Time Management for Successful Entrepreneurs
Time Management for Successful Entrepreneurs
Individuals who say "If only I could have my entire day planned out, I would be more effective." Or, "I just need to buy one of those fancy PALM Pilots and then my life would be organized." To those business owners and entrepreneurs, I say, listen up!
Time is an investment. There is no more to be found. No one has more than you and no one gets less. Every person is given 24 hours a day to do with what they desire. How they invest and leverage their time is the secret to successful life and professional organization. That said, I have identified four common challenges that entrepreneurs and business owners face in this goal of time management and will present solutions for achieving peace and success in this area.
Top Four Challenges
• Blurry Vision of Success
• Overdrawn Owner
• Disrespecting the 80/20 Rule
• Wasted Free Time
Challenge #1 - Blurry Vision of Success
The reason most people do not get what they want is because they do not know what they want.
A famous person once said that those who fail to plan, plan to fail. That is a powerful statement. I have also heard it said that the world is in constant motion; if you are not moving forward, you are following behind. And yet, so many people either refuse to define success for themselves or merely carry on content with "wishing" for success but never doing anything about it.
Solution – Begin With The End In Mind
Paint and articulate a clear picture of what success looks like to you. How does it feel, what does it look like. Take a moment and consider your company.
What does it look like in terms of size and location?
What do your customers look like?
Where is your market share? What is your company worth?
What is the culture within your company; is it fun, professional, cool?
What is your job; what work do you do?
How do you feel?
Now Think about Your Company in Five Years
What does it look like in terms of size and location?
What do your customers look like?
Where is your market share? What is your company worth?
What is the culture within your company, is it fun, professional, cool?
What is your job; what work do you do? How much involvement do you have?
How do you feel?
Write It Down
Now look around in your vision. What symbol or object can you bring back into your present reality that will serve as a significant trigger or reminder of your vision? Write down anything that offers an attachment to you.
Challenge #2 – Overdrawn Owner
Most entrepreneurs or business owners start out being very unclear about what activities generate real tangible bottom line results. They get so wrapped up in either being all things to all people or delegating the wrong activities that there is no solid infrastructure in their companies and profitability suffers.
Solution – Marketing, Production, Administration
In order to understand this common ailment and rectify it, every owner or entrepreneur must accept that every business (no matter the industry or product) is comprised of three elements: marketing, production and administration.
Marketing
Marketing is defined as all the actions that you (or your company) take to generate interest and excitement in your product or service and ultimately how and how much you sell. Marketing vehicles include activities such as:
• Advertising
• Direct selling
• Email marketing
• Events and special promotions
• Public relations
• Referral or incentive programs
Go ahead and take a moment to identify the marketing vehicles that you currently use or want to use in order to sell more of your product/service.
Now rate these activities according to 1) ease of execution, 2) cost to execute and 3) return on investment.
Production
Production represents the "how" of how your products or services are delivered to your customers. What work needs to get done and step-by-step, how does it get delivered.
For example, a graphic designer must first meet with a client to understand his needs. He must then either put a quote or proposal together and then get the client to agree to the project specifications and price. Then the actual work must get done. The designer then must sit down and perform the work. Upon completion, the design gets presented to the client, and it goes back and forth until it is complete.
Ask yourself, do I need to be present to deliver my product or service to the customer or can I manage a team of people in the delivery of the product/service?
Administration
Administrative functions are those functions that must be performed in order for the work to be designed, developed and deposited. They include things like proposal writing, filing, writing marketing materials, managing the website, creating a database, following up with customers, invoicing and collecting, banking, etc.
For example, using the graphic designer above, after the work is completed and the client is happy, he must ensure that an invoice gets created and delivered to a client. All the files must be organized and put away as well. When the client’s cheque arrives, it must be documented and then deposited into the bank. Then the bills need to be paid.
Running the business-side of any operation, no matter the product or service, takes skill and organization. Suppliers are not going to be very understanding if they have to wait 60 days to get paid because you forgot to send your client an invoice. Alternatively, customers will not be so impressed if you expect them to pay before the work is completed.
Take a moment to identify the step-by-step process(es) that you employ in your delivery channel(s).
Discuss and identify any gaps. Make a note by all the activities that must be performed by you, or that you love to perform. Pay special attention to those tasks that generate financial results (Mark them with the letter A).
Challenge #3 – Disrespecting the 80/20 Rule
Leverage is a popular investment strategy. Simply put, it means borrowing money to increase the yield on your investment. Ideally the amount due is paid back with interest, and you keep the profit. In terms of business operations, leverage means working smarter, not harder. And, it starts with replacing yourself or much of what you do personally.
BEWARE – This is an area where a lot of business people go wrong. They delegate too much at the beginning, when money is not so available, and do not get the system fully operational before stepping away. This is a guaranteed recipe for failure!.
