to a conference to develop a skill set, which can be used to develop and sell a new service.

"You should always prioritize form the top down, but don't neglect the 2- and 3-step items," Morgenstern adds. "They all contribute to your business." Answering email may be among the one-step tasks you complete
during the "quiet" hours of the morning. The problem here, Morgenstern says, is that it costs you control over this valuable time of the day. "Open it and you're forced to react to what the sender wants," she says. "If you don't start the day with you in control, you'll never get it back." Instead, devote your mornings to the most critical, high-conscious task that will benefit your business. "It may be things that you're tempted to put off—strategic planning, writing a proposal, analyzing financial numbers, or evaluating your marketing strategy," Morgenstern says. "Once that's done, then you can 'roll up the shades' and open for business."

Finally, lower your expectations when it comes laying out each day's to-do list. Staffing cutbacks in many organizations have left many workers with time management challenges of their own as they manage multiple
roles and responsibilities. And, lingering economic uncertainty has increasingly caused many decisions to be delayed, sometimes indefinitely. "That can lead to a lot of frustration when you find yourself waiting and waiting for actions that may not occur for a while," Morgenstern says. "Focus on smaller number of critical things each day and release the rest. You will feel a sense of release and focus.

One item on every entrepreneur's to-do-list is to contact SCORE. You'll find a wealth of small business-related information, resources, and training, plus free, confidential counseling from more than 13,000 business experts. To learn more, contact SCORE Lakes Region by calling 603-524-0137 or log on to www.scorelakesregion.org
and link to Free Counseling. Experienced business advisors are available to offer free and confidential advice. SCORE is a nonprofit organization of more than 10,500 volunteer. Also, if you are interested in offering a small amount of your time by sharing your business experience to others please contact our office.

 

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Wentworth Economic Development Corporation  PO Box 641, 7 Center Street, Wolfeboro, NH 03894   (603) 569-4216