Time and Busyness Solutions
You can spend, waste or invest your time.
If you find you’re lacking time, working hard and being busy, but still feel like you have no spare time, there is a solution.
We all have the same number of hours in our week, no matter where you live in our world, so its what you do with your time that can make a difference.
Leverage is the key
In business its easy to abdicate and harder to delegate.
What’s the difference you ask?
Abdication is where you ask someone to do something for you, that you have no real way of checking the quality of their results, because you don’t understand the task deeply enough to have a confident, measurable expectation on their performance.
This is applicable to PPC marketing, selling and financial/accounting areas of a business.
These are some common KPIs and benchmarks that business owners may be lacking a full understanding of…
- Cost Per Click
- Cost Per Lead
- Allowable Acquisition Cost to acquire new clients
- Average Sale Value
- Quality Scores – with Facebook and Google Ads
- Sales conversion rate benchmark
- The minimum Gross Margin sales price
- The minimum Net Profit Margin target
Without knowing certain KPIs it makes it very hard to leverage effectively with employees or outsourced services such as marketing.
When we’re unaware of certain benchmarks or KPIs we assume things are okay when perhaps their not.
Without an understanding of expected KPIs or benchmarks we find out later someone isn’t performing as well as they should be. That can frustrate us to the point we feel we need to take care of it ourselves, which reduces our time.
Tasks carried out ineffectively or inefficiently cost us time and money as business owners.
The Solution to Time Shortages
It’s understanding effective delegation.
Delegating, compared to abdicating is where you are fully aware of the expectations of performance you have on a task you ask an employee or a contracted service provider to do for your business.
For example, if you hire a salesperson to replace you in that role, you know for a fact that their conversion rate has to be 35%, because that’s 80% of your achieved conversion rate.
A salesperson will rarely not achieve the same conversion rate as the business owner, due to less certainty about what’s being sold, plus a business owner has more trust from prospects than a salesperson employee.
When you hire a marketing management company, such as for Google Ads, you know that a high Quality Score saves you money, so you expect to see high scores to know you haven’t wasted your cash paying for poor management and results.
Not knowing enough about the performance expectations of who you delegate tasks to is one of the major reasons why business owners have so little spare time. People they delegate too just aren’t performing at the level they should, so you waste time monitoring it yourself or doing some or all of it yourself.
Another important ingredient that helps you to leverage and delegate is people skills.
There are certain people suitable for certain roles on your business and carrying out tasks and other people who aren’t.
Its a case of ‘a round peg in a round hole’.
Some people are great at answering the phone, others not so good.
The question is, how well developed are you ‘aptitude’ skills, which means skills are identifying people’s personality type and what that means in terms of their latent or natural skills?
With little understanding of people’s natural aptitude you ‘try’ them in role doing things they may not like. It may be the employee is great in some areas, but not what role you have them in.
Knowing about people, deeply and intimately, without asking them dozens of questions, is a very valuable people skill to have.
This skill and other people skills can be easily learned and becomes very valuable.
When you have excellent people skills, you can free up your time better by asking suitable people to do tasks they will enjoy and be competent at, even if its tasks they haven’t carried out before, because their aptitude suits those tasks.
Can you see how a combination of education on KPIs and benchmarks as well as people skills can help you to delegate effectively to free up loads of your time?
The Ultimate Solution to Freeing Up Time
Your tasks and ‘role’ in your business is probably in multiple areas, not just one.
You may be doing some or all of these tasks…
- Answering phone calls
- Updating the website
- Paying invoices
- Sending invoices
- Entering data of leads, sales and/or jobs into cloud systems
- Carrying out quotes
- Organising jobs
- Talking to suppliers
- Doing some bookkeeping
If you’re carrying out some or many of these tasks, you’re doing the work of multiple employees.
Delegating to one person may not be possible, but if you hired one person who was full time in your business, could you delegate many of your tasks to someone else with all that extra free time?
To be able to do this you first of all need the surplus cash flow to pay their wage.
That surplus cash flow will come from increasing your businesses sales, if your revenue is under $700,000 plus by increasing your business’ Net Profit Margin.
That’s the percentage of Net Profit on your Total Income your business operates with.
The higher it is, the more surplus cash your business has and that cash can be used to pay another person’s wage, even if its part time to begin with.
What difference would an extra 20 hours available for an employee make to your week?
The specific, detailed ‘how-to’ to achieve this or the other two solutions outlined above are all covered in our business mentoring program.
If you’d like to know more about the above and share your situation for recommended solutions, why not book in for a ‘Breakthrough Meeting‘ discussion to talk about it?
There’s no cost and no obligation with the meeting. You have to see the value of our services before you’d consider going any further, so this is an opportunity to receive value, complementary.
Book in today and lets explore ways to free up your time, not just in hours but by number of days in the week.