Make your time work for you

As a start-up, sole trader, micro business owner or a small business owner, your own, personal time is your greatest resource.

Yet, how often do we hear phrases like ‘I work 60 hours a week and I haven't had a holiday for 3 years', or more seriously 'I don't seem to make the time to go out and find new customers'.

‘Time is money’. Follow these steps to work out how to make your time work for you.

Where do you spend your time?

Take a typical month – 30 days – and write down where you spend your time. Decide on some headings that reflect your business activity and split your time across these headings.

Think in terms of half-days: you need sufficient headings to capture your activity down to that level – 4 hours per month.

Remember to include everything: website; networking; tweeting; facebooking; blogging etc. as well as finding prospects; travelling and seeing clients; quoting; taking orders; purchasing; making stuff; packing and shipping; follow up; invoicing; service; rectification; managing staff; R&D; your books etc.

How does this time relate to your revenues?

Your next step is to write down your main revenue streams and their contribution to your annual turnover, or if you are growing your business, where you want the growth to come from and the annual sales you want from that growth.

Then you allocate your time to each of these revenue categories.

 

For example, does the time you spend on your website or on social media really contribute its fair share to your revenues? Does it contribute to, and is it essential for your growth?

Are you programming your CNC machine every morning, and is this stopping you going out to see new prospects?

Be honest with yourself and you will be amazed at the result.

Make your time work for you

Now it is decision time. You can now see what you should cut back on, or give up, or delegate to someone else, or give to a supplier or subcontractor, to make time so that you can get your life back and grow your business.

Even if you can’t face the analysis, at least start thinking about what you do in terms of what it contributes to your sales.

Have fun, good luck and get help if you think it would help you.