I like to share this wonderful writeup by Ali Brown:
Time is the most important asset you have—and unlike money, once you’ve spent it, you can’t earn any more. That’s why it’s so important to make the most of your 24 hours, especially as a business owner.
So, how can you become more productive and profitable, without working insane hours and sacrificing your personal life? Read on for a few steps on how to start managing your time like a successful entrepreneur…
STEP 1: Discover how much your time is worth The first step to maximizing your time is to understand what yours is really worth. This is an exercise I do with any client who has a time crunch. It’s great to help you gauge what your time is generally worth. (IMPORTANT: This is NOT a formula for determining your rates, but it can be used as a start.):
Income ÷ Hours worked = Hourly Rate Let’s say your income last month was $16,000 and you worked eight hours a day for 20 days. That’s a total of 160 hours. So, your hourly rate would be calculated like this:
$16,000 ÷ 160 = $100 Per Hour
Based on this example, your hours are worth $100. Now, let’s find out if you’re spending every hour of every day on $100 activities.
STEP 2: Take an honest assessment of the TYPE of work you do Now, think about the tasks you do for your business. Are they key business tasks, or supportive business tasks? (Key business tasks are those directly related to growing the business and driving it forward, like networking for new clients and opportunities, creating a new product line, etc. Supportive business tasks are those that support your key activities, like in voicing, organizing, etc.)
You want to work ON your business by focusing on key business tasks—not IN it (by overwhelming yourself with supportive business tasks).
Think about it: If your business doesn’t run unless you’re managing it all, all you’ve done is swapped a job with an employer by employing yourself as an administrative assistant, bookkeeper, etc. And the truth is, it will be very hard to run a successful business this way. Quite a wake-up call isn’t it?
I have clients track their time for an entire week, and then share with me what they discover. They hate it, but it’s VERY enlightening!
STEP 3: Delegate your tasks You are the boss—so let someone else help manage and do the supportive business tasks, so you can concentrate on developing the strategies that will make you more money and take your business in the direction you want to go. The more you learn to let go and delegate to other people, the more you can focus on your REAL job: those core business activities.
Here are some of the duties and responsibilities you can easily hand off to someone else:
* Accounting and bookkeeping
* Administrative tasks
* Customer Support
* Booking Travel
* Managing your calendar
* Email and web marketing
* Office/Home Cleaning
Question: What’s your BEST time management secret? And how did it help you become more productive and profitable? Tell me in the comment section below.
Written by Ali Brown, May 29, 2014 © 2015 Ali International, LLC
“Entrepreneur mentor Ali Brown teaches women around the world how to start and grow a profitable business that make a positive impact. Get her FREE CD “Top 10 Success Secrets for Entrepreneurial Women” at http://www.AliBrown.com”
Abundance, Love, Peace & Healthy Living
Kim Evans, MA, LE, CMT
Speaker, Beauty Professional, Health Educator & Nutrition Coach