Why is Time Management Important for Entrepreneurs?

Many years ago back in the late 90’s I was working for an international student travel company and had been recruited to set up a new business unit from scratch.  I started with a chair and a desk and grew the business to $10m with a team of 10. I had never had any leadership training so I asked my boss after a couple of years with the business if I could get some.  He agreed and organised training for me and all of the UK Head Office Managers. At that time, I had just recruited my 5th member of staff.

This was a game change for me.  

One of the sessions was called “Managing the Right Agenda”

We started doing a simple task called  “The Time of your Life;” listing all our major activities, both work and not work and the order in which those activities would be sacrificed when under pressure.  I have kept my notes and the first thing I said I would sacrifice was my evening class and the second exercise!   The first work related activity I said I’d sacrifice was meetings with staff. My choices would be very different now.

The second task we were given was to do a Time Audit and this is absolutely invaluable.  It is generally the first thing I ask my clients to do; and they always find it incredibly insightful.  As  a business owner your time is even more important as there are less strict divisions around being at work “the office” and being at home.

That job was the last time I was employed. It was an incredible experience, I learnt so much but at the end of the day I was a middle manager so once I had built a team and brought in an Operations Manager; there was nowhere to go. I left to do an MBA full time and then co-founded my first business.

Of course as a female founder managing your time effectively is critical as it directly impacts both your business success and your personal well-being. Many female founders juggle business ownership alongside family, caregiving, and household responsibilities and without intentional time management, work can easily spill into your personal life. You can also face added pressures, including societal expectations or bias. 

I co-founded my first business in 2003 thinking that I was not going to have children, having been through several rounds of IVF treatment. Then I got pregnant and suddenly I was juggling a new baby (who cried continually) and a new business!

There are lots of ways to improve your skills in time management but lets start with some basics.

Time Thieves

We are all time thieves, stealing valuable time from ourselves, from others and sometimes both. Such theft may be deliberate (active), or for the most part it is simply lack of attention (passive.)  The major culprit is poor preparation and planning; as well as losing sight of the purpose.

Using Time Effectively

It is essential to have time for what is important so you can be receptive and decisive when it matters. To be effective with your time; you need to have a personal strategy and an on-going plan for your time as well as setting a strong example to others.  This could be your own team, but also suppliers and customers.

Time Bombs

When you focus on the wrong agenda, the inevitable result is a confrontation with the future - a time bomb.  The issue is now urgent and replaces the important. There are many reasons for this; often due to lack of understanding of purpose and what is important is not recognised or planned for.

Active Time Management

Active management requires a critical focus on the important, is long term in nature and it is goal orientated.  To be successful high quality information should be available before it is needed and you need to recognise the value and opportunity cost of time.  The 4 principles of active time management are;

➡️ Prepare and plan long term

➡️ Be concrete in thought and action

➡️ Delegate tasks, authority and problem solving

➡️ Protect time through active decision making

Top Tips for Managing your Time

There are many different ways of managing your time, so choose what works for you, but remember as a female founder you have many priorities to juggle as well as your business; so be realistic; and if you find that even when using these techniques that you simply do not have enough hours in the day; you are probably ready to get some external support.

1️⃣ Organise your day into time blocks

Start by prioritising your to-do list and then estimate the amount of time each task will take and schedule blocks according to your energy levels.  For me I prefer to do the most challenging tasks in the morning but you many not be a morning person.

2️⃣ Schedule everything on a calendar

This includes time for specific projects, but ensure you keep space available for automated meetings & don’t forget buffer time!.  I love a bit of colour coding myself and use two separate calendars but do what works for you.  It needs to be simple enough so you actually use it.

3️⃣ Use the Eisenhower Matrix

This an excellent tool that helps you to separate the tasks and activities on your to do list into four distinct groups:

👉 Important and urgent - Do

👉 Important but not urgent - Schedule

👉 Urgent but not important - Delegate

👉 Neither urgent nor important -  Eliminate

4️⃣ Perform a time audit

Time tracking apps such as Toggl or Clockify are excellent to help with this 

5️⃣ Create a system for managing your inbox

Keep it clear and tidy and allocate specific times of day for checking and responding 

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