Managing a business can be challenging, and at times we make it harder than it needs to be. We don’t give focus where it’s needed.
I talk to many business owners and when I ask them. “What is holding you back from growing your business?” The answer 90% of the time never changes, I don’t have the time.
The biggest assets a business has, is time, people and money. Money fluctuates, people come and go but the time is fixed.
As a mentor and business coach, I see business underperforming. It all comes down to lack of goals and priorities. Business owners don’t spend enough time on the revenue generating activities.
Allocated your time well it’s fixed. The 80/20 rule is a great way to allocated your time. 80% of your results will come from 20% of your activity. Spend 80% of your time on revenue generating and sales activities. 80% equates to approx 6.5 hours a day.
Does it sound excessive for you to spend 80% of your time devoted to growing your business? I hope not. Is there anything more important in business than the lively hood of your business? Of course, your customers and staff are an important part of your business. But they won’t exist without your business being profitable.
Opportunities present themselves when you spend more of your time being pro-active. Momentum starts to take hold and good things happen. When you spend time fixing problems. In reactive mode, you are wasting the precious asset that is time.
So, if you want to grow your business, you need to make it a priority. Simple as that.
Here are some tips that will help you:
Set Clear Goals
Without any goals to work towards the boat won’t move any faster. There is no clear direction. People are not rowing in the same direction. You gain control, once goals and targets are in place. You move from chaos, and you have direction. You and your team are working together towards something. Set your long-term objectives first. These long-term goals will influence and assist in defining your intermediate and immediate goals. Your goals and your plan are the foundations that your business is built upon. You wouldn’t build a house without a plan, and the same principal applies here.
Identify & Prioritise What’s Important.
Focus is the ultimate time management solution. I recommend you use a method I call five by five. List out at the start of the day, or the night before. Five revenue generating / goal orientated activities you will action by 5 pm that day. Ensuring you are productive daily, and you’re working towards those goals.
Plan how much time you will allocate to each task. It's an important step to ensure that the five items on your list can be achieved each day. If one of the items on your list is too big to get done in one day, that is okay. Allocated how much time you will spend on it per day until it’s complete. When you feel overwhelmed, you can overcome the pressure by establishing priorities. Prioritise your activities, no excuses; and they get done.
Action & Implementation
Now you establish WHO, is doing WHAT, & WHEN? A one-page strategic plan will show you the big picture. The plan should include the goals across the central business functions. Financial, Customer, Operations and Learning and Development. You can identify the missing pieces. Which helps you connect the pieces into an action plan for successful implementation.
Activity towards your goals should be the centre of what your company does and how you spend your time. If you’re not happy with the rate at which your business is growing focus on your goals is the key. Set goals and map out a strategic, including tactics to achieve your goals.