How to put time management to practical use ( part two of time management
In our previous article ( Is time management a hot topic for you) I showed you how to calculate what you are worth per hour in your business. In the example we established that for that owner, his salary was worth $383/hr.
Now let’s see how this works into your practical use in your time management. My most important rule for time management after knowing your hourly rate is: If it doesn’t add to the bottom line (profits) don’t do it. Keep in mind the rule from part 1 saving a wage may be costing you a fortune. So work on stuff that adds to profits during normal business hours.
If you are the typical small business owner you don’t have an army of staff to delegate tasks out and you will have to do them. But don’t do them during business hours. During business hours concentrate on the tasks that make money. Your hourly rate tasks (the $383/hr tasks) that add to the profits. These are things like lead generation, conversion (a clean word for that four letter word, SALES), training your team so they take care of the customers and create raving fans out of them. You as the owner must take care of your team (the people who work for you), the team takes care of the customers, the customers take care of the business and the business takes care of the owner.
So if you are constantly getting involved in the day to day operation of the business then you haven’t set the basic ground rules for running your business. Ask yourself daily “Should I be doing this? Does it add to my bottom line?” If you say yes, then you should be working on it. If you say no, then stop doing it.
You need to figure out how much time you want to spend on lead generation. Ideally you should be spending some time every week working on referrals, your mailing list, cold calling and bold calling, marketing, advertising and publicity. All these are going to play a role in attracting the right kind of customers to your business. Whether it’s a product or a service you are selling, putting in the right amount of time each week will keep you going. And don’t forget to keep training your team. Even the most rudimentary sales job ( retail for example) shouldn’t be stagnant. You should have your team bring you ideas on selling, and work on customer service. Set up fun training experiences for them so that they can engage your customers and potential customers in a way that will develop brand loyalty and keep them longer. Your goal is to make customers raving fans who essentially go out and sell for you. If they help take care of your business, then it will grow consistently and the work will get a little easier for you. Don’t let your guard down, and don’t take time off of lead generation. It’s so important.
ActionCOACH Master Licensee Greg Kopchuk