Hey Entrepreneurs: Time is Your Most Valuable Asset
You’ve heard it before, probably from me, but elsewhere too. Time is your most valuable asset and once it’s gone, you can’t get it back. It is one of the keys to professional success. So many entrepreneurs understand this in concept, but never apply it in practice.
Being able to work ON your business, and not always overwhelmed with being IN your business, is imperative to developing and executing a solid strategy for business growth. Working on your business takes time and focus. Why, then, do so many executives and business owners insist on “wearing many hats?” Is it a source of pride that they can multi-task? If it is, it shouldn’t be.
Business owners- your core strength comes not from how many jobs you can do, but from your ability to focus your actions.
- No one is good at everything; focus on your specialty and hand off the rest– Build a team of reliable experts to help you in your business. Whether that’s a business coach, a marketing expert, a social media maven or CPA, the more complete your team, the more time you will have to focus on what you do best.
- Hold your team accountable and vice versa– Part of what you should be focusing on for business success is making sure your team is aware of what their goals are, and what your expectations are. They should also be telling you what resources you have to provide in order for them to achieve their goals effectively and efficiently. Micro-managing is not an option. Provide explicit direction, allow for distance, check in and provide feedback.
- Disconnect and find your outlet– Even the most successful professionals have to step away. A digital detox may be necessary for your focus. When you find yourself overwhelmed and unable to “know where to start” working on your to-do list, step away. Regroup by doing something unrelated. Exercise, read, play music or a sport, meditate. Completely immerse in an unrelated activity. You aren’t wasting time; you are prepping for active engagement in your business when you return.
- Do your homework– Know your market, your customers and your competitors. Keeping your finger on the pulse of your industry keeps you from speculating and worrying. Time well-spent is time educating yourself on industry trends, client needs and competitive projects.
- Don’t put off today…- There are some responsibilities you have that may not be exciting or attractive to you. Get them done. Procrastinating important projects because you don’t like to do them is one thing that slows progress and business growth.
A year from now, you will wish you started today- Karen Lamb.