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Don't just make money... make time, too
Almost everyone who starts out on their first venture has the same obsession: money. They want to know how much money they need to get started, and how they can raise it. When they think about the risk they're taking, they look only at the money they might lose. But losing money is not, in fact, the biggest risk in a start-up. After all, if you work hard enough, you can eventually earn it back. There's another resource that, once you lose it, you'll never see again. Time.
If one had to pinpoint a single characteristic shared by the most successful entrepreneurs in the world, it is that they understand the value of time. Successful business people are careful about how they spend it. No matter how you slice it, we all have 24 hours in a day, and the key lies in learning to use our time wisely. Below are some ways that you can dramatically increase your own productivity through more effective use of your time.
- Monitor how you currently use your time. If it seems like your day slips by all too quickly, try creating a diary of your daily activities. Once you see where you're spending your time, you can identify and focus on the activities that provide the greatest returns for you personally and financially. Start your log by writing down what time you wake up, get ready, and begin work. Calculate how much time you spend on individual activities such as email, phone calls, and client work. It can really add up.
- Calculate how much your time is worth. Time is money. Knowing how much your time is actually worth can help you make better decisions as to whether you should perform a task or ask someone else to do it for you. For instance, if your time is worth £100 an hour, you're far better off paying someone £30 an hour to look after your website for you.
- Create a daily schedule. Don't start your day without a 'to do' list. Make a list of tasks and categorise them into business-building activities, client activities, and personal items. Then break bigger, unmanageable projects into smaller do-able chunks, so they're less intimidating and are easier to accomplish.
- Prioritise. Have more to do than hours in the day? By prioritising your tasks, you'll make sure that you're tackling the items that matter most. Create a system that works for you. If you're having problems, ask yourself these key questions:
• What items must be done today?
• Which items can be re-scheduled?
• What can be delegated?
• Which tasks most closely match your priorities and goals?
• Which items can be eliminated?
- Learn to say no. Are you adding one more item to your never-ending 'to do' list? You're in control of your time. Be strong and uphold your personal boundaries. When you're well rested and treat yourself and your family to the right time off you deserve, you'll feel happier and more productive when it's time to go back to work.
- Remove distractions and time burners. Time burners are lurking everywhere like viruses. Think about which activities are eating up your time. For me, personally, these items include email, social calls, and telemarketers.
- Stick to the plan. Try not to get sidetracked from your daily plans. One of my friends has a motto, "A lack of planning on your part does not constitute an emergency for me." It's a smart one to live by. Unless it's a true emergency, or your being paid rushed time, you probably don't need to squeeze a last-minute request in today. Also, by assigning yourself project deadlines, you can keep on top of projects and avoid those dreaded last-minute emergencies.
- Choose an inspiring place and time. We're all built differently. Do the tasks which take your most brain power when you are at your prime. Are you a morning person, or do you work best burning the midnight oil? Create an ultimate work haven that is clean, distraction-free and inspiring.
- Group similar tasks together. As you work through your daily list, try to group your tasks into similar activities. By creating a separate window of time for answering emails, invoicing, making return phone calls, you'll save time and mental energy.
- Avoid interruptions. Trying to do the same thing over and over again with interruptions can be infuriating. Once you start a task, try to finish it to the end. If something comes up that you need to remember or do, unless it's urgent simply add it to your list and continue on with your current project. Stay focussed.
- Be organised. When things are tidy, it saves you time and frees you to focus on the tasks in hand.
Why wait for success when you can literally schedule it? By mastering your time, you can accomplish much more with less effort. Be choosey how you spend your time. Focus on activities which most closely match your goals. By taking time to monitor, measure and manage your time, you'll enjoy an abundance of success and happiness.
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