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Small business owners know the importance of time. In fact, in a recent survey, small business owners rated time as the most important asset to their business, beating out computers and their mobile phones.
Overall, 38 percent of business owners rated time as their most important asset, but half of all business owners called having enough time the biggest challenge to managing their small business. To make up for the lack of time, almost three-quarters of business owners said they were working longer days and more time on the weekends and 40 percent said they have taken less vacation time than they did five years ago.
Business owners also said they feel that the lack of time is costing them in a big way. Three in 10 business owners said that one hour of their time was worth $100, while one-quarter of business owners said that one hour was worth $500 or more. Most business owners have this opinion of the value of their time because on average, they say they fill the roles of between three and four employees on any given day. More information can be found in the infographic below.
Business owners looking to maximize their time can do so by utilizing the following steps. They include:
- Use collaborative tools that sync process and boost productivity.
- Know your priorities and follow them.
- Use online platforms to help run the business.
- Use mobile applications to work from anywhere.
- Use technology only at specific times of the day.
The information in this infographic was based on research from Evoice, SBE Council, Insignia Research and ADP. The infographic was composed by MavenLink.