To grow a business requires leveraging all resources including people, time and money. Yet a recent survey conducted by New York Enterprise Report revealed that 33% of small business owners work more than 50 hours each week and another 25% said that they worked more than 60 hours. These small business owners spend more time working in their business than their employees who average 33.8 hours per week according to the Bureau of Labor Statistics.
Time appears to become increasingly the boss of small business owners. After all, many entrepreneurs started their businesses to leave the demands of corporate America and have more time, not less.
So, why do small business owners and entrepreneurs spend so much time working in their business. There are probably many reasons, but from my experience as a small business coach, the three core reasons are what I call the dynamic forces of planning, execution and measurement. These forces are connected by the three processes of people development, goal achievement and quality (continuous improvement)to help close the gaps between the forces.
First, planning is critical to anyone who wants success. Many entrepreneurs create a business plan, but far few craft a strategic plan that identified who does what by when. The strategic plan helps to eliminate having the plan lay in a desk drawer unopened or on a shelf for decorative purposes only. HINT: If you don't invest the time to plan now, it is a guarantee that time will continue to be your boss.
After the plan is carefully crafted, execution is next. Implementation is probably the most common enemy of time for the entrepreneur. A common complaint for time starved entrepreneurs is that employees just can’t seem to take the appropriate actions without constant direction. This is why the process of people development is critical to bridge the gap between planning and execution. Remember, even though today’s world needs knowledge workers who thrive in an environment of freedom, most workers have been conditioned and trained to operate in an environment of control.
With the plan in place and execution ongoing, measurement follows. Results need to be clearly measured. A goal achievement process helps everyone to consistently reach the projected numbers. HINT: For consistent results as inconsistency is another enemy of time, everyone should be using the same goal achievement process.
After the numbers are in, it is time to review the forces of planning and execution. Using a quality or continual improvement process such as Lean, Six Sigma or Baldrige reduces inefficiency which is usually time driven.
By investing time working on your business instead of in your business will provide you, the entrepreneur with even more time and that time will be of high quality.
Entrepreneurs Business Falters When Time Bosses You - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Here is a snippet from my most recent Tip of the Week
Tip 80 - Reaching Out to Former Bosses
Sometimes I just can’t believe the stuff I read.
