The most important success ingredient - time

With the number of different hats a small business owner needs to wear, you’re exhausted at the end of every week. And it’s no surprise. One of the biggest challenges, if not the biggest challenge, most small business owners encounter is how to manage time.

In his best selling book ‘E-Myth’, Michael Gerber says the key to success is to work ‘on’ your business, not ‘in’ your business. When you start a new business, it’s natural to work ‘in’ your business, as you create all aspects of your day to day operations from scratch. However it is critical to your future success to make the switch to working ‘on’ your business, and outsourcing or delegating the day-to-day operational aspects to someone else as they are established. By freeing up your time and stepping outside the operational aspect, you can then work on growing – typically by attracting new customers and effectively positioning your products and services.

Sit down over the next week or so and write down all the different hats that you wear. Then work out how much time per week you spend on activities that directly grow your business. If the number looks frighteningly low, step back and work out a plan for delegating or outsourcing as much of the operational work as possible, and then schedule the time you save each week into business growth. This might mean cold calling new prospects, extending the reach of your presence on social media or conducting market research for new products for example.

Time is your most valuable asset, and no one is going to grow your business for you, so make sure you’re investing your time well.