You started a business thinking that things will go awesome, money will be rolling in, people will be happy with your solutions, and you’ll have the freedom to do the things you love. What you are finding is that you are working harder than ever, taking up all hours in the day and money is not much better than in a job. If that is the case, you are not alone! According to statistics about third of all business owners end up with lesser salaries than in a job, over worked, under paid and on the verge of a burn out.
So why is this happening? The biggest problem is that many business owners bring with them an employee mindset, where they measure their success by achieving so much income per hour of work. What is often forgotten is that you can only deal with so many customers in a day in a one on one scenario, so your income is limited. What else is forgotten is the additional tasks you will need to attend to in your business, like marketing, book keeping, sales and the list goes on. As you can see the employee model will not take you far!
If you are only using your own time , you can only achieve so much. If you leverage other people’s time you can increase productivity and ironically, your profits as well.
Leverage your time by:
- Figuring out what are your strengths and weaknesses? What are the tasks that give you the best return on your time investment if it was done by you
- Set goals and targets that you can work to, to keep you focused and on track. Review these daily and track your progress. Celebrate any time you successfully achieve a milestone.
- Organise your week! There will be non-negotiables that get put into your time table first like family time, client appointments, ‘you time’. Everything else will have to be set around these.
- Chunk your time, you are only being effective about 55 minutes per hour, so set focused chunks of time for your tasks and make sure you have breaks in between
- Delegate tasks to others! Let’s face it, some tasks are better done by the professionals. So get clear on the outcome you desire and hire the right skill set to do it for you.
- Automate whatever you can! – This requires that you take time and map out processes so you can look at ways to automate as many steps as you can. The initial set up can take time, but once you have it working, you can win back a lot of your time. Which means you can upscale your business easier also.
- Create several sources of passive income! – You can achieve this by automation of your business and also through investing your money in things like property, shares, other businesses, or joint ventures. Ideally you want to have more than one source of income.
Delegation can be a tough one because it may involve some up-front costs, such as the investment of time and resources you’ll need to make to get someone started with a job that you’d otherwise need to do.
While it’s natural to want to conserve these resources (“I can’t afford their services”), if you don’t make these investments, you’ll lock yourself into the old way of doing things – and this will limit you to achieving only those things that you can do by yourself.