3 Tips To Maximize Time and Profits for Small Business Owners

December 12, 2014  |   Posted by :   |   Blog   |   Comments Off on 3 Tips To Maximize Time and Profits for Small Business Owners»

There are two things that most all of my clients who are entrepreneurs would say they want more of, more TIME and Small Biz Ownermore PROFITS.


As a coach and leadership consultant, my job is to help identify the patterns and behaviors that get in the way of their effectiveness in achieving the goals they want. Money and time are two of the most important resources that a business owner can leverage to achieve their goals.


I’m going to share 3 tips that will help you more effectively leverage your time and money to create the success you want in 2015.


Tip #1: Use Your Time Intentionally


Time is a fixed resource; we all have the same amount of it. Therefore, successful people don’t find a way to get more time, they find a way to leverage their energy and power in a way that focuses on the actions that contribute to the success they intend to achieve.


I often hear people comment about successful people on how “nice” it must be to have someone to clean their house, or have a personal chef or a personal driver. Successful people learn to spend their time on activities that are most important to their success. As your business grows and evolves, it’s critical to delegate tasks that other people can do, in service of freeing up your time and energy to focus on the most critical tasks that lead to success in your company.


Don’t let your ego get in the way of the future success of your company. You’re brilliance is too valuable to spend time doing things that don’t require it.


Tip #2: Know Why Your Company Exists


The single most important thing I tell my clients to understand is why they’re company exists. What is the purpose of your company? If you don’t answer that question for yourself and the company, eventually the company will die. Companies don’t exist unless they serve a purpose. Go beyond the easy answer. For example, a taxi company might say their purpose is to drive people from point A to point B. I would encourage them to go deeper and look at something like: “To safely and conveniently get people where they want to go in an enjoyable and cost effective manner.”


Understanding the real nature of your purpose helps you to determine how to invest your time and money. Whenever you are faced with a decision regarding your company, I always encourage you to return to the purpose of why they company exists. Are you spending your time in a way that helps the company more effectively accomplish its purpose? When faced with an investment decision in your company, does the investment help the company better accomplish its purpose?


Knowing the purpose of why your company exists is critical to success and should serve as a compass for decision-making.


Tip #3 Don’t Let Fear Stop You


So many of my entrepreneur clients stop taking the risks that got them to their first level of success as soon as they attain some level of comfort or results. For others, businesses are stuck at the very beginning, because they are unwilling to step outside of their comfort zone and take the scary action that will take them to the next level.


If you’re in business, you are placing a bet on yourself already. Back it up with the skills and resources you need to accomplish your goal. It would be like buying your favorite sports team, intending for them to win and then not giving them coaches, practice facilities, trainers or good players.


I’m not suggesting to spend haphazardly, but as a business owner, if you believe an investment in additional skills or resources would provide a return and help the company better achieve its purpose, you shouldn’t let your fear stop you from making the investment. If you are afraid of stretching your budget too thinly, you might consider securing additional working capital from a small business loan company like Kabbage.  Having back up funds available for emergencies can diminish the fear of uncertainty.


All business owners have to overcome fear. You might consider that the most successful ones have honed the ability to make the investment in themselves and their people in spite of their fear.


In summary, as you think about goals for your business in 2015, use these three tips to transform how you invest your time and money to make 2015 your most successful year yet. By using your time intentionally, knowing the purpose of your company and conquering your fear, you can increase your time and profits to create the life and business of your dreams.

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