Time management (TM) is the process of planning and controlling the time taken for a particular activity. Through good time management, individuals can complete more in less time, reduce stress and lead to a successful career. There seems to be a shortage of time in the day. But we all have the same 24 hours, why do some people achieve more than others within the space of 24 hours? It is simply good time management.

It is one of the most important skills, but it is usually a concept that many companies and people strive for. However, the benefits of good time management practices are immeasurable. Companies that use good time management are in a better position to offer their products or services consistently and on time.

Here are few importance of Time management in business:

1: it’ll make you work smarter not harder:

Multitasking seems to be a good use of your time, because it usually requires a lot of things to do, but you may be at risk of low productivity. On the contrary, setting aside time for each task will help you do better because you will not be distracted.

2: It helps reduce stress and anxiety:

It’s easy to become anxious when you have an exhaustive to-do list. It can help you prioritize your to-do list and spend time on the things that matter most. Prioritizing your tasks and giving yourself enough time to complete them can help reduce your stress levels.

3: it boosts confidence:

When your time is well managed and you successfully meet your deadlines, you will feel accomplished and confident in your abilities. Regularly completing your daily to-do list is a huge motivation that can help people to further improve their productivity and to seize new work opportunities.

4: it will help you procrastinate less:

The purpose of time management is not only to get more done in less time, but also to reduce the urge to procrastinate important tasks. Adopting good time management tips allows you to instantly eliminates procrastination by making sure you are familiar with what tasks are added to your to-do list and when they need to be completed.

5: You have time for rest and leisure;

With good TM you get more free time in your day to do the leisure and recreational activities that make you happy. This can help create the perfect balance by working smart all day and having a reward of your choice in return.

Good TM won’t only make you productive, it’ll make your business thrive, excel and make you fulfilled

Many small businesses in a few years fold up due to mismanagement of funds, the owner of founder might have little knowledge about finance and can’t afford to get an accountant.

Many of them have challenges with the financial aspect of their business. Nevertheless, mistakes do happen, but it’s not the end. We make mistakes  to learn and not repeat it again.

To keep business moving, you need money to cover expenses. Let’s get to it;

1: Don’t mix your personal finance with business finance:

It is important you’ve a separate account for your business as it won’t lead to impulse spending or using the money for something else entirely and promising yourself you’ll return it,  but you don’t end up doing that. 

Resist the urge to join them together, or it’ll create a mess you might find it hard to clean up. Having a business builds credibility and may help in future when you need funds for your business.

2: Gain knowledge on accounting:

You don’t have to study it in a school, you can watch few videos on YouTube, sign up for a class.

Just get the basic knowledge pending the time you’re able to afford an accountant. The better you understand how finance works, the more you get to make smart decisions regards your business.

3: Choose how to keep your financial records:

How do you intend to keep the records of your finances? You can use applications online, you can decide to keep manually (paper records) Which ever you choose, make sure it’s safe and can be retrieved easily in case of unforeseen circumstances.

4: Track your finances often:

Schedule time to check your finances, when you set goals It’s important you take a break and check if you’re on the right path. It could be every end of the week, or every month end, whichever works for you. Choose a time suitable for you.

Finally, managing finance in small businesses is important, if funds are mismanaged it can be dangerous for the business. Keep these useful tips in mind before and after starting a small business.