One pitfall of a home business is either putting in too much time managing it because you know that you are the lone captain of the ship; or wasting time dilly-dallying just because you feel like you have all the time in the world or simply because you get distracted easily.

Time management is one skill that should be mastered by every aspiring successful home business owners. It is indispensable in growing the business while having work/life balance in tact.

One useful tip I've stumbled upon while searching for time management advice for work/life balance is this one:

You must control time or time will control you. To begin effectively managing your time, you first need to understand where you're wasting time. So before you create your schedule, spend a couple of "average" days keeping close track of what you do and how long it takes.

Once you have an idea of what your days are like, recreate your schedule by filling in the "non-negotiable" events, such as your weekly sales meeting and picking up your child from school. Next, schedule "quality of life" activities, including exercise and social events. The time that's left over is for your core work activities. Schedule blocks of time for prospecting, client appointments, follow-up, inspections, paperwork, and other things you have to do.

By scheduling personal and quality of life issues first, you'll be more likely to be happy and productive during your actual work time. - from Vincent Giordano, Exit Realty Professionals, Baton Rouge, N.O. a reader of Realtor Magazine Online Business Tips Newsletter

How about you? What are your time management tricks to keep your both your career and family happy?