We often say ‘Time is money’, and it’s especially true for entrepreneurs. Your time is your most valuable asset, and knowing how to use it wisely can help your business grow in Nigeria’s growing business market. According to Score, 33% of small business owners reported working more than 50 hours per week, and 25% said they work more than 60 hours a week.  That’s a lot of time! And it’s only fair and important to make sure you, as a business owner, are using your time effectively.

Today, we’ll explore practical tips for managing your time as a Nigerian entrepreneur. Whether you’re a seasoned pro or just starting out, these proven strategies will keep you on track and help you achieve your business goals in Nigeria’s vibrant economy.

1. Prioritise Your Tasks

One of the first steps to effective time management is setting your priorities straight. As a Nigerian entrepreneur, you likely have a long list of tasks to tackle daily. Start by identifying which tasks are most important and need immediate attention. These could be client meetings, product development, or financial planning. By focusing on your top priorities, you’ll ensure that you’re making the best use of your time. 

When prioritising tasks, it’s important to consider the following factors:

• Importance: How important is this task to achieving your goals?
• Urgency: How soon does this task need to be done?
• Deadline: When is the deadline for this task?

The most important tasks should be done first, followed by the most urgent tasks. If you have multiple tasks that are equally important, you can prioritise them based on the deadline.

2. Create a Daily Schedule

A daily schedule is a plan that helps you stay on track and be more productive.To be more productive, break down your day into smaller blocks of time that you can focus on, one task at a time. Assign each block of time to a specific task that is doable in the amount of time you have available. This will help you stay focused and avoid feeling overwhelmed.

For example, if you have a four-hour workday, you could break it down into two-hour blocks. In the first two-hour block, you could focus on writing emails. In the second two-hour block, you could focus on working on a project.

Consider your energy levels when breaking down your day. Are you more productive in the morning or afternoon? Schedule your most challenging tasks for when you are most alert. Take breaks every 20-30 minutes to avoid burnout. Endeavour to stick to your schedule as closely as possible, but be flexible enough to adapt when unexpected challenges arise.

3. Set Clear Goals

Having clear goals is crucial for effective time management. Follow the SMART criteria, which means your goals should be Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, instead of stating a vague goal like “I want to grow my business,” you could articulate a SMART goal such as “I aim to increase my sales by 10% in the next quarter.” This level of specificity makes tracking progress and staying motivated much more manageable. Define what you want to achieve in your business and break these goals down into smaller, actionable steps. This way, you can track your progress and stay motivated. 

Suppose you’re a tech startup founder in Nigeria, and your big goal is to launch a new app. Break it down into smaller steps; designing the user interface, coding, testing, and marketing. Set a clear goal for each phase and track your progress. For instance, your first goal might be to complete the UI design within two weeks. By achieving these smaller goals, you’ll stay focused and motivated throughout the app development process. Entrepreneurs who set clear goals are more likely to stay focused and make the most of their time. 

4. Learn to Delegate

You don’t have to bear the entire burden on your own shoulders. Delegate tasks to your team members or consider outsourcing certain responsibilities. This will free up your time so you can focus on the most important aspects of your business.

Here are some tips for delegating effectively:

• Choose the right tasks to delegate. Some tasks are better suited for delegation than others. When choosing tasks to delegate, consider the following factors:

-The importance of the task

-The urgency of the task

-The skills and abilities of your team members

-Your own time constraints. What’s your work schedule like?

• Be clear and specific about your expectations. When you delegate a task, make sure you are clear and specific about your expectations. This includes the desired outcome, the deadline, and the level of quality you expect.
• Provide the necessary training and resources. If your team members are not familiar with the task you are delegating, provide them with the necessary training and resources. This will assist them in completing the task successfully.
• Set up regular check-ins. Once you have delegated a task, set up regular check-ins to make sure the task is on track. This will help you to stay on top of things and avoid any surprises.
• Be willing to let go. When you delegate a task, it’s important to be willing to let go. This means trusting your team members to complete the task to your satisfaction

Delegation is a skill that takes time and practice to develop. But it’s an essential skill that can greatly enhance your efficiency as an entrepreneur.

5. Use Technology Wisely

There are many time and project management tools and apps available that can help you stay organised and productive. These tools can help you stay organised and ensure that you never miss an important meeting or deadline. In addition to these general tools, there are also many specific tools that can help you with specific tasks. For example, if you manage a team, consider using a staff management tool to track employee hours and payroll. Also, in doing digital marketing for your business, tools like Facebook Business Suite or Hubspot can allow you to schedule posts in advance, saving you time and ensuring a consistent online presence.

6. Avoid Multitasking

While it may seem like multitasking is the key to getting more done, it often leads to decreased productivity. Focus on one task at a time and give it your full attention. This approach allows you to complete tasks more efficiently and with better quality.

7. Learn to Say No

As an entrepreneur, you’ll encounter numerous opportunities and requests that can easily overwhelm your schedule. It’s essential to learn how to say no politely when a new commitment doesn’t align with your priorities or available time. Being selective about what you take on will prevent you from spreading yourself too thin.

8. Regularly Review and Adjust

Finally, remember that effective time management is an ongoing process. Regularly review your time management strategies and adjust them as needed. What works for you today might not work in the future, so stay flexible and embrace improvements to ensure that your time is always put to its best use.

Here are some specific things you can do to be adaptable and willing to adjust your time management strategies:

• Set aside time each week to review your goals and priorities. This will help you make sure that your time management strategies are still aligned with your goals.
• Be open to feedback from others. Ask your colleagues, friends, and family for feedback on your time management skills. This can help you identify areas where you can improve.
• Be willing to experiment with new time management techniques. There are many different time management techniques out there. E.g Deepwork Technique, Time Blocking technique and so on. Don’t be afraid to try new ones until you find one that works for you.
• Don’t be afraid to ask for help. If you’re struggling to manage your time, there are many resources available to help you. Talk to a mentor, coach, or therapist. There are also many books and articles like this one on time management.

Benefits of Time Management for Entrepreneurs

Effective time management can offer numerous benefits for you, including:

• Achievement of your goals

By effectively managing your time, you can focus on the most important tasks and goals, and avoid distractions. This can help you to achieve your goals more quickly and efficiently.

• Increased productivity

When you manage your time effectively, you can get more done in less time. This can free up your time for other important tasks, or allow you to take on more work.

• Reduced stress

When you feel like you are in control of your time, you are less likely to feel stressed. This can lead to improved mental and physical health, and a better overall quality of life.

• Improved work-life balance

Effective time management can help you to create a better work-life balance. This can lead to increased satisfaction with both your work and personal life.

• More time for the things you enjoy

When you manage your time effectively, you have more time for the things you enjoy. This can lead to a happier and more fulfilling life.

• Building better relationships

Effective time management can also help you to build better relationships with your colleagues, clients, and customers. It can also help you to improve your decision-making skills and problem-solving abilities.

In Nigeria’s business world, remember this: time is as valuable as gold. Effective time management is not a mere strategy; it’s your path to business success. So adapt, keep learning, and continue growing. Time is your ally!