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10 small business tips for time management, profits

06:17 AM PDT on Tuesday, April 17, 2007

By Terry Corbell

As a small businessperson, you’re still probably a bundle of nerves even after you’ve successfully coped with the federal tax code this year. While completing your tax return, you were also reminded about your financial pet peeves – few of which aren’t even recorded in your profit and loss statement.

You’re probably agitated by a myriad of things that tax your patience: Pork-barrel spending by the federal government, ill-advised legislation by the Legislature in Olympia, biting your nails as your products sit in a parked truck on I-5, watching solo drivers crowd into the carpool lanes, or suffering from poor customer service while shopping after a long day.

Certainly, this is the time of year that taxes the patience of many small businesspeople. Yes, it’s very frustrating not to be able to control events.

Actually for me, the new blossoms in my garden remind me about the need for action: Spring cleaning and dealing with financial clutter.

But everywhere I turn, I hear these words: “There isn’t enough time in the day.”

That’s true. Yet, now it’s important to budget enough time to gauge your 2007 business progress – so that enough corrections can be made in time to improve profits by the end of the year.

Where to start? Every manager and employee should be asking one key question: “Is my behavior in financial matters matching my goals for performance.” Usually, the answer is a resounding “no.”

The second step: Develop strategies for better time management in analyzing your profits.

Here are 10 keys for micro businesses:

Review your long range goals. When developing your goals, be specific. Identify your priorities in order to list your financial goals. That usually means making your managers and key workers more effective. Develop your strategies and set a specific timeline for action.

Track your progress and delays.  Record everything, including your progress. Avoid frustration by looking for progress – not perfection.

Analyze your progress. Record and analyze how you spend your time. At every juncture, ask: “Is what I’m doing right now helping me to reach my goals?”

Take baby steps. Start your road to success by setting your sights low. Even slugger Mickey Mantle would resort to bunting in order to break out of a slump.

Avoid procrastination. Make sure the first hour of every day is the most productive. The rest of your day will seem like a walk in the park. Then, take advantage of technological efficiencies and budgeting tools to see how your expenses compare to your goals.

Be gentle. Take it easy. Do everything gently. Remember the wise words of songwriter and entertainer Hoagie Carmichael: “Slower motion gets you there faster.”

Plan your time.  Make your “to do” list by Friday for the following week. Review the next day’s schedule before going home each night. Ensure that your employees, particularly salespeople, have their activities and appointments set at least three to five days in advance.

Prioritize: A, B, or C. Not every matter is a top priority.

Avoid desk clutter. Instead of “Post-it Notes," put all the necessary folders away in the appropriate file drawers.  Once the clutter is off your desk, the “to do” list serves as the master organizer.

The bottom-line:  If you don’t take the time to do it right, when will you have time to do it over?    

From the Coach’s Corner, this is the last week of the Washington legislative session. If you act now, there’s still time to voice your opinion on bills that financially impact your small business.

E2SSB 5930 would eliminate the reforms of the state’s Blue Ribbon Commission on Health Care Cost and Access. The reforms would have allowed more efficiency and less expense in health care plans for small business; instead government would take greater control. If you oppose it, contact your state senator.

You still have time to act on four others. They have been approved by the legislature, but are still waiting for Governor Gregoire’s approval:

  • SB 5659, the paid family leave bill, has passed and forwarded to Governor Gregoire for her signature. It would allow a $250 per week benefit for your employees’ bonding or maternity leaves.
  • HB 1458 is the eminent domain abuse protection bill that will require 15 days of public notice and would prevented Sound Transit from condemning businesses in order to acquire property without proper notification. It’s also awaiting the governor’s signature.
  • SB 5676 is a worker’s comp bill that would drive up costs for small businesses. Among other considerations, it would stipulate that payments by employers would not count as payments, such as holiday pay, vacation pay, and sick leave. It has passed both bodies and awaits the governor’s approval.
  • SB 5340, an expansion of the definition of disability, has been passed and sent to the governor. Critics derisively point out eyeglasses or baldness could constitute disability. It awaits the governor’s signature.

Remember to persevere, but minimize your stress by remembering this adage: “No matter what, there are no big deals.”


Terry Corbell has been a Seattle-area management consultant since 1992. His business-coaching column appears each Tuesday. Click here for more information on his background. E-mail your questions and comments to terry@corbellmanagement.com, or call him at (253) 952-3840. You can also visit his Web site at: www.corbellmanagement.com.