Tried and True Time Management Tips Every Entrepreneur Should Know

Alex Dastmalchi, chief operating officer of the Dastmalchi company

Alex Dastmalchi, chief operating officer of the Dastmalchi company

We all have the same 24 hours in each day, but for many people numerous hours in each day are wasted. Rather than wishing for more hours in the day, as is commonly done, entrepreneurs can be more successful when they get serious about managing their time better. According to the Bureau of Labor Statistics, the average adult under the age of 65 watches 2.7 hours of television per day, demonstrating where some of our time is going each day. Being a successful entrepreneur takes focus, dedication, and the ability to manage one’s time effectively, yet not everyone knows what that looks like or how to make it happen.

“We all live on borrowed time. I think about time management and how to hack it on a regular basis,” explains serial entrepreneur Alex Dastmalchi, chief operating officer of the Dastmalchi company. “It is the most precious investment that I make and I’d like to get the best ROI that I can for every single minute I spend in my day.”

If every entrepreneur got serious about what they will get in return for the way they are spending their time, they would begin to see areas that need improvement. Entrepreneurs need to prioritize and keep in mind what is important to them, so they can manage their time accordingly. For Alex Dastmalchi, having a great work ethic and personal life balance is extremely important to him. If he doesn’t manage his time well, then the time he invests in his work can cut into his time with his family.

One of the mistakes that many entrepreneurs make is that they don’t manage their work time well, which gives them less time to spend with their family or doing other things they love. By making efficient time management a priority in his life, Alex Dastmalchi has been able to become a successful entrepreneur, as well as have the personal life with his family that is so important to him and many others.

Alex Dastmalchi offers these tried and true time management tips that every entrepreneur should know:

  • Meetings. Most meetings are a total waste of time and not necessary. Most meetings that are scheduled for 30 minutes could be cut down to 15. Collectively, that is a lot of time being put into a meeting when you add up all the time of everyone attending it. If you think that a meeting you have on your schedule is not necessary, don’t hesitate to cancel. You are not being polite by attending a meeting. Rather, you are in fact stealing time away from all others as well. Conference calls are much more efficient.
  • Avoid time thieves. We all know people who are time thieves. Be direct with them and let them know that they are wasting your time. If you don’t put an end to it the amount of time they steal from you will quickly add up over the year.
  • Emails. This is consistently the number one culprit for stressing people out and wasting valuable time. Use a few simple management hacks to manage it. These include telling everyone you will not take the time to read messages where you are in the CC field. If the message you are sending to someone doesn’t require a response, start your email by stating “no response required.” Refrain from using emails as a micro-management tool. You do not need to be involved in every conversation. Also, use tools such as SaneBox to help manage your emails.
  • Action items. Sending an email, making a call or meeting in person is inefficient unless you walk in and away with action items. Make sure that you always know what the next steps are for all parties involved that have due dates attached to them for follow up.
  • Change expectations. There is a fascinating concept called Parkinson’s Law, which states that we always expand our work to fill the time we have available to complete it. Keeping this in mind, set shorter deadlines. It is much better to miss a deadline every now and then rather than waste your valuable time.
  • Keep a list. Create a “not to do list.” This is where you can save a ton of time. Often, we spend our time on stuff that doesn’t pay any dividend at all.
  • Manage projects. Follow these simple steps to manage projects: eliminate, automate, delegate. First, look at what you can eliminate.  Next, determine what you can automate.  Finally, find as much as you can that you can delegate.
  • Value your time. If you can find someone to do a task for less than the value of your time, go for it. This is an excellent strategy that can help you do more and make more money. Some of the things that Alex Dastmalchi hires people to do include grocery shopping, meal prep, and he routinely hires freelancers to work on projects.
  • Prioritize tasks. The Pareto Principle says that we spend 80% of our time on things that yield no more than 20% of the results. Prioritize all of your tasks, such as urgent, important, not important, and work accordingly.

“If entrepreneurs want to be successful and make a lot of money, they need to get greedy with their time,” added Dastmalchi. “I am very greedy with how much time I spend for almost everything I do. This allows me to be a successful entrepreneur, and have plenty of time to spend it with loved ones. It’s all about making the best use of our 24 hours each and every day.”

Dastmalchi is a successful serial entrepreneur in America whose roots started in war-torn Iran. His corporation distributes products worldwide that all lend valuable solutions to consumers. His team works carefully to determine their packaging, branding, sourcing, and marketing strategy. Some of the brands in the Dastmalchi portfolio include Vanity Planet, Bradford Watch Co., Dazzlepro, Vitagoods, Kove, I Cook By Color, and recently acquired Gretchen Christine lifestyle brands from celebrity designer Gretchen Rossi. For more information on the company, visit: http://dastmalchi.com.