As a business owner, you of course “wear many hats” on a daily basis. However, chances are, you add the greatest value to your company (i.e. earn the most revenue per unit of time) when you are focused on your unique ability. Thus, the more time you can focus on your unique abilities, the greater your revenue should be. Pretty simple, but not easy to achieve. Since your time is limited, and you need to spend more time doing revenue generating activities, here is a way to free-up your time:
Identify those things you must stop doing. Make a list…keep a sheet of paper on your desk, and each time you find yourself doing something that isn’t tied to revenue generation (and likely isn’t energizing), add it to this list.
Ok, so now that you have your list, you essentially have 4 options for each item on your list
- Delegate it Is there an existing staff member whose skillset might be a better fit for this? And maybe they would actually enjoy doing it. If you do not feel anyone on your team is capable of the task, you will need allocate some time to training the right person. Remember, short term pain for long term gain.
- Outsource it Take your annual income, divide it by the number of hours you work each year, and there’s your hourly rate (which ideally will increase as your business grows). If you can pay a company or specialist to do certain tasks at a rate that is less than what you earn, whether it be marketing related or administrative, do it.
- Stop doing it At times, we get so in the habit of doing recurring tasks that we do not realize that in fact, it really is not needed any longer.
- Keep doing it (if at all possible, don’t choose this option)
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The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Sweet Financial Services and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.