Time Management for Entrepreneurs – Part 2
The axiom is that 20% of an entrepreneurs’ activities, conversations and thought-time produce 80% of business sales and positive results. The rest, of course, is semi-wasted time: interruptions, busy work and the behind-the-scenes activities that are a necessary part of the business, but which are not fruitful in producing new dollars.
In a way, that’s startlingly scary when you think about it. In another sense, it’s an exciting opportunity. In only two hours of your workday – if those two hours are focused and fruitful – you can produce the large majority of your business. So, of course, for the greedy among us, the question becomes: “How do I increase that 20 percent?”
The answer is that you simply must arrange your business life so that you are spending at least 50% of your time engaged in the activities, conversations and thoughts that produce sales and other positive results.
Why 50%? Because it’s a workable number. Anything above that is unrealistic. Yet it certainly is possible to increase that percentage to half of your workday, provided you become disciplined enough to take a serious look at how you spend much of your business time. Cut out the wasted time!
If you’re inundated with busy work that someone else can do and you have even the slightest bit of financial wiggle room, hire someone to help. Whether it be an in-office employee or a virtual assistant for a few hours weekly, you must remember that your primary job is to produce dollars. Find other folks to handle other work.
Is it really that simple for your business? Only you can know. But perhaps it’s time to seriously take stock of your time management situation.