How to Maximize the Value of Your Time
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.
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.
╥ Local residents might see the building, into which you have signed a lease, 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.
By watching the activities of many small business owners, one has to ask themselves if the business owners are masochistic?
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.
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 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,
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 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
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.
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.
Copyright 2004 Stone Evans, The Home Biz Guy
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