By Lori Karpman, Lori Karpman & Company

For most entrepreneurs, having the freedom to work when and where you want is the dream that many chase after, yet have difficulties in achieving. For many of us, the freedom of being your own boss can feel like it’s chaining us down and forcing us to work more hours than we ever have.

How do we find the time to get everything done for our business without burning out while also prioritizing our families and personal lives.

Time management is an essential skill for anyone who wants to be productive and achieve their goals. Effective time management can help you stay focused, reduce stress, and make the most of your time. At the 2023 CFA National Convention, we discussed time management in a seminar in which we tackled different approaches to managing your time to help maximize your productivity, make the best use of your time while you’re working, and dramatically increase the quality of your time while you’re not working. Here are some of the key points we covered in our session at Convention: 

What is Time Management? 

Time management is the process of planning and organizing how you spend your time. It involves prioritizing tasks, setting goals, and creating a schedule that allows you to accomplish what you need to do. Good time management skills are essential for anyone who wants to be successful, whether in their personal or professional life.

Why is Time Management Important?

 There are several reasons why time management is important. First, it helps you stay organized and focused. When you have a clear plan for what you need to do and when you need to do it, it’s easier to stay on track and avoid distractions. This can help you be more productive and get more done in less time.

Second, time management can reduce stress. When you’re trying to juggle too many tasks at once or feel like you’re always running behind schedule, it can be overwhelming and stressful. Effective time management can help you feel more in control of your time and reduce the stress that comes with feeling like you’re constantly playing catch-up.

Finally, time management can help you achieve your goals. When you have a plan for how you want to spend your time and what you want to accomplish, you’re more likely to make progress toward your goals. By focusing on the most important tasks and using your time effectively, you can make steady progress toward your goals and achieve them more quickly.

Tips for Effective Time Management 

Now that we’ve covered why time management is important, let’s look at some tips for managing your time effectively.

• Set Goals and Prioritize Tasks 

The first step in effective time management is to set goals and prioritize tasks. This involves identifying what you want to accomplish and what tasks are most important. Once you’ve identified your goals and priorities, you can create a plan for how to achieve them.

• Create a Schedule 

Once you’ve identified your goals and priorities, the next step is to create a schedule. This involves setting aside specific blocks of time for each task or activity. You can use a planner, calendar, or scheduling app to help you keep track of your schedule. When creating your schedule, make sure to allocate enough time for each task. It’s also important to schedule breaks and downtime to help you stay refreshed and avoid burnout.

• Eliminate Distractions 

Distractions can be a major obstacle to effective time management. Whether it’s social media, email, or other interruptions, distractions can make it difficult to stay focused and get things done. To eliminate distractions, try turning off notifications on your phone or computer, closing unnecessary tabs, or working in a quiet space.

• Use Time-Blocking 

Time-blocking is a technique that involves dividing your week or day into blocks of time and assigning specific tasks or activities to each block. This can help you stay focused and avoid multitasking, which can actually reduce productivity. By focusing on one task at a time and giving it your full attention, you can get more done in less time.

• Delegate Tasks 

Delegating tasks can be a great way to manage your time more effectively. This involves assigning tasks to other people who are better suited to handle them or have more time available. Delegating tasks can help you focus on the most important tasks and make the most of your time.

• Take Breaks 

Taking breaks is essential for effective time management. When you work for long periods without a break, you can become fatigued and less productive. Taking regular breaks can help you stay refreshed

We also spoke about the Entrepreneurial Time Management System, created by Dan Sullivan of Strategic Coach, which has weeks categorized into three different kinds of days:

 1. Focus Days are for productivity and revenue-producing activities. These days should be focused on activities that will produce revenue in the next 90 days. These days include doing the work you were hired to do, prospecting, and the like. 

2. Buffer Days are focused on doing the things that need to be done but do not produce revenue such as doing expense sheets, making doctors’ appointments, cleaning your office, or learning a new skill.

 3. Free Days are for rejuvenation.  There are no work-related activities allowed on these days.

There are many different tricks and tips for managing your time. Just pick one and start anywhere!

ABOUT THE AUTHOR
Lori Karpman is the CEO of Lori Karpman & Company a multi-award winning management consulting firm specializing in franchising. Lori has been in the franchise industry for 30 years, having been a franchisor and master licensee herself. Lori is considered one of Canada’s leading expert on the subject of multi-unit business development. She is also an executive coach and Amazon bestselling author