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Time budgeting II

Let’s discuss your group work
• What caused you problems?
• Administrative cost
– What did you identify
– If none, let’s come up with some examples
now.
• What benefits did you give yourself and or your
employees?

Bus 205 Budgeting
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It’s About Time
Techniques to Budget One of Your Most
Valuable Resources…
Your Time!


Do you have the time?
• What is time?- a measurement, a

precious resource, a valuable
asset?
• Time is perishable- it cannot be
saved, borrowed or loaned, unlike
other resources in your business.
• Do a fifteen minute time analysis
to see where your time is going.
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15 Minute Time Analysis: Where
does your time go?
This Test allows you to keep track of your time by 15 minute
increments.
This is a tool people love to hate, but it helps you analyze your
time budgeting choices.

Directions
1. Make ten copies of the Time Worksheet (one for each work
day for two weeks).
2. Use it to record exactly how you are spending your time.
3. Analyze the findings and see if you can make better
choices
4. What do you see? Are you spending enough time on the
high priorities? What are your time wasters? How can you
Bus 205 Budgeting
change your habits.
Courtesy of sjh


Time Management Tips
• Make it a HABIT to plan…and
budget your valuable resources.
• Prioritize
• Do the Tests of Time
• Figure out your “Prime Time.”
Make the best use of your prime-time







Set realistic expectations
Learn to delegate
Practice “task completion”
Reward yourself for completion
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Setting Good Time Management
Habits
• Studies have proven that those of us
who habitually set goals are more
successful and prosperous.
• Make it a Habit to plan on a daily (or
at least a weekly) basis.
• Use PRIME time (without
distractions to plan! (early in the AM
works for many)
• Use a tool that works for you.
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The nature of man is
always the same. It is
their habits that
separate them. Confucius


Tools to improve your Time
Budgeting
• A Day Calendar- make sure it has enough
room to write appointments.
• Microsoft Outlook on your PC- contains
calendar, messages, can be use for email,
contacts, tasks (which can be prioritized)
• A PDA- Visor, Palm, or other electronic
devise that is portable. Make sure it has the
option to sync with your home pc.
• Other software or “personal management
assistants” systems.
•Make sure it works for you- if not, it is not
Bus 205 Budgeting
an effective tool!
Courtesy of sjh

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M u h p!
yo ck-u
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Prioritize Your Tasks
Prioritize in terms of REAL
importance
1. Must Do
2. Should Do
3. Nice to DO
The ABC (1,2,3) Method needs
to be flexible. Your must &
“shoulds” do change!
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The Tests of Time
Use the Tests of Time:
Test of Necessity
Is it necessary or just nice?
Test of Appropriateness
Would it be appropriate to wait or
delegate?
Test of Efficiency
Is there a better way…work
smart, not hard!
Bus 205 Budgeting
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Beware of Time-Wasters!
The Manager’s Top Five
• Telephone Interruptions
(so, why you have voice message?)
• Drop-in Visitors
• Meetings, Meetings, Meetings
• Crises
• Lack of Objectives, Priorities,
Goals (aimless wandering, day
dreaming)

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More Time Wasters:
The Runner-ups

 Disorganized, Poor
Recordkeeping, Cluttered Desk
 Ineffective or NO Delegation
 Attempting TOO Much
(warped expectations)
 Confused Responsibility &
Authority
 Inadequate, inaccurate &
delayed information
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Characteristics that embrace
time-wasters






Indecision & Procrastination
Lack of Clear Communication
Inability to say NO!
Controlling issues (unable to delegate)
Lack of Controls, Standards and
Processes
• Fatigue & Lack of Self-Discipline
• Burn-out
• Uninvolved…Bored…Apathetic
Bus 205 Budgeting
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Five Tips You Can Use Now!
1. Analyze Your Time- 15
minute test.
2. Make a daily “to do” list and
prioritize it. Make it a Habit!
3. Devote primary attention to
your A’s!
4. Try to handle each piece of
paper once (set up a great
recordkeeping system)
5. Continually ASK? What is
the best use of my time right
now and DO IT! Bus 205 Budgeting
Courtesy of sjh


Web Sites:
• www.assetfm.co.uk (Asset Financial
Management)
• www.bizcoach.org (Small Business
Development Center)
• www.helpbizowners.com (Small Business Help
Center)
• www.morebusiness.com (More Business)
• www.sba.gov (SBA)
• www.score.org (SCORE)
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