Running a business is hard; it requires the skill, enthusiasm and dedication of its owners and managers for the business to be ultimately successful. As a result, one of the key assets of any small business is therefore the time of these owners and managers. After seeking feedback from the SME community it is surprising to find just how much time owners still spend on tasks such as accounting and business administration in comparison to the strategic running and marketing of the business. This ultimately results in owners struggling to grow their business with most of their time being allocated to completing the never ending tasks of today. All businesses should try and dedicate focused time on their strategic aims and business growth; however, this requires a structured time management plan to ensure that business as usual tasks continue to be completed to the required standard. Time management remains one of the most demanding aspects of running any business.
There could be disastrous repercussions for any business owner that spends too much time on business strategy over regular accounting and business administration. Whilst too much time spent on business admin and accounting can limit time available for marketing and running the business consequently hampering the long term growth prospects of the business.