Let’s discuss your group work • What caused you problems? • Administrative cost – What did you identify – If none, let’s come up with some examples now • What benefits did you give yourself and or your employees? Bus 205 Budgeting Courtesy of sjh It’s About Time Techniques to Budget One of Your Most Valuable Resources… Your Time! Do you have the time? • What is time?- a measurement, a precious resource, a valuable asset? • Time is perishable- it cannot be saved, borrowed or loaned, unlike other resources in your business • Do a fifteen minute time analysis to see where your time is going Bus 205 Budgeting Courtesy of sjh 15 Minute Time Analysis: Where does your time go? This Test allows you to keep track of your time by 15 minute increments This is a tool people love to hate, but it helps you analyze your time budgeting choices Directions Make ten copies of the Time Worksheet (one for each work day for two weeks) Use it to record exactly how you are spending your time Analyze the findings and see if you can make better choices What you see? Are you spending enough time on the high priorities? What are your time wasters? How can you Bus 205 Budgeting change your habits Courtesy of sjh Time Management Tips • Make it a HABIT to plan…and budget your valuable resources • Prioritize • Do the Tests of Time • Figure out your “Prime Time.” Make the best use of your prime-time • • • • Set realistic expectations Learn to delegate Practice “task completion” Reward yourself for completion Bus 205 Budgeting Courtesy of sjh Setting Good Time Management Habits • Studies have proven that those of us who habitually set goals are more successful and prosperous • Make it a Habit to plan on a daily (or at least a weekly) basis • Use PRIME time (without distractions to plan! (early in the AM works for many) • Use a tool that works for you Bus 205 Budgeting Courtesy of sjh The nature of man is always the same It is their habits that separate them Confucius Tools to improve your Time Budgeting • A Day Calendar- make sure it has enough room to write appointments • Microsoft Outlook on your PC- contains calendar, messages, can be use for email, contacts, tasks (which can be prioritized) • A PDA- Visor, Palm, or other electronic devise that is portable Make sure it has the option to sync with your home pc • Other software or “personal management assistants” systems •Make sure it works for you- if not, it is not Bus 205 Budgeting an effective tool! Courtesy of sjh re u s a e e k av a M u h p! yo ck-u ba Prioritize Your Tasks Prioritize in terms of REAL importance Must Do Should Do Nice to DO The ABC (1,2,3) Method needs to be flexible Your must & “shoulds” change! Bus 205 Budgeting Courtesy of sjh The Tests of Time Use the Tests of Time: Test of Necessity Is it necessary or just nice? Test of Appropriateness Would it be appropriate to wait or delegate? Test of Efficiency Is there a better way…work smart, not hard! Bus 205 Budgeting Courtesy of sjh Beware of Time-Wasters! The Manager’s Top Five • Telephone Interruptions (so, why you have voice message?) • Drop-in Visitors • Meetings, Meetings, Meetings • Crises • Lack of Objectives, Priorities, Goals (aimless wandering, day dreaming) Bus 205 Budgeting Courtesy of sjh More Time Wasters: The Runner-ups  Disorganized, Poor Recordkeeping, Cluttered Desk  Ineffective or NO Delegation  Attempting TOO Much (warped expectations)  Confused Responsibility & Authority  Inadequate, inaccurate & delayed information Bus 205 Budgeting Courtesy of sjh Characteristics that embrace time-wasters • • • • • Indecision & Procrastination Lack of Clear Communication Inability to say NO! Controlling issues (unable to delegate) Lack of Controls, Standards and Processes • Fatigue & Lack of Self-Discipline • Burn-out • Uninvolved…Bored…Apathetic Bus 205 Budgeting Courtesy of sjh Five Tips You Can Use Now! Analyze Your Time- 15 minute test Make a daily “to do” list and prioritize it Make it a Habit! Devote primary attention to your A’s! Try to handle each piece of paper once (set up a great recordkeeping system) Continually ASK? What is the best use of my time right now and DO IT! Bus 205 Budgeting Courtesy of sjh Web Sites: • www.assetfm.co.uk (Asset Financial Management) • www.bizcoach.org (Small Business Development Center) • www.helpbizowners.com (Small Business Help Center) • www.morebusiness.com (More Business) • www.sba.gov (SBA) • www.score.org (SCORE) Bus 205 Budgeting Courtesy of sjh ... fifteen minute time analysis to see where your time is going Bus 205 Budgeting Courtesy of sjh 15 Minute Time Analysis: Where does your time go? This Test allows you to keep track of your time by 15...It’s About Time Techniques to Budget One of Your Most Valuable Resources… Your Time! Do you have the time? • What is time? - a measurement, a precious resource, a valuable asset? • Time is perishable-... you analyze your time budgeting choices Directions Make ten copies of the Time Worksheet (one for each work day for two weeks) Use it to record exactly how you are spending your time Analyze the