Are You Saving Yourself A Wage And Costing Yourself A Fortune?
You need to step outside your business ...
POSTED BY PAUL BROOKSBANK ON 04/10/2018 @ 9:00AM
I talk about working on your business, not in your business, all the time, and there are many business owners who wonder, ''Why should I pay someone else to do things when I can do them myself?''
How could you better use your time? It's by working on your business!
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But to really grow, you need to ask yourself this important question about how you are utilising your time: "Are you 'investing' your time working on your business or 'spending' it working in your business?"
"Time is a limited resource. If you're spending it trading your time for money, your income will always be limited!"
The problem I so often come across when speaking with business owners is that they are so busy working in their business that they cannot see the full potential of it.
On the outside they may appear to be doing well, only to discover when we dig a little deeper that they are not even earning as much (when their income is converted to an hourly rate) as their top employees!
"That's not why most people went into a business of their own!"
The key is to look at how much of the operational work of your business that you are currently doing, could be done by someone else, which would then free you up to spend time on business development/income-generating activities?
Just as an example, if it would cost you £500 a week to pay someone else to do the operational tasks you are currently doing, but in doing so, the business development activity generated £1,500 worth of new business, it would be more than worth it!
So, how could you better use your time? Just a few things to think about:
How much time do you spend developing new marketing strategies, analysing, testing & measuring results, and instigating relationships with other businesses?
How often do you follow up enquires that haven't been chased up, spend time socialising with customers encouraging them to come back or phoning existing customers to see if there is anything else they require.
Do you use professional advisers to help you in areas that you aren't an expert in? For example, by getting yourself a competent accountant and hiring a bookkeeper. These sorts of people will save you both time and money!
In an average day, there is a whole lot that a business owner needs to get done. Successful business owners are those that do the things that are important in maximising profit rather than concentrating on the 'urgent problems' that arise every day.
Take the challenge and look at your business as an investment. Look for a return on your invested capital as well as an hourly rate of pay in excess of your top employees.
"Would you like to know more?"
If you'd like to use your time more wisely, working on your business, not in your business and discover the endless potential of your business, then do give me a call on 07590 584642 or click here to ping me an email and let's see how I can help you.
Until next time ...
If you're looking for a specialist business coach in the Bedford area, do visit www.facebook.com/actioncoachbedford and let's see how I can help you reach your dreams and goals.
Are you a motivated business owner working far more hours than you would like in an average week? Do you feel frustrated that despite the hours you work, your business isn’t growing as fast as you’d like and profits aren’t at the level you think they should be? Is a lot of your working week spent fire-fighting and do you think that your time spent in the business could be more productive?
Do you feel like there’s untapped potential in your business but you are so bogged down working ‘IN’ your business, that you lack the time, energy and resources to work ‘ON’ your business and take it to the next level? Would you like to know how you can both reduce the hours you’re working and grow your business faster? And yes, it is possible.
If so, business coaching could be right for you!