Less busy, more productive
Time management continues to be another challenge for many accountants, particular those who are also business owners. Getting bogged down with day-to-day tasks is not only time consuming, it also cuts into the time that should be devoted to strategic planning. As we all know, being busy isn’t necessarily the same as being productive — plus it can impact your bottom line.
A great way to manage your time more effectively is to classify your tasks based on their relative urgency and importance. This will help you see which of the less important tasks end up consuming most of your time, and which of the more important tasks you’re neglecting
An easy but useful tool to use is the Eisenhower Decision Matrix, which categories tasks as:
#Urgent and important
#Important but not urgent
#Urgent but not important
#Not urgent and not important.
You should be aiming to spend most of your time on tasks that are important but not urgent — that is, the ones that allow you to be productive and creative, and which contribute to your business’s future. You can achieve this by dividing up larger tasks into manageable portions and delegating less important tasks to junior staff members.
But remember, before you can delegate confidently you need to equip your staff with the skills and knowledge they need to succeed. By investing in the development of your staff, they’ll be ready to handle urgent tasks without you when they next arise. It also means each team member will become more engaged — and more accountable — in their role.