I read an interesting article this week that suggested if you are struggling with time management, you should create a “Stop Doing” list. This list could include time wasters that don’t need to be done at all or tasks that you could delegate. Basically, all tasks that you can “stop.”

Time-wasting tasks

Sometimes we are unaware of these tasks until someone else points them out to us. Give others permission to make you aware of these time wasters. It may be difficult at first, but the extra time freed up by eliminating these tasks (or “stop doing” tasks) will be well worth the effort.

Tasks to delegate

Tasks to delegate are those that are performed regularly and routinely. Make a list of these tasks and then determine which tasks you can delegate to others. To save time in training the person to whom you will be delegating the task, use screencasting software to record what you are doing on your computer screen while you are talking through the task. Once you are finished, give the video to the person. You have delegated the task without spending any extra time training the person.

Tasks to outsource

Tasks that are important to your business or personal life, yet not core to producing income, could be outsourced to those who specialize in those tasks. For many businesses, these tasks could include bookkeeping, human resources, IT, payroll processing, or tax preparation. For your personal life, it may be IT, house cleaning, or tax preparation. You may think you can complete those tasks for less than it would cost to outsource them. However, if you think about the amount of time you will save versus the outsourcing cost, you may change your mind.

For instance, say it takes you five hours every month to process your payroll, the taxes, and the reports. A payroll processor may charge you $50 per month to perform the same tasks. Consequently, if you are earning more than $10 per hour, it is costing you more to process that payroll yourself than it would to outsource it.

The biggest issue in time management is being honest with yourself about how you are using your time. Then creating a “Stop Doing” list will help you to free up more of that time.

Resource: Create A Stop Doing List To Start Growing Again in 2017 by Michael Kitces

Judith Ackland has more than 26 years of experience in accountancy and financial planning, including seventeen years as a CFO of a diverse business. She started Crystal Financial in 2010 to help a wide array of individuals, families, and business owners better understand their finances and how good financial management could help them achieve their goals. Judith has an MA in Professional Accountancy from the University of Nebraska at Lincoln as well as a Certified Public Accountant Certificate and a Certified Financial Planner designation.

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