Time Management Myths That Keep You From Achieving Your Business Goals

Managing time and making sure that every minute of each work day is accounted for is believed to be the key to achieving business goals. There are, however, some time management myths that you should take note of. Shifting from these myths to a whole new perspective in managing your employees’ time will give your business the push it needs to get to your goals faster. It’s not all about racing against time. It’s all about making sure that your employees are maximizing their skills and talents and are performing optimally.

time management myths

These are just some of the time management myths that you should address immediately:

1. Multi-tasking gets more tasks done. This is one of the most common time management myths. Some people believe that doing several things simultaneously helps them accomplish more things. On the contrary, this practice gives you several projects that are half-done. Studies show that the brain actually works harder when shuffling between tasks. A more productive practice is to break your project into “digestible” chunks and completing each task before you switch to another task or project.

2. The more tasks you complete, the more productive you are. This only ensures quantity but not quality. There are some employees who actually gripe about why they do not get recognized for all the packed work days they have logged in. What they do not realize is that by cramming more tasks into their work days, they are putting too much strain on themselves to finish as many tasks as possible at all costs. A lot of people would agree that mistakes and work done haphazardly are magnified in the eyes of management. It is important that daily deliverables are clear for both the employee and his boss. This should involve all the tasks that can reasonably be completed within a given time period.

3. Sticking to your schedule is the trick to completing your projects. Organizational tools like calendars, to-do lists, and schedulers are helpful in more ways than one. But, these tools are counterproductive when they are not used properly. Fussing over calendar entries and obsessing over scheduled tasks are time wasters. These tools should serve as guides on what needs to be done. Employees will have to be flexible enough to deal with unavoidable unforeseen project delays. There should always be a contingency plan for such eventualities. Instead of worrying about not being on schedule, find out whether other tasks can be done in the meantime so that the delays will not affect the final project completion target date.

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The First Step to Success: Drawing Up a Sound Business Plan

Those who fail in their endeavors surely did not plan to fail. What they failed to do is to come up with a good plan. In any kind of business, a sound business plan is the first thing that owners will have to make. This important piece of document will detail the business’ goals and all other pertinent information that will make these goals attainable. This will also help put things in perspective with respect to the resources available and how they can be maximized.

business plan
The following elements should be considered in drawing up a plan towards business success:

Mission and Vision

The plan needs to have a purpose. The mission and the vision of the company should serve as the anchor of the business plan. This is what the company is planning for. Success will be measured on how close the company is to their mission and vision. Of course, this should be translated into more quantifiable terms. If the company’s vision is to be the brand of choice when it comes to a particular product category, then the corresponding measures should also be identified as success factors.

Competitive Landscape

There is hardly any business that exists in an industry on its own. There are competitors to speak of and to share the market with. Detailing information of the competitive landscape in the business plan will help the business owner identify strengths and weaknesses as well as opportunities to take advantage of. This will also give way to a better action plan and the consequent performance analysis. This portion in the plan should include information about the motivations of customers in dealing with the competitor companies. The business can capitalize on these motivations to get more of the customer pie.

Resource Allocation

The business needs to have a good grasp of what resources it can make use of in their bid for business success. Where these resources will come from and how they can be maximized should be detailed in the plan. The end in view of all businesses is profitability. And this requires prudent use of resources. Bigger companies could also look into financing options if it would mean increased chances of productivity and profitability.

Action Plan

Any plan will not work if they are not properly implemented. A concrete and workable action plan should be included in this business document. There also has to be accountability. The different departments and operational areas will have to be involved in the planning process. Most importantly, the commitment and dedication of the business owner and the managers will have to be present to put the plan in action towards business success.

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5 Tips for Starting Your Home Business

Why merely dream about owning your own business, when you can easily fulfill your desire by working from home? While starting a home-based business may seem like a daunting task, with dedication and hard work, you can fully achieve your goals and achieve success.

home business

Check out these five tips for starting your home business.

#1 Identify Goals & Business Niche

Pursue a goal that relates to a genuine interest or passion. Are you wanting to fulfill a local need or a national one? Consider these key aspects when identifying goals for a new home business. Along with goals, it is always necessary to focus on figuring out your business niche, and how your business type will benefit consumers.

#2 Create a Short Business Plan

Pick up your pen and focus on outlining a real strategy for your business. Identify what you will offer, a target customer, proper pricing and an action plan. How will you make business happen? Don’t sweat the small details — instead focus on a clear and concise plan summarizing your business strategy.

#3 Identify Your Target Customer

In terms of your business, what market are you targeting? If your product is a supplement for men, figure out the exact group of men you are wanting to target. Is your product for men over the age of 50? Pinpoint who your target clients or customers will be, and your marketing strategy will be much easier in the long run.

#4 Keep Costs Down

For the majority of new businesses, it is not within the actual budget to hire loads of people and accumulate unnecessary expenses. Try to keep costs down by enlisting the help of friends and family members. Or look at the option of training interns to assist your business. What areas should you look at for keeping company costs down? Consider minimizing costs for things like business cards, marketing and phone services.

#5 Engage with Customers

Marketing does not have to break the bank. Remember that customers will not know about your home business unless you choose to go out and tell them about what you have to offer. Work on developing a savvy marketing plan that will attract and engage your potential customers. Look at low-cost ways of developing a website for your business. Build a social media presence on the Web via free resources like Facebook and Twitter.

Additional Tip:

In comparison to businesses that create actual products, home businesses providing services are much easier and less expensive to launch. Plus if you want to maintain a second job outside of the home, this is still possible while launching your home business.

Dylan is an Entrepreneur from Brisbane, Australia. He has started many successful businesses and gives these tips to others who are looking to be successful with their own business. As a way to keep expenses down, Dylan recommends using virtual office space while you are working to grow your business.

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Phanlop88 – Free Digital Photos.Net

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