Business owners spend around 30% of their workweek on time-wasting, low-value or no-value activities. There are three biggest time-wasters for business owners and three solutions that every business owner needs to know.
My client said she lacked time to work ON her business
When we looked deeper into how she was spending her time we found that she had time to work on her business, but she was spending time on tasks that only sustained the business but didn’t grow the business.
Things such as checking emails, phone calls, or even meetings can sometimes be a time waster that acts as another barrier to achieving your goals.
In the next session, that same client completed a time study and reported her results. She said, “Tim, I’m really embarrassed by this, but I found that I spend about 7 hours of my week on my phone.”
She then explained that she usually starts productive by checking her emails, but then she drifts off to check other things, sending texts or scrolling through social media.
“Don’t be fooled by the calendar. There are only as many days in the year as you make use of. One man gets only a week’s value out of a year while another man gets a full year’s value out of a week.” — Charles Richards (Inc.com)
If this sounds like you, there’s no need to be embarrassed by this. Many business owners fall into the same habits that often go unnoticed because they are considered productive tasks.
But there are many of these deceitful tasks that take away valuable time from business owners. I explain them more in this video.
How Time Management Improves Work-Life Balance
It is not uncommon for business owners to have to make personal sacrifices for their business in the form of late dinners, missed sports games, and delayed vacation plans.
This is an even bigger sacrifice for those who went the entrepreneurial route to give them more flexibility and freedom.
If the age-old adage, “time is money” reigns true then business owners are at risk to lose hundreds of dollars a week just by wasting time, whether intentionally or not.
By mastering your time management not only are you gaining more time to do the things you love but you can comfortably afford those things financially.
For more examples of the benefits of effective time management, this article has great examples, “How Time Management Can Help Strike a Work-Life Balance.”
The 3 Biggest Time Wasters for Business Owners
Obsessive Phone Checking
Solution: Do Not Disturb
If you find that you’re excessively checking your phone or that your cell is ringing off the hook with insignificant conversations, use the Do Not Disturb setting on your phone. This will filter out calls, texts, and notifications that keep your eyes glancing at your mobile screen. There are some phones that have different Do Not Disturb settings that allow you to customize what notifications are filtered in.
If you can’t do it for the entire workday, schedule times throughout the day that you need to be head down at work and can’t be distracted. During those times, turn on the setting and turn it off when you are finished.
Scheduling Meetings
Solution: Go Digital
I do a lot of meetings, meet and greets, and coaching sessions. Instead of communicating back and forth through email and playing phone tag, I find it easier to just send them a link to my calendar and have them choose a time that works best for me. Calendly is a great tool for this.
Or, you could hire a virtual assistant who can do this scheduling for you. If you have more questions about this I suggest you reach out to me directly.
Micromanaging Employees
Solution: Systemize the Business
How much time do you spend checking every single thing your employees do, listening to their phone calls, and monitoring their performance? Of course, you want your employees to adhere to the standard you’ve set for the business, but we don’t hire employees to babysit them. We hire them to take tasks off of our plates.
So there are some key systems you should have in place to ensure you spend less time working in the business and more time working ON the business.
- Manuals – Document everything that needs to be completed and have step-by-step instructions on how it should be completed. This will ensure it is done correctly every time.
- Organizational chart – Having a chain of command in your business ensures that you are only brought in when no one else can help. Ideally, the team reports to the managers and the managers report to you any issues that are happening in the business. With the manuals and systems you’ve implemented, they should be able to come to a solution on their own.
I would start with these two systems, but truthfully there are a lot more depending on your industry and the nature of business.
What if you could sacrifice two hours of your day to earn a two-week vacation?
Register for one of our upcoming, “Build a Better Business MasterCLASSES,” to learn how to build a business that works WITHOUT you.
If you want to stop wasting time in your business, let’s chat. Schedule a complimentary coaching session and we can take a deep dive into your business.
