How to Maximize the Value of Your Time

How to Maximize the Value of Your Time
Copyright © Stone Evans, The Home Biz Guy
http://testedtough.com/pips.html

How is your business doing? Is it growing?
Stagnating or losing ground? If your business is
not growing, it could be the result of a poor
business idea or plan, a lack of advertising, or
the mismanagement of your business’ resources.

Let’s face it. Running a successful business
enterprise is not the easiest thing to accomplish.

Your struggles could be the result of factors
beyond your own control or factors within your
control --- your own actions and decisions.

FACTORS OUTSIDE YOUR OWN CURRENT CONTROL

If your business is stagnating or dying, there
are several factors that could be the cause of
your current financial discomfort:

• Your local economy could be suffering
stagnation or negative growth.
• Your competition might be fiercely competing
for your customer base.
• The building, into which you have signed a
lease, might be seen by local residents as the
home of businesses that fail, so they will not
support you until you have proven your long term
viability.
• You could be in a terrible location and trapped
by your lease.

FACTORS WITHIN YOUR OWN CONTROL

On the other side of the coin, there are several
more factors that could be causing you pain that
are well within your control:

• You are not spending enough time planning for
the future of your business.
• You are not spending enough time or resources on
developing and distributing good advertising.
• You do not have enough staff available to fill
incoming orders or to serve interested customers.
• You are simply mismanaging your financial or
human resources.

THE MOST ABUSED HUMAN RESOURCE IN MOST BUSINESSES

By watching the activities of many small business
owners, one has to ask themselves if the business
owners are masochistic?

Source: www.dictionary.reference.com
MASOCHISTIC - adj : 2. The deriving of pleasure,
or the tendency to derive pleasure, from being
humiliated or mistreated, either by another or by
oneself.
3. A willingness or tendency to subject oneself
to unpleasant or trying experiences.

How is it that I can even venture to suggest this
definition fits the behavior of many small
business owners?

Simple. Small business owners often submit
themselves and their families to the demands of
their business. Sometimes to the detriment of
those involved in their lives.

Of course, one could argue that the small
business owner is sacrificing his or herself for
the long-term benefit of their families and
themselves.

Well, one could argue that. And in some cases,
the argument would be true. In other cases, the
argument would not even remotely be true.

THE DANGER IN FAILING TO UNDERSTAND THE VALUE OF
YOUR OWN TIME

The deadliest consequence in any business is the
owner’s failure to understand the value of his or
her own time. Even a thriving business can die
under the weight of an owner who does not place
the proper value on his or her own time.

Some owners work long hours for little return
because they do not understand their own value.
Some of these owners will eventually quit their
business for a job that could provide a higher
living wage. Others, while thriving, may keep
themselves doing tasks that can be and should be
done by others. Sometimes, the business owner
wants to believe that he or she alone can do
the task, or they want to do the things they most
enjoy.

In the end, these folks fail because the
important tasks that should have been done for
the purpose of growing the business or meeting
the demands of the business have gone undone. The
business collapses because they did not take care
of the most important facets of their business.

PLANNING, GOAL SETTING AND MEASURING COULD CHANGE
YOUR FUTURE

PLANNING will permit you to see where you want to
go and how you hope to get there.

GOAL SETTING permits you to make certain specific
determinations about your business. One such goal
that should be set early and regularly is the
level of income that you want to derive from
your business.

MEASURING lets you see the true state of your
business at any one point in time. Measuring at
regular intervals lets you see a moving slide
show that will deliver an honest picture of the
continuing state of your business.

Additional measuring will permit you to see how
much your time could be worth and how much you
are really paying yourself. Your measurements
should also permit you to put a cost on the
specific tasks and functions that are required in
the operation of your business.

MAKING THE RIGHT DECISIONS

If the amount that you want to be paid and could
be paid is higher than the cost of doing the task
that you are doing, then you should wisely
consider having someone in your employment handle
the task.

Properly managing tasks and delegating the work
at hand can make or break your business. Make the
correct decisions and you will be treating
yourself better than the average small
businessperson.

I wish you and your business the very best.

About The Author:
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