Budgeting Time And How It Affects Your Business

How well do you budget your time? Are you so focused on the long term goal that you forget about the daily goals?

Ronald Reagan once said, “Balancing your budget is like protecting your virtue. You have to learn when to say no.”

What I get out of this in regards to time is that you have to manage your time in order to protect your long term goals. Not only that, you have to say “No” to certain tasks in order to achieve success.

So exactly what is a budget?

A budget simply shows us what our income and expenses are. In this case we all know what our starting income is, 24 hours. The only way we can increase our income (hours) is to create more hours or more realistically hire help. As for the expenses it all depends on what your business is.

There are many businesses out there that people do and whether it is online or offline doesn’t matter, we all have the same amount of hours to further our business. The only way to further your business is to take the time that you have and use it wisely for something that will either make you money or help your business grow.

The trick to budgeting your time is to watch what you do and figure out if that is the best use of your time. What you need to understand is that a budget is not set in stone, it is simply a plan showing you how you are to use your time. The ideal budget would be one that is 100% correct at the end of the month but as well all know, there is no such thing as an ideal budget in business.

Now in order to positively affect your business you need to create a budget where each task you do has a set amount of hours allocated to it. The purpose of this is to allocate more hours to the more important aspects of your individual business. It doesn’t matter what kind of business you are in, you have to allocate your time wisely.

Whether you are a freelance writer or a landscaper you have to market your business. It doesn’t matter if you spend an hour putting posts on forums and sending emails or handing out flyers and creating newspaper ads, that one hour is an hour you will never get back.

If you don’t think that 1 hour is that much time then think of it long term. 1 hour per day is 365 hours per year or roughly 15 days. Are you prepared to lose 15 days of work per year due to your poor planning? Or think about it the other way, what would 15 extra days of work do for your business?

The way you budget your time will ultimately affect your business and that is why you need to put a good amount of time into the planning of the budget every week or month. My personal advice would be to create a budget every week since businesses change so often it would be almost impossible to predict what you will be doing in 3 weeks from today.

What you need to understand is that every hour of your day is important. It doesn’t matter whether you plan on working 3 hours per day or 10 hours per day as long as everything you had planned on doing is completed. Budgeting money is something that a lot of people are just now getting around to however, budgeting time is something new to almost everybody.

Do what you can in the time that you have and watch your business grow exponentially over the next year or two.

Adam Snyder has been teaching people how to earn money online for a couple years now through is site DormroomCash. Whether you are into making money through blogging or doing freelance writing, Adam gives you great ideas and advice.

42 thoughts on “Budgeting Time And How It Affects Your Business”

  1. Learned something from Mr John again. When I run my online business or plan for my business, I usually don’t budget time because in order to do that, I need “extra time” to do my budgeting.

    But now when I think about it, I guess I have been hit hard on my head with your advice since I never seem to use my time wisely.

    Nevertheless, budgeting 30 mins of my time a day to read Mr John’s post is definitely a wise budgeted time 🙂

    1. fazal mayar says:

      its a guest post by Adam 🙂

      a budget is really important yes 🙂

      1. Yes it is a Guest post by Adam

        And we all thankful to him for reminding us about the value of time. Really appreciate this.

        Adam would love to see how do you manage your time and what tools do you use for that. Please share that with us or if you have any link than please let us know.

        1. Oh my mistake… yup thanks Mr Adam. Your post is very alerting for me 🙂

          1. You can describe it like as reminder call.

      2. Gift Ideas says:

        it never effect your business but if you compromise your production you get a big loss.

    2. Budgeting time is something I’ve learned recently since I was let go from my day job and now full time self employed.

      I have noticed that when budgeting time, it helps me a lot when I budget some time towards breaks.

      Planned breaks keep me from feeling guilty and raise the productivity of the working hours that I have set. I generally work in “work blocks” or 1 hour each followed by a 15 minute break to clear my mind and I have found it to be much more effective for me than working 8 hours straight and then burning out for 3 hours.

      1. Getting regular break is simply awesome. Its increase your productivity and help you to concentrate as well.

        1. Whitney says:

          Very true ZK! You have to find things you enjoy…to do between “marketing sessions”. One of the things I love to do is read books. What about you?

  2. Whitney says:

    Oh absolutely guest blogger! I totally agree with this whole article…time is so valuable and precious, we only get so much of it. Settings goals, deadlines, and managing your time properly overall are sooo important! Setting aside special time for your business is a must, and then using that time to FOCUS and TAKE ACTION. Budgeting definitely applies to time as much as it does to money, if not more! It all comes back to what we do with our time and knowledge. Thanks for the awesome post!

    1. Yes I like the concept the way he describe 24 hours as income and also you can earn more time by outsourcing your task.

      Do not forget to give enough time to your family and love ones.

      1. Whitney says:

        I like the way he describes it too! Outsourcing sounds like a great idea, although I’ve never done it personally! Family and loved ones make it all worthwhile my friend!

