How to Know Where to Best Spend your Time as a Business Owner

As a business owner, you know that time is your greatest asset. You can lose money and get it back. You can even lose a business and get it back. But time is irretrievable, and that's why you've got to protect it. And to make good business decisions, you also need to put regular time into planning, more than anything else, time is the most precious resource you will deal with as a business owner. Unlike money, you can only make so much of it in a day, so it is crucial you manage your time as effectively as possible.

Decide how much time to spend on business development, personal needs, family, and other important areas. A good allotment of time to set aside for yourself is 25%. Each time you make a commitment, make a timeline for your involvement. Keep in mind that maintenance requires 25% of the time you spend on any project. If you want to understand how some of the greatest operators manage their time with a P.A they work off what is called a "Ideal Work Week" or "Ideal Week" where every part of the day is schedule via priority of the task to the business or lifestyle and controlled by strict time frames.

At the early stages, business owners are involved in every detail of the company. Their free time would be spent on marketing, strategic planning, product development and developing strategic partnerships. Doing so, they would create new opportunities, grow revenue and achieve a better balance of work and personal life this is required for any business that is looking to scale. And one of the easiest ways for business owners to free up time and be more productive is to streamline tasks like scheduling meetings, follow ups, outstanding orders and payroll tasks. Scheduling payroll can save countless minutes of repetition from doing data entry and follow up outstanding invoices all take up time when your business starts to grow. Using the right systems and communication the owner can quickly leverage the business with the employees or outsourced resources, delegating tasks all in an instant and hand off the task of the easier more simple things like payroll, admin, repetition tasks. To have these allocated to staff or external contractors on a lower hourly cost that can deliver them on a faster and more effectively basis. The business owners can then devote more of their time to doing what they love: growing their business and turning a greater profit.

Constantly dealing with “urgent matters.” Whether it’s filling a sudden gap in scheduling, dealing with an unruly customer, fixing mistakes in payroll, business owners spend over a third of their time on activities that are both urgent and of immediate importance. This, coupled with unscheduled communications, personality issues, waiting for information or dealing with administrative tasks in general, are key reasons why business owners spend too much time working in their business instead of on their business. So having a clear vision and why in business and strategically doing the 20% of things that deliver 80% of your outcome as the priority each day will change get huge results with the same or less effort. By focusing on the main things each day and what will add the most value to your strategy to grow the business and keep on moving forward will make blocking out the minor issues easier and knowing where and how to spend your time each day.

As a business owner there are several roles that are performed in the beginning of running a company admin, payroll, book keeping, sales, marketing, hiring, training, business strategy, culture and the vision. Though most owners find themselves trying to do everything or too at least way too many of these things and this is what holds back the company from greater growth and profitability, they need to map out a work flow and understand what roles and tasks are done at each section of the work flow, systemise those processes and then start to look at the more minor repetition tasks and roles to be able to allocate them to an internal recourse or external recourse to get them done with freeing up time. I can ensure you it might feel a little hard to let go and trust with these things at first but you will free up valuable time as a business owner to focus more on the big picture and higher income producing activities in the business, along with having the right plan of attack to execute this process with minimizing risk was discussed above about the work flow and systems being structured within the business before trying this concept.

This process goes on and on and you can leverage and allocate more of the roles and tasks as the company grows, as you get bigger there will be further aspects to step away from and try replace with a more skilled or cost effective solution to achieving that outcome, you will notice your time becoming harder to manage and this is when you will know to review the businesses efficiency strategy. But please keep in mind a ruthless scheduled week, clear strategic plan is needed and definitely make sure you map out the per sale and post sale process with detailed systems and processes before you allocate the roles or tasks to help make the transition easier and successful.

Written by:

Kane Hansen