They say time is money, and that is perhaps most true for small business owners. There are never enough hours in the day, so one of the most important things small business owners can do is prioritise what needs to be done in order to keep the business running and make the most out of every day.
Small business owners are always trying to find time to work on what’s really important, things that will move the business forward, allow for growth, and help bring your dreams and goals to fruition. The key to moving forward with your business is analysing your task list and deciding what the most important tasks are. Owners must focus on the tasks that are most immediate and important. Not every task is critical to success, and those menial tasks will take away from the tasks that will allow you success.
Categorising tasks with a management matrix
The management matrix takes two important factors into account: the importance and urgency of a task. By categorising every task into these categories, you can prioritise your to-do list and focus on the parts of your business that will define your success.
Important, Urgent tasks are those that must be resolved immediately. These include things like important phone calls, responding to customer complaints, or attending meetings. These items rank highest on the list for a business owner.
Important but Not Urgent tasks are those that are important for business success, but are not immediate. They can be put off for a while without harming the business and should be near the top of your list. These are tasks that you have to plan a time to do, and can include things like future planning, product research, and caring for yourself.
Not Important but Urgent tasks are those that are quickly approaching but do not necessarily contribute to business success. Often, these tasks can be delegated to other team members, or systemised/automated so that they do not take up the time of a business owner.
Not Important and Not Urgent tasks can be forgotten or removed. They are nonessential to success and should be ignored.
“Using this matrix to analyse the productivity and efficiency of your team will show you where you have a competitive advantage.”
Often, this matrix of task categorisation provides insight as to what tasks should be emphasised, and which can be delegated to other employees. Additionally, but using this matrix to analyse the productivity and efficiency of your team members will show you where you have a competitive advantage, and where out-sourcing may be the most logical option.
Owning a small business is overwhelming, but there are many professionals here who would be happy to help you develop strategies for success, so that you business may become everything you want it to be.