How To Create a System To Increase Your Productivity and Put More Cash in the Bank.
We all have all heard the phrase “I keep running out of money before I run out of month!” Basically we spend what we earn unless we have a plan for it. http://www.ehow.com/how_4763202_plan-day-time-management-way.html The same is true when it comes to our time, which is our most valuable asset. How often do you come to the end of the day or week and realize you didn’t get everything done you wanted to accomplish. Well you’re not alone. This dilemma plagues most business owners. So, how do you break out of the cycle and create a plan for your time? Here are four basic steps to creating a plan for your time:
1. A Time Study
2. Low Skill Low Value Tasks Delegate
3. Understanding Time Target
4. Create Your Ideal Week
But before we get into doing the steps let’s take a look at what types of time there is. Most business owners feel they are really busy but there is a difference between being really busy and making money.
As a business owner your number one goal is to make money. Time spent here is productive. Productive time is time spent on those activities that move us towards your goals and more profit. On the other hand many business owners spend most of their time unproductively on those activities that actually move us away from our goals and making more profit. You know what I mean… at the end of the day you’re exhausted, you were crazy busy all day but you’re really not sure where your day went and you didn’t get those things done that you had intended. As a business owner it is critical to the success of your business to make sure you are spending your time productively.
Time Study System
Let’s find out where your time is going…
1. Estimate how much time you spend per each day of the typical week working in your business.
2. What are the 5 to 10 tasks categories you do on a weekly basis; phone, email, delivery of products, bookkeeping, sales calls, meeting with clients, production time in plant, working front desk, etc.
3. Re-work and re-figure the numbers until the Total Hours in both areas are approximately equal. This will give you a good picture of what tasks are consuming your time.
Low Skill Low Value Tasks Delegated
1. Take your list of all the different tasks and jobs you do by keeping a log for a week or two and writing down what you are doing and how much time is spent during the day on each activity.
2. Rank these tasks by the following two criteria:
• High/Medium/Low skill level required. For example, financial review would be a high skill level required, while data input might be a low skill level task.
• High/Medium/Low dollar value to you. For example, making sales calls might of high value to you, while filling out the accompanying paperwork might be of low value to you.
3. This makes it easy to see what doesn’t make you money and what you don’t enjoy doing… Now delegate those to an appropriate team member or an outside source so you can focus your efforts in the areas that make you the most money.
Step Three: Understanding The Time Target
Now let’s take a look at where you’re spending your time and where those low skill/low value tasks fall.
You only want to spend 10% of your time in Distraction & Delusion, 80% in the Demand area; this is where you’re making money now and 20% in the Zone; where you’ll be making money later or buying back your time.
Step Four: Create your ideal calendar
To create your ideal calendar you’ll start by putting in all of your regular appointments or meetings. Then adding other tasks that you need to spend time doing… Once you have time blocked for your activities you’ll find you’re more productive doing and can get more done in a day or have more time to spend any way you want. Does this happen overnight? NO! I suggest to start with one or two days and after you’re following those two day at 80% it’s time add in another day or two.