As a small business owner, you know that time is your most precious commodity. However, not all of us know how to manage time efficiently. You could lose money or business and still get it back later: however, the time you lose will never return.

Knowing how to manage time efficiently is critical to one’s overall success in life, especially in business. Here are three tips to help you manage time effectively as a business owner.

1. Use a Time Logging App

If you work on the computer a lot, download a time logging app and start tracking the time you spend on each task. You may be surprised to learn that you are spending too much time checking your emails or Facebook. For daily activities, use a sheet of paper to jot down everything you do and how much time you spend on each activity. Find out which activities you can cut off or improve on to allow more time for your main business. Identifying time wasters is a crucial step in helping you manage your time more efficiently. Emails, errands, Facebook, phone calls are generally some of the biggest time wasters.

2. Apply the 80/20 Rule

The 80/20 rule states that 80 percent of your success come from 20 percent of your efforts. Your job is to find out that 20 percent. Knowing which activities are crucial to your business success and then focusing your energy on those activities ensures that you will get the greatest results for your efforts.

3. Hire the Right People

One of the key secrets of a successful business is hiring the right people. As a business owner, your success relies on your ability to manage your employees and delegate work to the right person. Hiring the right person is only the beginning. The next step is to train them thoroughly so that they can work with you efficiently without misunderstanding. With a strong workforce at your disposal, you can achieve any goal you set for the business.