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Time Management – Tips For Three Types of Female Entrepreneurs
Whether a business owner has a myriad of responsibilities in addition to running her company or simply has an overwhelming number of business tasks to complete, she will undoubtedly benefit from improving her time management skills. Increasing efficiency and productivity will bring benefits to the business, as well as the general satisfaction of the entrepreneur’s business and private life.
A recent study reveals that there are five different types of women in business. Based on professional market research of more than 1,000 women in entrepreneurship, this study shows that each type of business owner has a unique approach to running a business and therefore each has a unique combination of needs. This article outlines three of the five types and provides tips for more effective time management for greater business success and the overall well-being of the business owner.
Happy Jane. This entrepreneur typically builds a part-time or “flex-time” business that gives her a creative outlet (whether it’s consulting at an ad agency or creating beautiful artwork) that she can manage within the constraints of her schedule. Maybe she has a day job or needs to be fully present for family or other tasks. She realizes she could earn more by working longer hours, but she’s happy with the trade-off she made because her job gives her enormous freedom to work as and when she wants, around her other commitments.
A woman of many things, Merry Jane is adept at multi-tasking and has a genuine desire to fulfill each of her obligations well and carefully. In general, the Merry Jane entrepreneurs we spoke with are satisfied with the balance they have found between their work and personal lives and would like to increase their business income without investing significantly more time. Of the five types of entrepreneurs, Merry Jane needs the least advice on time management—however, here are some tips she might consider to increase her profitability without giving up her valuable time. Discipline and systems are key in all aspects of Merry Jane’s life – and she can further implement these strengths to maintain her satisfaction while increasing the bottom line of her business.
• Marketing. Efficiency is the most important element of Merry Jane’s marketing systems. They must be effective without requiring a large time investment on Merry Jane’s part. To ensure marketing effectiveness, Merry Jane must identify her target market and create a clear marketing message (a quick and easy way to identify your target market is to ask existing customers what they like most about working with her). Marketing systems that do not require a significant time investment include social networking and referral/affiliate marketing.
• Employment. Merry Jane enjoys that her job allows her to use her talents and creativity to serve her clients. Once her new marketing systems increase her workload (and thus her income), it may be practical for her to hire an assistant or two to take care of the business tasks she finds less desirable, such as bookkeeping or running errands. This will allow Merry Jane to dive into her creativity and maintain the time freedom she wants and needs to fulfill all her responsibilities (including her own well-being).
Random Jane is a successful, confident business owner who never really set out to start a business. Instead, she may have decided to start a business out of frustration with her job or layoff, and then decided to use her business and personal contacts to start the business herself. Or maybe she started making something that served her own unmet needs and found other customers with the same needs, which started the business. Although Random Jane can sometimes struggle with prioritizing what needs to be done next in her work, she enjoys what she does and makes good money. About 18% of all female business owners fit the Accidental Jane profile.
While many Accidental Jane business owners have successfully run their businesses for years, carefully balancing enough but not too much work, others are unsure of what they want. This makes sense since many random Janes did not set out to start a business and are often simply responding to market demand for services. For these women, the future could bring some tough choices—and how they handle those choices will determine whether they remain Random Jane or evolve into a different kind of business owner. She is so good at what she does that the demand for her services is likely to increase over time. So how can he maintain the life without the time he enjoys so much?
• Filter. If her work becomes overwhelming, Random Jane will have to start saying “no” to at least some new projects or clients. To decide which projects or clients to take on and which to pass on, she can create a “no-negotiate” filter to determine whether a project or client meets the criteria she develops. For example, if it’s important to her that she enjoys working with her clients, she may pass on a new client she doesn’t click with. If it’s important to her to stretch her creative muscles, she can only accept projects that require her to do so. This way, Accidental Jane can ensure that she only works on projects she enjoys, while only getting the amount of work she wants. Similarly, Accidental Jane can make a list of personal tasks that she really enjoys and tasks that don’t interest her. If possible, she can hire someone to take on tasks she doesn’t care about, leaving her more time to work on what she enjoys.
• Prices. It’s great to be in demand! If Accidental Jane starts to feel overwhelmed, she might consider examining her prices and raising her prices. Whether she started her business with deliberately low prices and then never raised them, or resisted raising her rates because she didn’t want clients to question her value, if demand for her services grew more than her pleasantly, Random Jane probably has room for increases now. To determine where her prices fit in her industry, she can research published prices or ask trusted customers how her competitors’ prices compare.
Tenacity Jane is an entrepreneur with an undeniable passion for her business and one with cash flow issues. As a result, she works longer and earns less than she would like. Despite this, Tenacity Jane is bound and determined to make her business a success. With 31% women in business, Tenacity Janes are the largest group of female entrepreneurs.
Of the business owners Tenacity Jane interviewed, 90 percent said they were unhappy with their cash flow, and the majority said they were unhappy with their business’ income, business expenses or personal income. Despite these financial metrics, most Tenacity Jane business owners work longer hours than they would like and often feel frustrated or stressed. It is possible to change this balance to make the hard work and long hours pay off.
• Concentration. Our research revealed that many Tenacity Jane business owners were running in several directions at once. Their ultimate vision included multiple streams of income, and these entrepreneurs often tried to activate all of these streams at the same time. In order to ensure time is well spent and put her business on a more solid financial footing, Tenacity Jane must find focus. A thorough examination of her business concept and model (what exactly does her business offer to customers and is it possible to make enough money with the current business model?) can help her determine if she needs to make any changes. It can focus on creating an “entry point” for the company – what does it do? – and then develop 1 to 3 benefits (what does the customer get from what the company does?) that go along with it. Not only can Tenacity Jane use these marketing ideas, they will also help her develop the right focus so she can work more efficiently.
• Set goals. For Tenacity Jane, who is often exhausted by her constant financial struggles, even developing goals can seem overwhelming—because achieving them can seem improbable. However, once she has determined the direction of her business, setting and achieving goals will keep her focused and efficient so that the time she spends on her work is efficient. The key is to start making steady progress, one step at a time. To start, he can choose 1 moderate or up to 3 small goals to work towards over the course of a month or six months. focusing on the goals that will have the greatest impact on her work and life. With practice, setting goals (and achieving them!) will become a life paradigm.
While strong time management skills can streamline business systems and increase profitability, they can also improve an entrepreneur’s work-life balance and create overall satisfaction. Every type of business owner can improve their time management skills – and thus their level of happiness in their work and life.
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