If you’ve been in small business for a while you probably had some early wins. You started to get some success, you leverage your network and you started making sales and winning new clients. But it got to a point where you become the bottleneck of your business. You are the be-all and the end-all of your customers and all roads lead back to you. Before you knew it, you’re working 60, 70, 80 hours a week. You’re buried in menial tasks that are consuming all of your time. And you have no time left over to work on your business. Trust me, we’ve been there, most small businesses have been there too. So, what we’re going to cover in this article are 3 simple strategies that you can use to maximize your time. To outsource your low-value task so you can focus more on high-value things that are going to help you push forward in your journey.
Map out your low-value and high-value task
What we normally do is we draw a matrix, we’ve got a vertical and horizontal axis. The vertical axis goes from low value up to the high-value task. And the horizontal axis goes from love to loathe.
Go through and map out all the tasks that we’re doing on regular day-to-day, week-to-week basis. Put them as a high value that drives value to our business, what you love and loathe. The tasks are low-value that potentially don’t make the best use of our time. Our intention is once you’ve got this fully mapped out is to then work out how many hours are we spending in each quadrant. So, let’s say you’re working 60 hours a week. Spend 10 hours doing the high-value task that you love, 20 hours in high value that you loathe, 5 hours in low-value that you love and the rest are low-value that you loathe. This allows you to then work out what is the opportunity cost of freeing up that time. Let’s say, for example, you’re spending 30 hours a week on a low-value task you loathe. That is a huge opportunity for you to then, free up that time and then, spend more time on the high-value task that you love. So, what we’re going to do we’re going to go through a three-step process. We’re going to go through delete, delegate, and dominate.
Go through all tasks that can be deleted. That doesn’t add any value. Create a system or a process that ensures that wastage doesn’t happen anymore. Let’s say there’s double handling happening in your business. There are inefficiencies in your delivery process.
We want to work out what are the things that you don’t have to be doing anymore. Checking your emails, dealing with your administration, following up clients, chasing up action items. All of these things that you can outsource to somebody else, ideally a virtual assistant or something of the like. They can free up all about the additional time. That leads to time for you to dominate.
Dominate the tasks that are going to help drive your business forward. Because the reality is if you’re not investing time in the high-value stuff of working on your business then, your business is probably not going anywhere fast.
Rinse and repeat
Rinse and repeat this process, once a quarter. There are always going to be things that are going to be shifting around when it comes to your high-value task matrix. So, unless you’re coming back to it, revisiting it and continuing to look for opportunities to optimize then, you’re probably leaving opportunities on the table.
I recently did this on my own business. A particular task of mine that I loathe was checking my emails and I’ve saved 360 hours projected over the course of the next year by doing so. By implementing a few things in your business, you can save 360 hours in your business. Potentially even more. That’s a huge amount of value for you to continue to achieve your goals.
I hope this has been of value if you want help mapping this out, we got some great worksheet in Your Lifestyle Business community. It’s all about helping you create more profit, more time and more personal wealth. We look forward to seeing you inside. We’ll catch you there!