We have spoken a lot about mindset and strategies to help you earn more money from your business. You will need the money to fund getting your time back
Remember: Poor people trade time for money and rich people trade money for time.
Many business owners are time poor because they are working long hours in their businesses. A mindset has grown up over many years that you must work hard and long hours to have a successful business. This may be true at the start-up phase.
Our definition of a business is:
A commercial, profitable enterprise that works without you.
How can you spend less time in your business while you are making more money from your business?
The keys to spending less time in a growing business are: Systems, Defined Roles and Delegation
6 Steps to getting your time back:
1. Measure what you are doing with your time: What stuff are you doing that will make more money straight away?
What stuff are you doing that will make you money over the medium term? And what stuff are you doing?
2. Write out a “How To” system for each aspect of your business. Bullet points are fine. This will make up your systems.
3. Define what your role as a business owner should be. Write out what you are actually doing day to day and compare the 2.
4. Write out what the roles of each member of your team should be and list what tasks you should be delegating to your team
5. Delegation: Who should be doing what at what time. What are the Key Performance Indicators (KPI’s) that will need to be reported to you daily, monthly, quarterly and annually so that you can measure that your team are operating your systems correctly to run your business?
6. Delegation may require training and/or new team members