How to spend it wisely

Finding time to work on the business is a challenge for many small business owners but the results of doing so can be significant.

Most people running small to medium businesses find it very difficult to stop working in the business in order to improve it. As a business owner you are responsible for everything and sometimes that involvement can stifle thinking time. However, without making the time the danger is that very little will change proactively and your business will be at risk.

A friend of mine runs a water blasting business. He ran a water blaster himself for many years and knows the work well. But what sets him apart from his competitors is that he has hired others to do the water blasting to provide him time to add value to the business. He has used the time to get more work, more profitable rates, go to new areas of the market, and spend time managing the business.

Cashflow is often tight for a small business, but make the time to work on the business, if necessary by hiring someone to free you up. The cost of hiring someone to do less value producing work will be minimal compared to the value you can add to your business by spending time working on improving it.

Set yourself some regular time to be ‘unavailable’. Put in place the necessary elements to use the time e.g prepare an agenda, have a business mentor or someone else come along to help brainstorm or test ideas, make action points, talk to your staff about your plans.

The upsides of working on the business are that you will:

  • be more in control of your business and managing its success
  • feel and look more in control, breeding confidence
  • improve the value of your business.

The only downside may be the cost of paying for someone to cover for you while you are not working in the business. If you use your time wisely this additional cost will be small in comparison to the value you add to your business in the short and long term.

Go 2 Market principle: spend your time wisely. There’s no substitute for managing your business, and failing to plan means you are planning to fail.

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