As a business owner it’s easy to become frustrated and overwhelmed when you are wearing the hats of the CEO, COO, CFO, CIO, CMO and administrative assistant. Whether it’s by choice, because you are an admitted control freak, or because your business has grown organically and you don’t have a business structure or business processes in place, or because your employees are not properly trained for their roles and responsibilities, it’s time for you to free up some time EVERY DAY to work ON rather than IN your business.
Time spent in strategic planning for all areas of your business will go a long way towards giving you the freedom you need to run your business and not feel like an employee in your own business.
To help you find up to 90 minutes a day, to work on rather than in your business, each week, I will suggest a Time Saving Tip of the week. Let me know which tips save you the most time.
Tip of the Day: Employ the 80/20 Principle
Harvard Business Review notes that practically everything is unimportant. The Pareto Principle has been applied to almost every human endeavor, from software development to investing. (Two examples: 90% of Warren Buffet's wealth is from just ten investments and, in sales,typically 80% of revenue comes from 20% of the sales team.)
Looking at our own productivity from the lens of this "law of the vital few," we can cut the 80% of our tasks or projects that are unimportant or don't contribute to our end goals.
To help you focus on what those tasks are, follow the steps below.
- Determine your hourly professional worth. Example: If as an attorney and your billing rate is $350 per hour, your hourly worth is $350.
- Create two lists:
- List 1: Tasks that directly bring in your hourly worth
- List 2: Tasks that can get done by someone with a lower hourly worth
- Begin to delegate the tasks on List 2.
Let me know in the Comments section below how much time you are able to create in your day by employing this tip.