Do you have enough time?
What’s more valuable, time or money?
Time is a currency we never get back, and therefore it is something that we must manage wisely.
The average entrepreneur spends more than 66 hours per week working on their business, which equate to 9.4 hours everyday or 13.2 hours without working on the weekends.
That’s a lot of time. The question is, is that time being spent wisely?
In most cases, I imagine it can be spent more effectively.
As a business owner, you want to spend your time focused on areas that are critical to the success of your business. This includes thinking more strategically, building your team, delivering quality products to your customers, and analyzing how profitable your businesses is.
As an entrepreneur your time could be spent all over the place, you’re wearing many hats, putting out fires every day, and by the 65th hour of your workweek, you might not have even accomplished all of the things on your to-do list.
Successful entrepreneurs manage their time and productivity differently, they create systems that work for their business, they block out their time in chunks, and most of them wake up pretty early to start their day.
How are you managing your time?
A quick exercise that you can do to assess where you are spending your time is called the time accelerator.
It’s an exercise that lasts about 20 minutes, and requires your full attention, 3 sheets of paper, and a pen.
Time Accelerator Instructions
- Take out the first sheet of paper
- Write out ALL activities that you do in your business. This includes talking with customers, strategizing, marketing efforts, invoicing customers, bookkeeping, etc.
- Write out ALL activities you do in your daily life. This can be anything from driving to work, meditating, going to the gym, having meetings, calling customers, instagramming, worrying, sleeping, etc.
Take out the second sheet of paper and align it with the first
- Create 3 Columns to the right of the list
- Name the columns “Daily”, “Weekly”, “ % “
- You’ll have to do a little math, so break out the calculator
- Add in the average time you spend on each activity using 15 minute increments. The total of all activities in the daily column must EQUAL 24 hours (as there are 24 hours in a day).
- Using your calculator, multiply each activity row in the daily column by 7 to arrive at your weekly hours spent. The total amount of the weekly column should be 168.
- In the last column, you will create a percentage of the total time available. This is one of my favorite ways to look into things, as it provides an overall view on time spent. To complete this you’ll want to take the activity number (weekly or daily) and divide it by the total hours available (24 or 168).
- Analyze your results. Where are you spending the most time? Where are you spending the least amount of time on a weekly basis?
Time Accelerator Assessment
As a successful entrepreneur in a highly competitive market, you must continue to ensure your product or service is relevant by talking with customers. You must ensure that your company is profitable and can manage your cash by analyzing your numbers. Finally, you must ensure that your company is healthy and organized by the processes and people you have in place.
I would like you now to ask yourself a few questions:
- How much time do you spend each week talking with customers?
- How much time each week do you spend analyzing your financials?
- How much time each week do you spend empowering your employees?
If you would like to talk with me about your 2019 goals and areas where you can better focus to achieve the results you want and deserve in your business, let’s chat!