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Time management skills for the Entrepreneur

by Jenny

Time management skills for the Entrepreneur 

As a mother and business owner with 15 years of experience in the beauty and hairstyling industry, I have had many days where I felt utterly overwhelmed. Between the dreaded “mom guilt” and managing my business’s day-to-day, I spent too much time feeling exhausted and overworked. Finally, I had enough. It was time to take my life back into my own hands. 

 

So I did some serious research surrounding time management and found the Pareto Principle. If you are anything like me, you are probably scratching your head and wondering what the Pareto Principle is and what it has to do with time management. Trust me. I felt the same way until I did some digging into the subject.  

 

Whether you are new to the beauty industry or are a budding entrepreneur hoping to launch your own business, the Pareto Principle will change your life for the better by improving your time management skills. 

In today’s post, we will cover what the Pareto Principle is and practical tips on implementing it into your life as soon as possible. 

 

Let’s get started! 

Pareto Principle

What is the Pareto Principle? 

To begin, let’s discuss what the Pareto Principle is. The Pareto Principle, also known as the 80/20 rule, states that roughly 80% of consequences come from 20% of the causes for many outcomes. In the words of Brian Tracy, a world-renowned self-development author, this rule says that 20% of your activities will account for 80% of your results. 20% of your customers will account for 80% of your sales. 20% of your products or services will account for 80% of your profits. 20% of your tasks will account for 80% of the value of what you do, and so on.” 

 

Let’s break this down further. As an entrepreneur, makeup artist, or stylist, 20% of your time and effort should result in 80% of your output. 

 

Don’t worry if this feels confusing. More simply put, the idea behind this concept is that most things like work, wealth, etc., are not distributed evenly, and because of this, you should prioritize your focus. Your intention should be to complete the tasks on your daily to-do list that matter most in the long-term.

 Tasks that help you reach your goals should be 20% of your focus—work smarter, not harder, as the saying goes.

Jenny and Milan

How does this apply to real life?

Applied to my own business and profession, I have two options. 

 

Option 1: I can spend roughly 20% of my time delegating to employees who can, in turn, meet with clients, handle consultations, post on social, and answer emails and phone calls to output 80% of my business profit.  

 

Option 2: I can spend 80% of my time answering phone calls, emails, etc., as a team of one resulting in only 20% output. 

The point is that as an entrepreneur, you should be delegating tasks, finding people who can do the work well, and outsourcing as much as possible. By focusing on your priorities and things that only you can do, you save time and money in the long run.
Jenny

How you can begin implementing 

Start by evaluating your daily, weekly, and monthly to-do list. I like to spend at least one day assessing and planning for the month ahead at the beginning of the month. Based on what you have on your plate, prioritize what you need to do based on the amount of effort that it takes to complete. Label and rate each item on your to-do list first by how much effort is involved and then by the impact that the task will make. 

 

Once you have finished ranking, create a new to-do list by dividing the effort by the impact. Complete the tasks that deliver the highest impact with the least effective and the tasks that take the most effort that produce lesser impact should be delegated or pushed. For example: taking your laundry to the cleaners. This takes significant effort but created a minimal effect on your long-term goals of being a successful entrepreneur. This is a task that you can easily delegate to make room for more critical tasks on your list. 

Next, figure out when you are the most productive and work during those times. I love mornings and plan most of my day during that time frame because I know it is when I am the freshest and on top of my game. 

Eliminate any menial tasks or distractions. I put my phone in another room when I need to focus on a project or job because I know that I am the most distracted by my phone alerts. 

Rinse and repeat this cycle often to ensure you are making the most of your time! When creating a business, time truly is money. Treat your time like it is your most valuable asset because it is. I know that this is a heavy topic, so please reach out to me if you want to discuss it further.  I am passionate about time management and am happy to help you in any way that I can.

 

Until next time, 

XO,

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