Leverage Time in Your Business
Time is one of the most crucial elements in business that every business owner should fully grasp. Failure to understand the importance of time in business would cost a lot and it can cause you to fall behind your competition. If you want productivity in your business, proper time management is the key to excel in your game.
Annette will discuss how important it is to use your time wisely. She will give 10 tips that you can implement in your business, how you can maximize your time, and be productive in your business to achieve success. Take notes as she sheds some light on how you can leverage your time and grow your business.
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Welcome to the Financial and lifestyle Freedom Podcast and in this episode, I'm going to show you how to use your time more efficiently so you can grow your business. My name is Annette Ferguson and I run Annette and Co, a UK based accounting firm. I am a chartered accountant and certified Profit First professional. And I now know how important it is to use your time wisely, so you can get the most out of it. In this episode, I'm going to give you some tips on how to do just that. So let's dive in.
The 10 ways on how to use your time more efficiently
1. Set specific goals for your business and track your progress
Number one, set specific goals for your business and track your progress. As a business owner, it's important to set specific goals for your company and track your progress in order to make the most of your time and resources. By taking the time to assess your progress on a regular basis, you can identify areas where you need to improve and make adjustments to your business strategy. Additionally, tracking your progress can help you see how far you've come and celebrate your success. When setting goals in your business, be sure to make them smart, S. M. A. R. T., that's specific, measurable, attainable, relevant and time bound. This will help you create realistic goals that you can actually achieve. And finally, don't forget to share those goals with your team and everyone that is working towards the same objectives.
2. Set aside time each day for important activities
And number two, set aside time each day for important activities. Many people mistakenly believe that they don't have enough time to grow their business. However, the truth is that we do all have the same amount of time each day and it's how we use that time that makes the difference. One way to make sure that we are using our time effectively is to set aside time each day for those key important activities. This might include things like writing a blog post, working on a new product or reaching out to a potential customer. By taking a few minutes each day to focus on these activities, you will be surprised how quickly your business grows. So don't let that lack of time be an excuse for not growing your business. Just set aside a few minutes each day and watch it take off.
3. Make a plan and stick to it. ( What are three key strategies to stay on track?)
And three, make a plan and stick to it. Anyone who's ever tried to diet or start an exercise regime knows that it's easy to make a plan, but much harder to stick to it. I am also putting my hand up there. The same is true of business growth, it's essential to have a clear idea of where you want your business to go and what steps you need to take, to get there. However, it's just as important to have the discipline to see the plan through. Without a dedicated commitment to following through on your goals, it will be difficult to make any real progress. Fortunately, there are a few key strategies you can use to stay on track. First, as we've spoken about, make sure your goals are specific and achievable. Vague objectives are more likely than concrete ones to fall by the wayside. And second, break your goals down into small manageable steps. That's the whole 'How do you eat an elephant one bite at a time' thing. Trying to accomplish too much at once is sure to lead to frustration and burnout. And finally, enlist the help of a trusted friend or colleague who can hold you accountable for meeting the deadlines that you set yourself. By taking these simple precautions, you can set yourself up for success and ensure that your business grows according to plan.
4. Delegate the task to other people
Number four, delegate tasks to other people in order to focus on what you're good at. In order to be successful in business, it is important to focus on your strengths and delegate tasks to other people. By leveraging your time in this way you can free up more time to work on the aspects of your business that you are good at. This will also allow you to grow your business more effectively. Of course, it's important to be selective about who you delegate tasks to. Make sure that you choose people who are reliable and trustworthy. And additionally be clear about what you expect from them. You also, of course, need to make sure that when you're looking at your finances, you can afford help from other people and that you're not just ending up completely eroding your profitability as a result of delegating.
5. Automate processes
Number five, automate processes whenever possible. When you first start in business, you wear lots of hats, you're the CEO, the CFO, the janitor and everything in between. And as your business grows, you can start to delegate some of those responsibilities to other people. But there's still a lot of tasks that typically will fall on your plate. That's why it's important to automate processes wherever possible. By leveraging technology, you can free up your time so that you can focus on things that matter the most. Automating tasks like billing, invoicing and customer service will not only improve efficiency, but will also improve your bottom line. Have a look at something like Zapier, or maybe it's pronounced Zapier, I never really know. But that helps link pieces of software together and can really help with automation.
