Are you too busy to make money? Perhaps, you might think that is an odd question to ask. However, it is a simple question to answer. Are you moving forward in business or just constantly moving?
Time management can be a critical issue for successful entrepreneurs. Time is a finite resource. There is only twenty-four hours in a day. One can not turn back the clock. To be successful in business, entrepreneurs must become a good time manager. No one can get back an hour, 45 minutes, 30 minutes or one minute and redo it! You can not turn back time!
Recently, during a coaching session, I asked this question to one of my clients. I asked him about his priorities? He responded, “Directing employees and keeping them on track, follow-up on emails and telephone calls, completing projects and generating revenue.”
What constitutes busy work here?
I was surprised. I expected that he would have first said, “Sales, sales and more sales! “
Instead, generating revenue was his last response! I wondered, if is it his last priority too? Perhaps, it is not a fair question. Many times, it is unintentional. Business owners do not decide to be unproductive with their time.
Sometimes, entrepreneurs are more reactive than proactive. They react to what comes first to their desk!
• Read and respond to their emails.
• Take a telephone call.
• Listen to their voice mail.
• Counsel an employee.
• Complete administrative tasks.
• Attend a networking event.
• Conduct prospect research.
• Add a page to their website.
• Create a new sales brochure.
All these things take entrepreneurs off their focus! They should stop reacting and start being more proactive. Entrepreneurs should know their priorities, have a daily action plan, work it and never stray from it! Business owners should conduct their non-revenue and administrative duties and responsibilities during non-money hours! Perhaps, during the hours of 9:00 to 10:00am, 2:00 to 3:00pm and 5:00 to 6:00pm one can complete all your administrative duties.
Unfortunately, his focus on is the other activities that do not directly contribute to the bottom line of his business. It is interesting that was one of his main concerns was time management! His own response validated his concern. Most of his time was focused on non-revenue generating activities.
Every entrepreneur’s priorities should be activities that generate new business, sales and profitability. That is revenue generating activities. These are activities that will generate business and sales! In business, someone has to sell something to stay in business! A business owner can not remain in business unless she is making a profit! Who is accountable for the success of a company? The sales team might be responsible for sales but, ultimately it is the business owner who is accountable. The buck stops with the entrepreneur and nobody else! She still has to pay the bills, whether a sale was made or not!
I remember my experience with as a financial planner in the 1980s. One of the training managers asked me what my job was. I quickly responded, “I show couples how to save for retirement, build an education fund for their children and investment portfolio on stocks and bonds.” He shouted back, “Wrong! You are in sales and the sooner you realize that, the better off you will be!”
He was right! I was in sales! It was a lesson that I will never forget. Yes, I still am in the sales business! In fact, most business owners and entrepreneurs are in sales! Whether they like it or not! What did Alec Baldwin’s character say in the movie, “Glen Gary Glen Ross”? “A B C: Always be closing! Always be closing! Always be closing!”
We all have the same amount of time in a day. Some people just do more with it then others! How are you leveraging your time to get more accomplished? The average person might judge her time based on the hours spent. However, an entrepreneur should analyze her day based on results, sales and new business! What is your time management system? Is it profitable for you?
Helpful Tips and Hints:
• Evaluate your current situation.
• Create your own time management system.
• List your top priorities everyday before your day starts and grade them: A, B or C.
• Focus on your A priorities.
• Focus on your activities that will bring more sales, new business and profits.
• Accomplish your work in 2 hour time blocks.
• Define your money hours. (These are the best hours where you can connect with your prospects and clients face to face or on the telephone.)
• Focus your revenue activities during your money hours.
• Do all your administrative activities during your non-money hours.
• Seek to become a better manager of your business time.
Kenneth Darryl Brown is President and CEO of E3 Capital Resources, LLC (E3C), a business development company that specializes in business success systems, leadership, sales, communication and technology. Ken is a passionate entrepreneur and coach. He embraces the servant leadership philosophy and serves as a catalyst for free enterprise, small business and economic development. Ken works with growth-oriented companies in technology, health care, manufacturing, financial and business services industries. E3C stands for Entrepreneurship, Empowerment, Evolution, Connect, Collaborate and Create…. as in greater opportunities for all entrepreneurs worldwide!
Check out the company website: http://www.BetterSalesandProfitsNow.com Ken’s Business Community website: http://www.my-business-community.com and Ken’s Podcast: http://www.E3C.podOmatic.com