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Everyone has time, yet it’s one of the world’s scarcest resources. Money comes and goes as fast as the blink of an eye, but time is the essence of life. You can seek more revenue or get another deal; however, the number of hours in a day remains constant. Quite a number of business people end up wasting their precious time on activities that do not add value to their business instead of building a billion-dollar company.
I experienced this firsthand. When starting my business, I agreed to respond to emails, perform administrative work and evaluate non-beneficial options that did not contribute to development. The realization of time as a critical resource led me to focus on establishing systems and procedures that would help me reclaim my time and build a successful business.
1. Reclaiming your time starts with building the right team
The most precious asset you possess is time, and you can never get this back once it is lost. If you are investing it in areas that are not core to the business, in things that do not require the unique skill set of the owner, entrepreneur or CEO, then you are dissipating the very thing that needs to be focused on to create leverage. This is where the right team comes into play.
The key here, of course, is to identify individuals who can not only function as strong counterparts to your own skill set but are also willing and capable of taking full responsibility for certain aspects of your business. You do not have to control every variable. Once you have a team that is fully in sync, then the focus is not so much on being in the business but on working on the business.
For example, if you are spending most of your time attending to customers’ complaints, then you should let someone with good communication skills attend to customers. Have someone else relieve you of the bookkeeping, social media and daily tasks. When you have the right people on board, you are no longer the “bottleneck” in the business. You are the captain of the ship, not the repairman who is busy mending the holes in the ship.
Actionable insight: List down three activities that consume your time but are not productive in achieving your company’s objectives. Either delegate those to a more capable team member or outsource to someone who can manage those. Get those hours back and dedicate them to strategy, vision or even sleep because a tired mind is a weak mind.
2. Systems and processes are the backbone of scaling
While the team is a strong foundation, this is where processes and systems come in, so that the team can work efficiently. A business without processes is an aimless ship that is sailing in the sea without a compass and will never get to the shore. Consider this: If you are stuck answering the same questions, fixing the same problems or dousing fires, your business lacks the processes to function without you. The more you standardize, the more you can grow without complicating your life and the life of your business.
Automation can be of great help in this case. Chores that rob your time may be repetitive and may easily be handled by technology. Regardless of whether it is a client onboarding process, managing leads or addressing customers’ inquiries, having such systems saves you more time for more important tasks.
Actionable insight: First of all, map out each of the processes within your business and write them down. Where could you apply automation, or where could you reduce the number of repetitions? Some examples of these are project management applications, autoresponders for emails and customer relation management (CRM) programs.
Related: How to Use Automation (and Avoid the Pitfalls) as an Entrepreneur
3. The $10 task versus the billion-dollar vision
Unfortunately, the worst thing that can happen to an entrepreneur is getting lost in the details. You decide, “I can do this faster myself,” and although that might be the case in the short term, it is a detrimental attitude to have. Sitting in front of the computer for an hour correcting a website glitch, typing in data or arranging files seems productive, but it does not contribute to the business’s billion-dollar goal.
What is the cost of performing these tasks yourself? It’s not only the time factor but rather the value of the time lost in other worthwhile processes. Each hour that you spend on $10 tasks is an hour you are not planning, haggling over a deal or exploring new markets.
To effectively double, triple, quadruple or even more your impact, you have to concentrate on the activities that bring the most significant returns. This is where time and money meet. But by doing so, you free up your time for the big picture, and that is where the exponential effect takes place.
Actionable insight: You should decide on what tasks are appropriate for you as the leader of the business and what tasks should be reserved for others. If it is a $10 job, then it should be delegated. If it is a $10,000 type of task — say, building new strategic partnerships or diversifying your product line — then that’s where your attention has to be.
4. Implement the rule of 10-80-10
One idea I have come across and which has been of great help is the 10-80-10 rule. Here’s how it works: As a business owner, you need to do only 10% of a project, namely, defining the direction, vision and objectives. Then, pass on the remaining 80% of the work to your team — the implementation stage. Last but not least, you go in for the final 10% to edit and make comments. Following this rule means you are part of the decision-making process and controlling the creative vision but not micromanaging the process. It means that your team does most of the work while you are the one to make major decisions.
Actionable insight: Use the 10-80-10 rule for the next project you are working on. It is wise to set the goals and let your team get to the details of how it will be achieved, then critique.
Related: The Best Way for Your Business to Thrive Is for It to Not Need You
5. Systems create freedom, not restrictions
A lot of business owners avoid processes and systems because they think it stifles creativity. But the reality is that having systems in place leads to freedom. When your business does not require you to control each aspect of it, you get the opportunity to innovate, spend time with your team and strategize for the next big step forward.
Actionable insight: Create structures with the objectives of liberty in mind. Automate the repetitive. Document the essential. Delegate the rest. This way, you will get the hours and even days back to work on what is important, which is the future of your business.
You can always earn more money, but you cannot gain time back once it has gone. The key, then, is the right people, good processes and the concentration on the work that really matters. Steal back your hours from the waste work, and put them into building your dream. You have time — use it properly.