Time management is an important tool for small business owners - organizing your time and understanding its value to your small business is a great way to become more focused and successful.
1. Time Allocation In order to grow and develop a small business brand, owners and managers need to allocate time to three key functional areas:
- Servicing existing customers
- Searching for new business
- Administration
The time required to achieve a balance between the day-to-day and long term needs of a small business will vary from situation to situation - A good time allocation rule of thumb to start is:
Existing Customers - 60%
Once you get a new customer make sure you keep them by allocating time to:
- Continuing to present your client base with the high level of quality products and services that gained their trust in the first place
- Offering a superior level of ongoing customer service and support
- Developing Incremental business by offering existing customers new products and services
Business Development - 30%
Allocate approximately three quarters of your business development time on marketing, advertising and sales. Some of the tasks you can set aside time for are:
- Preparing quotes and proposals
- Marketing planning and execution which can include (but not be limited to) thinking about your target markets, researching advertising options, implementing ad campaigns such as Google Adwords, newsletter marketing, website content management, etc.
- Sales prospecting i.e. cold calling, etc.
- Researching potential clients, market segments, etc.
Allocate approximately one quarter of your business development time to networking and publishing. Set aside time for:
- Networking events put on by your local chamber of commerce or industry associations
- Meeting with strategic allies, vendors, etc.
- Public speaking
- Tradeshow marketing
- Online social networking i.e. keeping your LinkedIn profile updated; commenting on blogs, etc
- Writing content such as website articles, regular blog posts, etc.
- Writing press releases
Administration - 10%
Small business owners get caught up in the day-to-day and often sacrifice staying up to date on their "paperwork" because it's not a revenue generator - but, if neglected for too long, administration can become costly. Dedicate some time each day, week or month to administration including:
- Bookkeeping and accounting (particularly paying bills and invoicing!)
- Staying up to date with any government documents, important registrations, etc.
2. Time Value Yes, we all know that "time is money"...but, besides direct payment for products/services, how can your small business use time to create value and build brand equity? Here's a hint: don't just think about your time when it's billable...view the time you spend as an investment in building your small business brand and creating trust and value over the long term. Some examples:
- Spend face-to-face time with customers...take time to learn about their business so you are able to better serve them in the future
- Take time to really engage with clients and prospects...don't rush through situations that may not pay immediate dividends...listening builds respect.
- Take time to think...about your business, your strategies, your employees, your vendors...it's too easy to get caught up in the day-to-day and forget the value of spending time developing ideas
- Respect the value of other people's time...when you gain permission to share time with a prospect or client, don't risk eroding the goodwill: Don't be late for meetings; Don't overstay your welcome; Don't waste people's time.
Mark Smiciklas is a Vancouver Marketing Consultant. His firm, Intersection Consulting, helps small to mid-sized businesses address challenges in the areas of marketing, management and business development.
To find out more about Intersection Consulting, please visit http://www.intersectionconsulting.com
For more thoughts and ideas on marketing and management for small business please visit the Intersection Blog at http://www.intersectionconsulting.typepad.com
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