Solution – Respect the 80/20 Rule
If you surveyed your life and took note of all the activities that brought you the most success, the most financial gain, the most advancement and the most enjoyment, you would discover that about 20% of your activity produces 80% of your results. This phenomenon is the basis for the Pareto Principle, named after the nineteenth century economist who discovered 80% of an enterprise’s revenues come from 20% of its customers.
Go back and visit the task list that you created in the last exercise. Identify, using the letter C, the activities that you find completely mundane and that do not contribute to your business or personal goals. Now identify those tasks, using the letter B, that MUST get done in order for you to sell more product/service, deliver more product/service and collect money from your customers.
Remember time is an investment. Using the attached chart, The Market Value of Your Time, determine the hourly rate of your time. Now determine the hourly rate of your B and C tasks. If the cost is less than your per hour value – hire someone else to do it.
Obviously, the less you make right now will dictate how many of your B and C tasks that you must perform for yourself. Brainstorm ideas for cash flow in order to hire help.
Challenge #4 – Wasted Free Time
How many times have you come home from work only to be met with a happy and excited family? They have been waiting for your return and are eager to spend time with you. Only you are exhausted and feel terrible.
How many evenings or weekends have you spent with your family and yet you were thinking about work? How much time do you spend thinking about your family when you are at work? Or anything else you would like to be doing for that matter. Perhaps you would like to write a book or learn how to play the saxophone. How many fun and fulfilling things are you missing out on because you are not planning your time?
Solution – Utilize Time Leveraging For Personal Pleasure
Have you ever considered that by making plans and keeping them with friends you actually spend more active time with your friends than you do with your own family? How about a hobby? Do you actively seek out and plan time to spend on your hobby? Or do you just get to the end of the week and if there is a few minutes left you will pursue your dreams?
By engaging in the same evaluation of your time and activities as we just did professionally, you can identify areas where you can leverage your time for the most return.
Take a moment now to list the activities you do on a daily, weekly or monthly basis that you could perhaps delegate to someone else.
How much FREE time would this open up? Remember, the goal is not to save time, but to invest your time in those activities that generate the most rewards.
In Conclusion
Time is an investment. Each person is given the same exact amount of time each time. Those that learn how to control their time and leverage their time, produce a significantly higher return on their investment than those who do not.
Commit today to spending 20 minutes at the end of each work day to identify and prioritize your top revenue generating results. What activities will generate the most income, influence or pleasure? Do those and watch your success skyrocket.
Time Management for Successful Entrepreneurs - To learn more about this author, visit Jude Smiley's Website.
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During my 15 years in business and my 10 years of consulting with entrepreneurs and business owners, I have had countless discussions about time management and the goal of increased efficiency. Throughout all these discussions, there has been a common thread — business owners and entrepreneurs are consistently seeking ways to find more time.
Individuals who say "If only I could have my entire day planned out, I would be more effective." Or, "I just need to buy one of those fancy PALM Pilots and then my life would be organized." To those business owners and entrepreneurs, I say, listen up!
Time is an investment. There is no more to be found. No one has more than you and no one gets less. Every person is given 24 hours a day to do with what they desire. How they invest and leverage their time is the secret to successful life and professional organization. That said, I have identified four common challenges that entrepreneurs and business owners face in this goal of time management and will present solutions for achieving peace and success in this area.
Top Four Challenges
• Blurry Vision of Success
• Overdrawn Owner
• Disrespecting the 80/20 Rule
• Wasted Free Time
Challenge #1 - Blurry Vision of Success
The reason most people do not get what they want is because they do not know what they want.
A famous person once said that those who fail to plan, plan to fail. That is a powerful statement. I have also heard it said that the world is in constant motion; if you are not moving forward, you are following behind. And yet, so many people either refuse to define success for themselves or merely carry on content with "wishing" for success but never doing anything about it.
Solution – Begin With The End In Mind
Paint and articulate a clear picture of what success looks like to you. How does it feel, what does it look like. Take a moment and consider your company.
What does it look like in terms of size and location?
What do your customers look like?
Where is your market share? What is your company worth?
What is the culture within your company; is it fun, professional, cool?
What is your job; what work do you do?
How do you feel?
Now Think about Your Company in Five Years
What does it look like in terms of size and location?
What do your customers look like?
Where is your market share? What is your company worth?
What is the culture within your company, is it fun, professional, cool?
What is your job; what work do you do? How much involvement do you have?
How do you feel?
Write It Down
Now look around in your vision. What symbol or object can you bring back into your present reality that will serve as a significant trigger or reminder of your vision? Write down anything that offers an attachment to you.
Challenge #2 – Overdrawn Owner
Most entrepreneurs or business owners start out being very unclear about what activities generate real tangible bottom line results. They get so wrapped up in either being all things to all people or delegating the wrong activities that there is no solid infrastructure in their companies and profitability suffers.
Solution – Marketing, Production, Administration
In order to understand this common ailment and rectify it, every owner or entrepreneur must accept that every business (no matter the industry or product) is comprised of three elements: marketing, production and administration.
