Top 3 secrets of time management

Q: I am intrigued by the webcasts from the Microsoft Small Business Summit held earlier this year. They obviously offer a lot of good information about running a business. My question is about priorities. As a small business owner, I don't have time to learn everything I want to learn. So what would you consider to be the best return on my time investment?

— Jennifer, Florida

A: I hear ya, Jennifer. The good news about being self-employed is that it allows you freedom and creativity. The bad news is that small business people are forced to wear many hats: On any given day we may be the CEO, vice president of marketing, lead salesperson and even the receptionist.

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So when you say that you do not have time to utilize all of the offerings created at the Small Business Summit (or any other training for that matter) you are preaching to the choir.

Being overextended is a chief complaint of the entrepreneurial set. That said, the short answer to using your time wisely: You need to be selective.

One principle that may help you choose what it is you may need to learn is called the 80-20 rule. Most business owners who have heard of the 80-20 rule think it goes something like this: 80% of your business comes from 20% of your customers. While technically correct, the rule is actually a tad more comprehensive than that.

The 80-20 rule was first posited in 1906 when Vilfredo Pareto (which is why it is also sometimes known as Pareto's Principle or Pareto's Law) concluded that that 80% of Italy's wealth was owned by 20% of its population. Since then, others have interpreted the rule, such as 80% of your results come from 20% of your efforts, or 80% of your sales come from 20% of your inventory.

While none of these may be exactly true, it is generally true that a few select efforts on your part yield the most results. So as you go about selecting which courses from the Summit to review, first consider which of your efforts create the best results for your business and then locate some Summit webcasts that focus on those topics.

Here are a few other options for the harried, but interested, small business owner:

1. Play to your weakness: What I mean by this is that although we are all forced to fill many roles in our small businesses, it doesn't necessarily follow that we are equally adept at each one. You may be great at accounting but lousy at sales. That's OK; part of the reason to work is to get a chance to learn. So if your time is limited and you are unsure which webcasts to watch, I say watch the ones which you have the most to gain and learn. (You can also train yourself using the Small Business + program — Microsoft's offering where you can get free training and support. Check it out!)
   
   
2. Grow your business: I have mentioned a few times in this column that while it is important to find out what works in your business, it is dangerous to get married to that idea and do it over and over again. Ideas do grow stale and can stop working. So, although it is comforting and smart to figure out which ideas build your business, it is even smarter to learn some new ones.
   
   Review all of the Summit offerings that can help you grow your business. Everything from guerilla marketing and customer service to working with the United States Small Business Administration is offered. There are so many good ideas out there that can help you take your business to the next level. It would be a shame if you continued to do what you have always done only because that's what you're used to. You won't necessarily grow the business that way. Shake it up my friend, shake it up!
   
   
3. Get techy! Needless to say, computer technology has changed small business forever, and for the better. If you are not using the latest technology to boost your productivity and sales, you are missing a golden opportunity, and the Summit is a great chance to catch up.
   
   For instance, I presented the seminar "Technology Trends in Small Business" wherein I offered an overview of all of the great technological options small businesses have today — including mobility tools, servers, intranets and the like. If using technology to run your business is not your strong suit, watching it may be a good place to start.

After that, dig in. The free advice you can find — everything from software training to online resources — is amazing, and amazingly useful.

The Summit archive offers business growth opportunities galore, and they are, quite literally, at your fingertips!

How did Steve answer other questions? Read his previous columns

Steve Strauss is one of the country's leading small business experts, a columnist for USATODAY.com, and the author of the "Small Business Bible." If you would like to have Steve speak to your group, or to sign up for his free e-newsletter Small Business Success Secrets!, visit his Web site. Have a question for Steve? Send him an e-mail.