When you run your own business, your most important resource is your time so the degree to which you achieve the best use of your time will determine your success.

There are three keys to getting the best use of your time.

1. Knowing how much your time is worth
The first step in getting control over your time is to know how much it’s worth. The most obvious way to value your time is just to take your annual earnings figure and divide it by the number of hours you work in a year.

Assuming you want to earn more and work less, another way of doing this is to choose the level of income you aim to achieve and divide it by the number of hours you want to work.

When you know your hourly value, you can keep it in mind when you decide how you want to spend your time. If you begin to think of your time as worth your hourly rate, don’t be surprised if you start to earn it.

2. Making best use of the limited time you have available
There is a distinction between productive time and unproductive time:

• Productive time is time spent with clients or creating products and generates income.
• Unproductive time is checking emails, answering the phone, learning new things, surfing the web or talking to friends and makes you no money.

If you recalculate your hourly rate based on the number of productive hours you have each day, it will be much higher.

Here are some tips on managing your time more effectively:

• Manage your day with time limits: One of the most effective ways to take control of your time is to block out specific segments of your day to work on particular tasks. Consider using a timer to keep yourself on track.
• Make sure you control your email instead of letting it control you: Email is now an essential business and communication tool. But sometimes, it can turn out to be a real productivity killer. Most of us can free up a lot more time by managing our email more effectively. For example:
  • Stop checking it every few minutes.
  • Set strict time limits on the time you spend checking it.
  • Scan first to decide what’s important.
  • Apply a one-touch approach.
  • Use technology such as search, filters and autoresponders to make email management easier.
  • Create standard replies to common questions.
• Take steps to avoid interruptions: Interruptions eat into your time and set you back. You can either be prepared for them, or think of ways to tackle them so that they don’t keep you from achieving your goals.
• Set up your working area for efficiency: A well-ordered and neat office or desk can go a long way in helping you achieve your time management goals. Arrange your office so that it is convenient for you to work comfortably.
• Answer the phone because you want to - not because it is ringing: Using the phone to increase your productivity can save you time. For example, never agree to be put on hold and be sure to leave effective voicemail messages.
• Surf the web productively: Set aside a specific time for conducting Internet research or browsing for information. Then focus on your goals and do your best to resist the urge to surf. This one change will make your efforts a lot more focused and productive.

Make use of automation: There is a wide range of technology available for carrying out many tasks. Whether it’s using automated software to keep your website up-to-date, or automating the issue of your invoices, it can save you considerable time and money.

3. Only doing things that earn the value of your time
One of the key points of having your own business should be giving yourself the freedom to do what you want to do with your time.

Your business hours should be spent profitably and, ideally, enjoyably - freeing you up to make the most of your quality personal time.

Once you know how much your time is worth, you can easily ask yourself if what you are doing is worth your hourly rate. If not, it’s easy to find someone else to do it via outsourcing.

Outsourcing can make your day a thousand times easier and more profitable. Here are some of the advantages:

• It allows you to focus on your priority tasks.
• You cut the learning curve by employing an expert.
• They can probably do the job faster than you.
• It frees you up to do things you enjoy.

So if you want to achieve the success you crave, it’s time to give your time its true value and to start using it effectively.

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