6. Take care of yourself, both physically and mentally
Number six, take care of yourself both physically and mentally. And this I have to admit is one that I do struggle with. As an entrepreneur, it's important to take care of yourself both physically and mentally. When you're in good health, you're able to work more efficiently and effectively. Plus, you're able to better handle the stress that comes with running a business. Taking care of your physical health means eating right, eating regularly, and getting enough sleep. You should also make sure you schedule regular checkups if you need to with any medical professionals. As for your mental health, it's important to find ways to relax and de-stress. This could mean taking up yoga or meditation, spending time outdoors or reading for pleasure. When it comes to taking care of yourself, then you're able to leverage your time and grow your business as well.
7. Educate yourself on the latest trends and strategies in business
Number seven, educate yourself on the latest trends and strategies in business. If you want to leverage your time and grow your business, it's important to stay up to date on the latest trends and strategies in business. One way to do this is by reading industry specific publications or blogs. This will help you to identify new opportunities and keep abreast of changes in the marketplace. Another way to stay informed is to attend business seminars and conferences. These events provide excellent opportunities to network with other professionals and learn about the latest innovations in your field. By making a commitment to lifelong learning, you can position yourself for success in the ever changing landscape of your industry. But of course, when you're doing that, if you are attending to things that are going to cost, make sure that you are putting that into your forecasting and budgeting to ensure that you are able to handle that in your business's cash flow.
8. Build a strong team of professionals
Number eight, building a strong team of professionals who share your vision. A successful business is built on a foundation of strong relationships. By developing a team of professionals who share your vision, you can leverage your time and resources to achieve your goals. When everyone is working together towards a common goal. It's amazing what can be accomplished. Moreover, having a team that you trust implicitly will free up your focus on the bigger picture to scale your business to new heights. So, if you're serious about growing your company, start by building a strong team of like-minded individuals who are committed to your success. But of course, with everything, where I'm advising you to spend funds, do remember that you need to cost this out and ensure that it works when you look at your forecasting, budgeting and profit plan.
9. Stay organized and focused on your goals
Number nine, stay organized and focused on your goals. Time management is a critical skill for any business owner. In order to be successful, it's important to stay organized and focus on the goals. One way to do this is to create a daily schedule and stick to it. Prioritize your tasks and allocate specific amounts of time to each one. Now in all honesty, this does take a bit of trial and effort. The first few times you tried to estimate how long things take you, might just get it a little bit wrong. But that's okay, you can tweak and iterate. Try to avoid distractions and stay on the task in hand. It's also important to take regular breaks to avoid burnout. Another way to manage your time effectively is to delegate to others as we have already spoken about, that frees up your time so you can focus on more important matters. And remember to set some time aside each day for planning and reflection. This will help you stay on track and make sure your business is moving in the right direction.
10. Persevere through setbacks
And finally number ten, persevere through setbacks. In business as in life, there will be setbacks. How you handle these setbacks will determine whether you succeed or fail, ultimately. The key is to persevere through the tough times and use the lessons learned to improve your business. This may mean working a bit harder or smarter, but you will also gain the respect of everyone around you. Furthermore, you will have a better understanding on your own capabilities and limitations. So next time you face a setback, remember to keep moving forward, leverage your time to grow your business.
We've covered ten points now on how to leverage your time and grow your business. If you implement just a handful of these, you are sure to see results. I would love for you to let me know on social media, which ones of these you manage to implement for yourself and the results that you get. And since you are here, please do remember and subscribe to the podcast in whichever podcast player you happen to be listening to. And I would be massively grateful if you want to also leave us a review whilst you are in there, again in whichever podcast player you are listening to today. Thank you so much for tuning into the podcast and do make sure you binge some of our other episodes as well. Take care and we'll speak soon.