Time and productivity work hand-in-hand in entrepreneurship. Optimizing finite resources is crucial to anyone trying to run a business. These assets can make or break a successful business venture and are used to maximize productivity through strategies.
Jon Penberthy is the founder of AdClients, and Lawrence Ellyard is the founder and Chairman of IICT. Both executives emphasize good time management techniques in their respective sectors.
This article outlines five approaches to help entrepreneurs improve their time usage, maximize productivity, and reach business goals quickly. It also includes excerpts from successful entrepreneurs who explain how each strategy has helped them in their fields.
1. The Eisenhower Matrix for Prioritization
The Eisenhower Matrix, also known as the Urgent-Important Matrix, is a productivity tool that helps prioritize tasks by categorizing them into four quadrants: urgent and important, important but not urgent, urgent but not important, and neither urgent nor important. This method aids in focusing on essential activities while minimizing time spent on less significant tasks.
1. Important and Urgent
- These are crucial tasks that must be prioritized for business goals. They are usually completed first.
2. Important But Not Urgent
- These tasks contribute to the business’s long-term success but do not need immediate attention. Planning and executing these tasks can saved for later.
3. Urgent but Not Important
- These tasks require immediate attention but do not significantly contribute to business goals. These tasks should be delegated so the entrepreneur can focus on more important tasks.
4. Neither Urgent nor Important
- These tasks have little to no impact on business goals. These tasks should be reduced, eliminated, or completed last.
Jon Penberthy, a successful entrepreneur, shares that “the Eisenhower Matrix is how you prioritize your tasks, and it has been the backbone of my different time management strategies. This support enables me to follow through on my goals and clears my head of other less important things.” Time management expert Lawrence Ellyard also mentions this approach: “The Eisenhower Matrix is more than just a tool; it is a philosophy. By sorting out the urgent and important activities, we ensure that we focus on what propels our business forward.”
Entrepreneurs using the Eisenhower Matrix in their business activities can ensure that task prioritization is systematized, helping to drive their businesses forward.
2. Implementation of Time Blocking to Maximize Productivity
Similarly, time blocking is a helpful method for entrepreneurs and businesses. This strategy breaks each day down into blocks, each section allocated to an individual or set of tasks. This approach helps structure the day to increase focus on action items while reducing distractions.
Below is a sample of how to apply time blocking:
1. Nightly Planning
- Designate specific tasks to be done in a specific time. This should be done the night prior so the following morning has a clear start.
2. Task Grouping
- Group similar tasks in the same block to utilize focus and momentum and streamline workflow.
3. Break Inclusion
- Taking breaks is crucial and should be included in time blocking.
Jon Penberthy also practices time blocking. He shares that “time blocking can help you work distraction-free and increase your focus. A structured approach like this helps anyone start their day with a clear schedule and focus on his objectives.”
Lawrence Ellyard, who is also an ardent believer in structured time management, adds: “Time blocking gives me back my most valuable asset—time. By allotting important tasks to specific blocks of time, my workflow is disciplined, creative, and productive. It helps me get results.”
Setting (and enforcing) time blocks creates discipline and organization, which helps to maximize productivity and lessens wasted time.
3. Application of Technology and Automation
Nowadays, most issues can be resolved with technology. Due to their economic and practical benefits, tools and applications designed to help businesses run efficiently are the new norm. Automating repetitive tasks and optimizing work processes help entrepreneurs focus on important tasks. This saves time and money.
Helpful tools for businesses include:
1. Project Management Software
You can use platforms and software such as Asana, Trello, and Monday.com to arrange, track, and collaborate on tasks, making it easy to delegate them to individuals and teams.
2. Platforms for automation
- Additionally, platforms like Zapier and IFTTT automate office-related tasks such as sending emails, updating spreadsheets, and posting on social media.
3. Maximize Productivity with Calendar Applications:
- Google Calendar and Microsoft Outlook help businesses schedule meetings, set reminders, and manage appointments.
The tech-savvy Jon Penberthy also finds these platforms very helpful. He says, “Zapier, Trello, and other automation tech applications have played key roles in moving the company forward. They take those lower-level tasks off my plate. This frees up time for me to focus on the bigger things that must be done.”
Lawrence Ellyard also shares that “technology, automation, and bots are critical to our success. They simplify our tasks and save us time by diverting our efforts into projects oriented to growth.”
Additionally, automation tools allow business operations to significantly reduce time and administrative work efforts, allowing entrepreneurs to maximize productivity and concentrate on activities requiring more focus and strategizing.
4. Maximize Productivity with Delegation and Outsourcing
It is common for entrepreneurs to face challenges when it comes to delegation. The idea that ‘if you want something done right, you have to do it yourself’ resonates with most, if not all, entrepreneurs and business owners. Learning to delegate will improve your business processes and time management.
Delegation and outsourcing becomes effective through:
1. Task Identification
- Learn to delegate tasks that are possible for someone else to complete without sacrificing quality.
2. Appropriate Assignment
- Delegate tasks to team members or outsource work to external partners with appropriate skills and expertise.
3. Provision of Clear Instructions
- Make sure to give clear Instructions. To ensure that tasks are done correctly and on time, include deadlines, essential details, and other important expectations
Jon Penberthy believes in delegation and outsourcing. “I think effective delegation is the major factor that has changed how I manage my business. If someone else who is capable can help me complete repetitive tasks, I can focus on other important work. I don’t have to worry about quality and consistency in our output.”
Lawrence Ellyard also underlines that “delegation is truly an art. I trust my teammates to take care of the details of an operation while I provide direction and plans for them to consider.”
Outsourcing key areas and delegating tasks gives entrepreneurs additional bandwidth to focus on other important business decisions. Substituting these tasks and critical areas with a delegated expert helps a business focus on high-level decision-making and business development.
5. Practice mindfulness by engaging in stress management.
Good time management involves organizing tasks and schedules to support mental clarity and reduce stress.
Mindfulness techniques and stress management help entrepreneurs focus on critical areas, make better decisions, and achieve work-life balance.
The practice of mindfulness and stress management can include the following:
1. Meditation
- Regular meditation helps increase concentration and reduce stress levels, improving overall well-being.
2. Physical Activities
- Exercising reduces stress and increases energy levels.
3. Mindful Pause Breaks
- Short, mindful pauses within the day give you enough energy to continue.
4. Journaling to Maximize Productivity
- Writing down thoughts and goals helps achieve clarity and prioritize planned activities.
Correspondingly, Jon Penberthy, who also practices mindfulness and stress management, shares that “mindfulness techniques are the most efficient way to promote mental clarity further and mitigate stress levels. Breaks between tasks and mindful meditation are key to focus and clarity. On top of that, it helps enhance both my cognitive and emotional health.”
Lawrence Ellyard attested to this. He mentions, “I found daily mindfulness practices and mental cleansing important for resolving workplace stress, sleeplessness, and lack of productivity. It keeps me inspired and happy.”
Conclusion
Adding these practices into daily routines can empower entrepreneurs to manage stress, maximize productivity, and attain long-term success in their businesses and individual lives. Adequate and optimal time management is crucial for entrepreneurs to achieve business goals efficiently.
Entrepreneurs who utilize time-management tools through prioritization, applying methods to help with time blocking, using technology, task delegation, and mindfulness can help maximize productivity. These approaches benefit business development while also promoting personal well-being.
Deanna Ritchie
Editor-in-Chief at Calendar. Former Editor-in-Chief and writer at Startup Grind. Freelance editor at Entrepreneur.com. Deanna loves to help build startups, and guide them to discover the business value of their online content and social media marketing.