Many entrepreneurs find themselves dedicating long hours to their business without seeing the increase in results that they’re hoping for. And it begs the question, are you using your time to best effect?
Here, we look at how to manage your time for better business outcomes, including:
- Identifying the activities that drive results
- The Pareto Principle and how to work smarter, not harder
- Effective planning for outcome oriented success
Understanding Business Activities vs. Results
If you’re looking to improve the outcomes your business delivers, it is crucial to assess where your time is being spent.
More often than not, we get absorbed in daily tasks that do not contribute significantly to overall success.
It is important to distinguish between activity-driven busy work and goal-oriented actions that drive results.
The Pareto Principle: Working Smarter, Not Harder
When it comes to tools that can help you embrace productivity and achieve outcomes, the Pareto principle, or the 80/20 rule, is a key concept to consider.
And it works like this…typically, 80 per cent of your business income is derived from 20 per cent of your clients or activities.
That makes it vital to focus on these profitable areas rather than expending energy on less productive tasks. In other words, ask yourself this: are you harnessing your time efficiently to yield the maximum results?
Strategic Focus: Working On Your Business
Working on your business means crafting strategies that enhance operational effectiveness and efficiency.
Many entrepreneurs tend to ‘fly by the seat of their pants’, which can be detrimental to long-term success.
Instead, set clear goals and have planning activities that align with these objectives. Remember, while you control the activities, the results are a byproduct of your efforts.
Key Areas to Prioritise
To ensure sustainable business growth, pioritise the following key areas:
- Client Acquisition & Retention – Establish and nurture valuable relationships to maintain consistent revenue streams.
- Sales & Marketing – Identify high-impact marketing activities and streamline your sales processes for optimal results.
- Build Strategic Partnerships – Engage in partnerships that add value to your business and its operations.
- Innovation & Development – Continuously explore new opportunities and innovations to stay competitive and fulfill the initial dreams that led you to start your business.
- Efficiency & Outsourcing – Streamline operations by improving procedures and automating tasks. Delegate or outsource tasks that detract from your core business focus.
Achieving Success Through Focused Activity
Ultimately, working smarter involves prioritising strategies that focus on revenue-generating activities and effective leadership, and the activities you choose to engage in today will shape the future trajectory of your business.
To ensure you remain on track, regularly review and analyse your outcomes, making adjustments where needed to ensure continued success.
Highlights
- [00:00] Introduction and Common Business Challenges
- [01:22] The Pareto Principle and Time Management
- [01:51] Working On vs. In Your Business
- [03:05] Key Focus Areas for Business Success
- [04:24] Optimising Marketing and Internal Processes
- [05:51] Innovation and Outsourcing
- [06:42] Working Smarter, Not Harder
