As we have discussed previously, time truly is money in the world of small business. And time is the one resource all of us share equally—so it’s not a question of how much time you have, it’s a question of how effectively you will use that time each day.
In the years I have spent working with small businesses, I’ve observed that most business owners frankly aren’t spending their time very effectively—they often become so engrossed in the details of running the business that they lose sight of the bigger picture. To help you avoid this situation, below are four suggestions.
1) Spend a week tracking your time. You can use a clock and a notepad, you can use a spreadsheet, or you can use time-tracking software. However you do it, the point is to track your time for a week so that you can see how you are spending your time.
2) Identify which tasks generate the majority of your results. After you’ve tracked your time for a week, look at the data. And then look at the results that you generated in that week. Most likely, you will see that certain types of work generated far more results than average. For instance, time spent planning your next marketing campaign is likely to be very productive.
3) Identify which tasks could be performed by others. Continuing this analysis, identify how much time you spent on tasks that could be performed by others—such as employees, vendors, or contractors. The more tasks you delegate, the more time you can dedicate to key result activities.
4) Spend a week focusing your efforts in the areas that provide the highest return. Use this data and attempt to spend a week focusing on the tasks and projects that produce the highest return. This will require that you delegate less important tasks and stick to your priorities. You may be surprised at how much you are able to accomplish!
The 80/20 rule states that 80% of results come from just 20% of our work. The more time you can spend in areas that produce results, the better off you will be. Contact me today if you’d like to learn more!
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