Effective Time Management
Your time is your most valuable asset in scaling your business. So it is critical that you think about what is going on in your calendar and whether it is effective time management or not.
What goes on your calendar determines how fast or how slow your business grows, and if it’s going to grow at all. When we’re making our daily decisions on what we’re going to spend our time on, who we’re going to hire, and what we’re going to invest in. The closest thing to a crystal ball is going to be your calendar. What we allow on our calendar, how disciplined we are to follow the things that we allow on our calendar, and how we evolve our calendar as our business grows and scales.
We all have the same hours in a day. But it’s how we use those hours that’s going to dictate what happens to the future growth of our business. So if you don’t have effective time management, and your calendar then your business will never reach its full potential. Because you are not creating the processes that allow your business to grow without you always behind the wheel.
If you’re not practicing effective time management in your calendar, with a system, a strategic system, then you’re not managing a business that can grow in scale.
“Goals are for losers, systems are for winners” – Scott Adams
When we start a new year or a new quarter, and we get energized about our business, it’s because we have these big goals that are driving us. But the goals themselves do nothing without the systematic decisions, backing them up. The systematic decision we’re focusing on here is time. This post will teach you the systematic decisions to use when it comes to what you’re spending your time on today.
Changing How You Look At Your Business
This is not a productivity tactic. This is about evaluating what is even worth your time as a CEO. What changes you can make that will allow you to hit that six or seven-figure mark.
So the goal is to change the way that we operate in our business. From being a bunch of doers to becoming strategic thinkers. And when we think about that, and when we have this strategy behind the way that we are behaving every day in our business, then we’re going to be able to dictate effective time management.
Then look at how you’re spending time in your business, and whether it aligns with where you’re trying to go. Most of us wake up every day with great intentions about how we’re going to spend our time. But most of us also lack committed follow-through.
And that lack of committed follow-through is why we struggle to hit that next level. It’s why we end up hitting an income ceiling.
Our goal is to move from being a product of our circumstances to becoming a product of our decisions. So here’s a set of simple steps that I teach my group as the basis for your own effective time management.
Track Your Time For 3-5 Days
You’re a CEO, so your most important role is decision-making.
Effective time management is simple. You’re going to keep track of everything that you’re doing for your business.
Decide Which Bucket Each Task Falls Into
There are three main buckets, where most of us are going to be spending our time as business owners.
- Sales and Marketing- Visibility/Content Creation/Moving People Through The Funnel
- Service and Delivery- Delivery Of The Service Your Provide Depending On Your Business
- Administration & Operation- All of the Daily Tasks That Let Your Business Operate
Where you spend your time in those buckets is going to change as your business grows. It’s going to look different as your business scales.
- Decide Whether That Tasks Needs To Stay On Your Plate Or Be Delegated
This is as simple as deciding what is worth your time. The biggest mistake CEOs make is thinking that only they can do something. Which just isn’t true. What you need is a process that anyone can follow in order to take over that task, and then employees you trust to take care of it.
Budgeting Your Energy As A CEO With Effective Time Management
Here’s the big shift.
Think about where you budget your time. The first step is to do an audit. Then from there, you can redo your entire budget. As a CEO effective time management is going to become your greatest skill.
You want to make your decisions as if you are already where you want to be. That’s a scary thing to do. But when we’re only making decisions based on where we are today, then it’s going to reinforce and keep us there. Changing that’s going to let you move that needle.
Growth is critical. It looks a little different depending on where we are. But daily growth is non-negotiable. Whether you are doing that organically, or with social media and paid advertising.
You’re adding people to your sphere of influence every single day. And you’re nurturing those people as they come in. The biggest mistake most newer entrepreneurs make is letting those leads fall off.
Then you’re making offers. Those are our daily non-negotiables. Those three things are going to be important no matter what page your business is on.
Visibility, growth, and profitability should be your main focus.
If you’re at the six to seven-figure run rate, then your time is going to be used a little differently. You’re still going to be spending time on those three non-negotiables. So that doesn’t go away. You’re still going to be driving visibility, profitability, and growth in your business. But now you’re going to be elevating your role and start to build teams in those three buckets.
As soon as you hit the six to seven-figure run rate, and you’re wanting to grow and scale, you’re going to start to shift into a leadership role. And you’re going to strategically move from the person that actually does the things to someone who is more the strategic thinker.
And if you don’t start thinking about where you’re going, then you’re going to stay stuck where you are. Without effective time management systems, you will never reach that next level. The third phase is seven figures and beyond, which is really where you’re going to become obsessed with duplication, scalability, and replicable systems.
Creating Your System
Everything that you spend your time on, and everything that you do, be it sales and marketing or service and operation, you’re going to put into a bucket. Along with it, you’re going to track how much time you spend on that task. This will be eye-opening for you to realize that maybe you’ve spent two days fiddling around with a sales page. After that, you will decide if this activity is a money-making effort or not. Based on where you are in your business is this task actually making you any money?
The last group you will place this task into is whether or not it is below your pay grade as a CEO. If you’re going to hit six figures and beyond, you’re going to start thinking about that now. So knowing all of this can this task be eliminated, delegated, automated, or systemized? The goal here is to remove that part of the morning where we get up and just start throwing spaghetti at the wall. We want to know what we are working on so that we can systematically grow our business.
This will never happen if you as the CEO are trying to take care of everything! We should be creating systems that allow our employees to step up and take over these tasks. Then, all we have to do is get out of their way. Otherwise, you will never hit that next level because you’ll be spending all of your time working in your business instead of on it. This planning will be the core of your new systemized business.
Not everyone’s system has to look the same. What is important is that you have a system and that this system is in alignment with where you’re trying to go in your business. When you’re delegating tasks to your team you want them to take ownership of those things. It gets you nowhere to be constantly looking over their shoulders. Then they won’t work as hard as they could be because they know you don’t trust them. You are artificially removing all of their motivation to improve.
If you’re interested in learning more about optimizing your time as a CEO you can check out my programs here!