When we first meet a business owner, more often times than not, they are overworked, overwhelmed, and underpaid. The fact of the matter is that most business owners wanted the exact opposite when they started. They left the “safety” and “security” of the corporate world to create freedom for themselves, their family, and their lives. However, most business owners find themselves enslaved to the business that was supposed to free them. So, what is the way out?
Step 1 – Where Do You Want to Go?
The first step in creating a business that you love is to have a clear picture of what you want your business to look like. To start, below are some questions to consider as you picture your ideal business:
- How much revenue is the business generating?
- What is the profitability of your company?
- How many hours are you working per week?
- What role do you want to play and what would you like to be doing in that role?
By having a clear vision for what you want to accomplish in your business, then you can start working towards it.
Step 2 – Take Inventory
The next step is to take inventory of what you do on a daily/weekly basis and write it down. As you write each one down, you want to classify each task you do into the following four categories:
Category 1: Things I am good at and like to do
Category 2: Things I am good at that I do not like to do
Category 3: Things I am not good at that I like to do
Category 4: Things I am not good at and do not like to do
After you have compiled this list over a 1 month basis, the first step is to delegate Category 4 items to someone else. Often time, business owners are spending their precious and valuable time on tasks that can be outsourced and/or delegated for 410 to $15 an hour. Time is the only asset that you do not get back. This fact is why it is important to free up your time to do things that get you where you want to be versus on tasks that just keep you busy but not moving forward.
Step 3 – Delegate One Task
Too much change at once will overwhelm you even more than you are now. That is why it is so important to make small, incremental improvements each week. For example, as my business was growing, I hated ordering office supplies. We found a company that would take inventory of our office supplies and buy supplies for at a cost slightly higher than we were paying anyway. This free me up by the tune of 3 hours per week to do the things I love to do like business development and meeting with clients. This task took me less than 2 hours to delegate and I am saving 3 hours a week.
If you would like to have a confidential conversation on how to free up your time and scale your business, simply email me at email@example.com. If you would like our template on how to keep track of the tasks you do each day by category, simply email me at firstname.lastname@example.org and I will send it to you.