1. Bus 205 Budgeting Courtesy of sjh Let’s discuss your group work What caused you problems? Administrative cost –What did you identify –If none, let’s come up with some examples now. What benefits did you give yourself and or your employees?

2. It’s About Time Techniques to Budget One of Your Most Valuable Resources… Your Time!

3. Bus 205 Budgeting Courtesy of sjh Do you have the time? What is time?- a measurement, a precious resource, a valuable asset? Time is perishable- it cannot be saved, borrowed or loaned, unlike other resources in your business. Do a fifteen minute time analysis to see where your time is going.

4. Bus 205 Budgeting Courtesy of sjh 15 Minute Time Analysis: Where does your time go? This Test allows you to keep track of your time by 15 minute increments. This is a tool people love to hate, but it helps you analyze your time budgeting choices. Directions 1.Make ten copies of the Time Worksheet (one for each work day for two weeks). 2.Use it to record exactly how you are spending your time. 3.Analyze the findings and see if you can make better choices 4.What do you see? Are you spending enough time on the high priorities? What are your time wasters? How can you change your habits.

5. Bus 205 Budgeting Courtesy of sjh Time Management Tips Make it a HABIT to plan…and budget your valuable resources. Prioritize Do the Tests of Time Figure out your “Prime Time.” Make the best use of your prime-time Set realistic expectations Learn to delegate Practice “task completion” Reward yourself for completion

6. Bus 205 Budgeting Courtesy of sjh Setting Good Time Management Habits Studies have proven that those of us who habitually set goals are more successful and prosperous. Make it a Habit to plan on a daily (or at least a weekly) basis. Use PRIME time (without distractions to plan! (early in the AM works for many) Use a tool that works for you. The nature of man is always the same. It is their habits that separate them. - Confucius

7. Bus 205 Budgeting Courtesy of sjh Tools to improve your Time Budgeting A Day Calendar- make sure it has enough room to write appointments. Microsoft Outlook on your PC- contains calendar, messages, can be use for email, contacts, tasks (which can be prioritized) A PDA- Visor, Palm, or other electronic devise that is portable. Make sure it has the option to sync with your home pc. Other software or “personal management assistants” systems. Make sure it works for you- if not, it is not an effective tool! Make sure you have a back-up!

8. Bus 205 Budgeting Courtesy of sjh Prioritize Your Tasks Prioritize in terms of REAL importance 1.Must Do 2.Should Do 3.Nice to DO The ABC (1,2,3) Method needs to be flexible. Your must & “shoulds” do change!

9. Bus 205 Budgeting Courtesy of sjh The Tests of Time Use the Tests of Time: Test of Necessity Is it necessary or just nice? Test of Appropriateness Would it be appropriate to wait or delegate? Test of Efficiency Is there a better way…work smart, not hard!

10. Bus 205 Budgeting Courtesy of sjh Beware of Time-Wasters! The Manager’s Top Five Telephone Interruptions (so, why you have voice message?) Drop-in Visitors Meetings, Meetings, Meetings Crises Lack of Objectives, Priorities, Goals (aimless wandering, day dreaming)

11. Bus 205 Budgeting Courtesy of sjh More Time Wasters: The Runner-ups Disorganized, Poor Recordkeeping, Cluttered Desk Ineffective or NO Delegation Attempting TOO Much (warped expectations) Confused Responsibility & Authority Inadequate, inaccurate & delayed information

12. Bus 205 Budgeting Courtesy of sjh Characteristics that embrace time-wasters Indecision & Procrastination Lack of Clear Communication Inability to say NO! Controlling issues (unable to delegate) Lack of Controls, Standards and Processes Fatigue & Lack of Self-Discipline Burn-out Uninvolved…Bored…Apathetic

13. Bus 205 Budgeting Courtesy of sjh Five Tips You Can Use Now! 1. Analyze Your Time- 15 minute test. 2.Make a daily “to do” list and prioritize it. Make it a Habit! 3.Devote primary attention to your A’s! 4.Try to handle each piece of paper once (set up a great recordkeeping system) 5.Continually ASK? What is the best use of my time right now and DO IT!

14. Bus 205 Budgeting Courtesy of sjh Web Sites: www.assetfm.co.uk (Asset Financial Management)www.assetfm.co.uk www.bizcoach.org (Small Business Development Center)www.bizcoach.org www.helpbizowners.com (Small Business Help Center)www.helpbizowners.com www.morebusiness.com (More Business)www.morebusiness.com www.sba.gov (SBA)www.sba.gov www.score.org (SCORE)www.score.org