How much do you value your time as a Small Business Owner ?

What is your time worth? Cotswold Colleague - Small business -value of time

As a small business owner, it can often feel as though there’s never enough time to get everything done. There is a never-ending list of demands and tasks.

You can fill long days and weeks involved in a variety of roles – salesperson, bookkeeper, customer service adviser, administrator; believing all your hard work is bringing a financial return.

But are you able to actually see a definitive return on your efforts?

Entrepreneurs set businesses up with enthusiasm and energy and the vision of its success, but the nitty gritty of the everyday tasks can hinder progress and takeaway their focus from reaching their goals.

Which of the tasks that you perform are directly profit-making and increasing the growth of your business?

Are there areas that frequently take up most of your time, which if you didn’t personally do, could free up your time, not to say mental energy, on more profit-generating endeavours?

So where does the time go?

Start by looking at how you spend your time in your business   –

Make a list of everything you spend time doing over a normal daily/weekly/monthly cycle.

Then give them a ranking from those that have the biggest and most direct impact on your bottom-line profits to those that have the least.

So now have a look at who could undertake these tasks:

You can do it yourself – those things that ONLY you can do;

You could outsource or delegate it – repetitive & necessary tasks that must be done to keep your business ticking;

Or it may be deferred indefinitely or doesn’t get done at all – are you living in hope that you may actually have more hours in a day than 24?

Choose where to focus

As you work through this exercise, remind yourself of what your strengths are, what are your skills and abilities that prompted you to start your business originally.

You may discover it’s time to delegate or outsource those activities that are time-sapping and taking you away from the things that make your heart soar.

So, what could you outsource?

Letting go of the tasks you enjoy the least –  be that bookkeeping, writing newsletters & blogs, clearing your email inbox – in favour of those you enjoy – what you enjoy the most and do the best will most likely be the thing that brings the greatest value to your company!

Your time is precious & also valuable. Use it well.

If you would like an informal chat on how you could release some of those tasks, so you can focus on your business then please get in touch.