Marketing
Marketing is defined as all the actions that you (or your company) take to generate interest and excitement in your product or service and ultimately how and how much you sell. Marketing vehicles include activities such as:
• Advertising
• Direct selling
• Email marketing
• Events and special promotions
• Public relations
• Referral or incentive programs
Go ahead and take a moment to identify the marketing vehicles that you currently use or want to use in order to sell more of your product/service.
Now rate these activities according to 1) ease of execution, 2) cost to execute and 3) return on investment.
Production
Production represents the "how" of how your products or services are delivered to your customers. What work needs to get done and step-by-step, how does it get delivered.
For example, a graphic designer must first meet with a client to understand his needs. He must then either put a quote or proposal together and then get the client to agree to the project specifications and price. Then the actual work must get done. The designer then must sit down and perform the work. Upon completion, the design gets presented to the client, and it goes back and forth until it is complete.
Ask yourself, do I need to be present to deliver my product or service to the customer or can I manage a team of people in the delivery of the product/service?
Administration
Administrative functions are those functions that must be performed in order for the work to be designed, developed and deposited. They include things like proposal writing, filing, writing marketing materials, managing the website, creating a database, following up with customers, invoicing and collecting, banking, etc.
For example, using the graphic designer above, after the work is completed and the client is happy, he must ensure that an invoice gets created and delivered to a client. All the files must be organized and put away as well. When the client’s cheque arrives, it must be documented and then deposited into the bank. Then the bills need to be paid.
Running the business-side of any operation, no matter the product or service, takes skill and organization. Suppliers are not going to be very understanding if they have to wait 60 days to get paid because you forgot to send your client an invoice. Alternatively, customers will not be so impressed if you expect them to pay before the work is completed.
Take a moment to identify the step-by-step process(es) that you employ in your delivery channel(s).
Discuss and identify any gaps. Make a note by all the activities that must be performed by you, or that you love to perform. Pay special attention to those tasks that generate financial results (Mark them with the letter A).
Challenge #3 – Disrespecting the 80/20 Rule
Leverage is a popular investment strategy. Simply put, it means borrowing money to increase the yield on your investment. Ideally the amount due is paid back with interest, and you keep the profit. In terms of business operations, leverage means working smarter, not harder. And, it starts with replacing yourself or much of what you do personally.
BEWARE – This is an area where a lot of business people go wrong. They delegate too much at the beginning, when money is not so available, and do not get the system fully operational before stepping away. This is a guaranteed recipe for failure!.
Solution – Respect the 80/20 Rule
If you surveyed your life and took note of all the activities that brought you the most success, the most financial gain, the most advancement and the most enjoyment, you would discover that about 20% of your activity produces 80% of your results. This phenomenon is the basis for the Pareto Principle, named after the nineteenth century economist who discovered 80% of an enterprise’s revenues come from 20% of its customers.
Go back and visit the task list that you created in the last exercise. Identify, using the letter C, the activities that you find completely mundane and that do not contribute to your business or personal goals. Now identify those tasks, using the letter B, that MUST get done in order for you to sell more product/service, deliver more product/service and collect money from your customers.
Remember time is an investment. Using the attached chart, The Market Value of Your Time, determine the hourly rate of your time. Now determine the hourly rate of your B and C tasks. If the cost is less than your per hour value – hire someone else to do it.
Obviously, the less you make right now will dictate how many of your B and C tasks that you must perform for yourself. Brainstorm ideas for cash flow in order to hire help.
Challenge #4 – Wasted Free Time
How many times have you come home from work only to be met with a happy and excited family? They have been waiting for your return and are eager to spend time with you. Only you are exhausted and feel terrible.
How many evenings or weekends have you spent with your family and yet you were thinking about work? How much time do you spend thinking about your family when you are at work? Or anything else you would like to be doing for that matter. Perhaps you would like to write a book or learn how to play the saxophone. How many fun and fulfilling things are you missing out on because you are not planning your time?
Solution – Utilize Time Leveraging For Personal Pleasure
Have you ever considered that by making plans and keeping them with friends you actually spend more active time with your friends than you do with your own family? How about a hobby? Do you actively seek out and plan time to spend on your hobby? Or do you just get to the end of the week and if there is a few minutes left you will pursue your dreams?
By engaging in the same evaluation of your time and activities as we just did professionally, you can identify areas where you can leverage your time for the most return.
Take a moment now to list the activities you do on a daily, weekly or monthly basis that you could perhaps delegate to someone else.
How much FREE time would this open up? Remember, the goal is not to save time, but to invest your time in those activities that generate the most rewards.
In Conclusion
Time is an investment. Each person is given the same exact amount of time each time. Those that learn how to control their time and leverage their time, produce a significantly higher return on their investment than those who do not.
Commit today to spending 20 minutes at the end of each work day to identify and prioritize your top revenue generating results. What activities will generate the most income, influence or pleasure? Do those and watch your success skyrocket.
Time Management for Successful Entrepreneurs - To learn more about this author, visit Jude Smiley's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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