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8/21/2019 1:39:34 PM 
 

6 Reasons Why Time Is The Business Owner's Most Scarce Resource
 

6 Reasons Why Time Is The Business Owner's Most Scarce Resource

Are you flushing your time - and money - down the toilet? Not long after you start a business on your own, you soon realize that you need to get smarter about managing time. If you feel overwhelmed, you may need to rethink how you use your time, which is an entrepreneur's most valuable - and scarce - resource.

Stop wasting your time by doing these 6 things, and you'll become more productive and more successful as your business grows:

1. Piling up admin work

If you've spent 3 hours reconciling a bank statement, you're making poor use of your time. Too often, small-business owners pile up their administrative tasks, and then waste time on those tasks which they don't like or aren't even good at. Find a virtual assistant who can do these tasks for you... better.

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2. Putting off quick tasks

If you can pay a bill or schedule an appointment in a couple of minutes, do it immediately. People often set emails aside for later and then have to search for them and reread them. What a waste of time.

3. Micromanaging employees

Small-business owners often waste precious time micromanaging workers just to make sure they do their jobs properly. It's not very productive if you have to guide an employee through every aspect of the job and he isn't making progress toward working independently. Firing people who are slowing you down may be the best solution for your business.

4. Putting out daily "fires"

Rather than thinking about strategies to expand your business, you're bogged down dealing with every issue that comes your way minute-by-minute. To maintain a productive schedule and stay focused on what really matters, try to block out time each day for your strategic priorities.

5. Trying to reinvent the wheel

Don't hang onto projects or products that no longer look promising. Stop and ask yourself, "How promising does this opportunity look?" Be honest with yourself and decide if it's time to drop it and move on.

6. Repeating the same things over and over again

Customer and employee communications are important, but if you always have to answer the same questions from different people, you're not being your most productive. Automate routine tasks, or create an easily repeatable process that prevents you from having to start from scratch each and every time.

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6 Reasons Why Time Is The Business Owner's Most Scarce Resource