3 Golden Rules: Time Management For Home Based Business Entrepreneur

Time management is a very essential and critical aspect for business entrepreneurs & bloggers who are running their business from home. A home based entrepreneur need to balance their personal as well as professional life. We shall discuss 3 golden rules of time management that help home based entrepreneur to balance their lives and give optimum output to their profession.

Rule 1: Set your priorities and adhere to it

Multi-tasking is a wonderful characteristic that enables you to do a lot of things at the same time. A lot of people are not able to work on different tasks at the same time. They are unable to maintain their concentration and thus prone to make a lot of mistakes.

What you should do? You need to ask the following two questions to determine the priority of the task:

Is the task urgent?

Is the task important?

Now if the task is important then deal that task with yourself. However, if the task is urgent but not so important then assign it to your team member. While when there is no urgency but the task is a little important then add it in to do list. But when it is neither urgent nor important then you need to decide whether you should spend any time doing it.

Rule 2: Do not get lost knowing the task much in detail

This rule focuses on another important aspect that directly relates the time taken by the task. How perfect you should be in understanding and executing the task? Sometimes perfect prove to be very harmful to time management. Often people get lost in knowing insignificant details of the task. Executing business may require you to know critical information about the task. However, you should be cautious that you may not lose much time on a single task. The analysis is always beneficial but over-analysis is harmful. You need to know a point where you take decisions based on the information with your insight at the given moment and take action accordingly.

Rule 3: Apply “Pareto rule” to avoid consuming unnecessary time doing a task

According to Pareto rule, give 20% of energy for 80% of the result. To achieve the remaining 20% of the task, spend 80% of your energy. This means that the first 20% of your efforts are entirely effective and productive which was related to the completion of the task for which you are skilled. 20% of your efforts were the result of your talents and competence to achieve 80% of completion. While the second 80% of energy often relates to the task for which you are not skilled. You can save your time delegating such a task to others who are skilled at it.

To summarize, home based business entrepreneurs can try out above given 3 rules to improve at time management. When you will practice these rules in your daily activities then you rest assure that you will increase your productivity. Keep track of your time spend doing your daily activities and analyze after 2-3 weeks. You will be surprised by your effectiveness and productivity towards becoming a successful home based entrepreneur.