  3. Hey Adam,
    This is a very timely post. Most people stress over their money but they don’t even recognize that their time is even more valuable than money.

    Time management is a very important skill to have. I would recommend that every new business owner take a course on effective time management skills.

    1. So Justin, which course of time management you took or if you are reading any book for that ?

  4. Sivaranjan says:

    I have a full time day job in an IT firm. Even though I am passionate about internet and web designing. But I donot find enough time to spend on those. What ever little time I get, I always try to make best use of it. Planning is as important as the execution.

    1. There are many reason why we are doing this that is our own, among all these some of them are that you will be able to have free time and what ever you are developing will help you in the future.

    2. If you are ready to take chance than here is one advice from me … Save money for 6 months for your expenses. Leave the job and start working on your passion … This is only advice so act on it at your own risk.

      1. PPC Ian says:

        ZK, that’s an interesting one. Definitely a bit of risk, but I like that spirit. I would probably recommend saving a bit more because it can take quite some time to ramp a successful business, but nothing like jumping into your passion head first.

        1. Glad that you like it … If he is having a true passion than I think he should go for it so that he do not have to regret later on.

          1. Whitney says:

            I got fired from my Computer job, and now I’m following my passion which is blogging. You can achieve anything you set your mind to!

  5. Niel says:

    These are good tips that can also be embraced for managing personal time as well. Borrowing from the example from the post, if you spend an hour a day playing video games, that’s 15 days per year that you’re missing out on spending with your loved ones.
    Unless, of course, you’re playing video games with your family, then it’s another story. But the important thing is to carefully budget all of your time, business or personal.

  6. Buy a Blog says:

    Great Article and really helpful for everyone.
    Thank you

    1. Yes time management is essential in every field … It is valauble for a student, it is valuable for housewife and ofcourse for businessman as well.

      1. Whitney says:

        It’s actually valuable for just life in general, wouldn’t you agree? If you don’t make the best use of your time, your life will pass you by!

  7. Tech84 says:

    Time management is one of my banes, instead of researching for references for an article I’m supposed to write and finnish in one sitting I almost always end up looking at the clock and seeing that its already 4am and I am still watching some random youtube video about epic fails.. lol

  8. fas says:

    Budgeting is wonderful, saves so much time and money!

  9. Great post. Effective time management is essential in every endeavor.

    True, every one has the same 24 hours in the day but if you look at the most successful people they seem to accomplish so much, yet, the average person is quick to make the excuse “I don’t have enough time” when it comes to starting a business or going to the gym, or learning a new skill, or furthering their education.

    1. Whitney says:

      Yea, you have to look up to those successful people. They are truly masters at time management. They never waste a single second. Lazy people just don’t succeed, that’s all there is to it!

  10. Erwin Miradi says:

    It’s a good guest post by Adam. Keep up the good work. We’ll be waiting for your next guest post.

  11. Time management is a tough one, especially when you have a lot of clients. Staying focused is the key to staying organized. Make an hourly calendar and stick to it…assign a block of time per client…this is what has worked for me.

  12. Interesting guest post 🙂

    1. Free Forms says:

      No doubt Instant it’s a interesting & reminding post about time well the efficient and effective operation of a business, and study of this subject

  13. PPC Ian says:

    Great guest post, thanks so much for sharing. Budgeting your time is very important. Time is your most precious resource, even more precious than money itself.

    1. Erwin Miradi says:

      I agree. It’s a great guest post. It’s not always about the money, it’s also about the time.

  14. BCA says:

    Well said. That comment made by Reagan is a smart one. In many cases time is more valuable than money.

  15. allan stuart says:

    a first glance, i think it was a financial budget kind a thing, but i’m totally wrong, it is actually about time. One of the priceless commodity in IM.. frankly speaking, i never took any serious consideration in time management… i always try to plan , but i fail at that initial level. Sometime , i just do what i want to do everyday.Now, I need some solid plan and i hope you can elaborate on that too Adam…

  16. Wiziwig says:

    Excellent post. Budgeting your time is a mindset but it’s easily accomplished if you stick with it. Once the rewards start paying off it becomes much easier.

  17. Dan Thorley says:

    Budgeting your time can be tough in todays world. A good tip is to not to spread yourself to thin. In my working day I find I get a lot more done and more success if I concentrate all my efforts on just one or two tasks and aim to complete them. By trying to do everything very often nothing gets completed. If you have enough spare cash, or already have an income from your venture outsourcing time consuming tasks that need to be done daily is the way to go.

  18. Free Forms says:

    Nice post & i car of time..!

  19. Free Forms says:

    According to my opinion who does not care of time he does not success from everything.

  20. Use a piece of paper and make a plan on how to use your time. At the end of every day, dedicate 5 minutes of your time to make a short plan of the main tasks for the next day. That has helped me to double my productivity.

  21. Planning its an important thing for doing an business

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