New Survey Reveals How Business Owners Can Better Manage Their Time

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A new survey from The Alternative Board reveals how business owners are spending their time -- and how they’d rather be spending it.

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Whether your personal vision of success includes increased profits, a wider sphere of influence, or simply more time with family and friends, better time management will help you reach your goals.

The Alternative Board (TAB)’s latest Business Pulse Survey shows the majority of business owners (63%) are working more than 50 hours a week, but the average entrepreneur only wants to work 41.7. So what’s to blame for the discrepancy? According to the results, it’s ineffective time management.

The survey shows that 40% of business owners admit to either having an ineffective annual operating plan/budget or none at all. “A strategic plan helps manage your time by focusing your goals and eliminating distractions,” says TAB VP David Scarola. “Without one, business owners are more likely to waste time on urgent, but unimportant tasks.”

The numbers agree with Scarola. According to the survey, the average entrepreneur spends 68.1% of the time working “in” their business (tackling day-to-day tasks, putting out fires), and only 31.9% of the time on working “on” their business (i.e. long term goals, strategic planning). As 73% of business owners would prefer to work on their business, it’s important to eliminate unnecessary distractions.

Distractions come in many forms, the most common being emails. In fact, 33% of entrepreneurs agree email is the biggest time strain on their business. “The key to cutting time spent on emails is not to read them more than once,” says Scarola. “Don’t open an email until you’re ready to act on its contents.”

The second most frequent time waster was administrative tasks (24%). If business owners want to achieve the 41.7 hour-per-week lifestyle they strive for, they need to start delegating duties that fall below their pay grade.

“Whether your personal vision of success includes increased profits, a wider sphere of influence, or simply more time with family and friends, better time management will help you reach your goals,” says Scarola.

The Alternative Board is a global peer to peer advisory franchise serving over 3000 business owners worldwide. If you’d like to receive the full survey results, executive summary or schedule an interview with David Scarola, contact Lynn Maleh at lynn(at)contentfac(dot)com.

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Lynn Maleh
@TAB_Boards
since: 05/2009
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The Alternative Board (Worldwide)

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