“The bad news is time flies, the good news is you’re the pilot! – Michael Altshuler”
Our time it is the one commodity we can never reclaim, its precious, in fact on average you only have 4000 weeks.
Yet it’s the one thing so few business owners seem to be able to manage effectively. We track our time, cashflow, profit, sales and a myriad other KPI’s yet when it comes to time, we’re happy to give it away to anyone who will spend it for us! A team member, a client, a stakeholder, for example.
Be honest with yourself, how good are you at carving out time for specific tasks and sticking to it? And what about protecting chunks of time to spend on yourself or with family and friends?
Then consider how much of your time other people spend for you; and by this, I mean you doing certain activities that someone else should be doing but you can do it quicker/better?
Completing a skill/fun matrix is a great way to see how you’re actually spending your time in your business; it orders tasks into high/low skill and high/low fun. I’ve added some examples of tasks carried out by business owners in the second matrix.
For a week, I’d recommend you do a time audit and place the relevant tasks in the correct quadrant of the matrix recording a percentage of the time used to carry out those tasks alongside it. This will give you a clear indication of how much of your time spending doing what.
Then let’s give each area a value, so for example a typical low skill activity might be to go to the post office to post letters you would probably assign that at £10 or less per hour to complete, a mid-skill mid fun activity might be to write a proposal to a prospect now whilst a proposal might be of high value the collation of the proposal could sit in the middle at around £20 or less per hour
If, however you spent your time securing the sale then that would be whatever value the sale would be in your business let’s say £100 per hour.
When this information is collated, it is a fairly standard simple equation to figure out if you spend more time in the high fun, high skilled quadrant that the value of your business will grow exponentially with very little effort.
Of course, it’s not quite as simple as that, there are still all those other tasks to complete. For these you’ll need to play the do, defer, delegate or dump game.
- Do you need to do it?
- Can you defer it?
- Should you delegate it someone else?
- Or just dump it altogether?
This is such a powerful and valuable exercise that if acted upon, and that is always the crucial element of any idea, could save you and your business hours of time and bring in hundreds of pounds worth of sales
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