You Can Buy Yourself More Time
Updated: Aug 2, 2020
We all need to maximize time these days, especially those managing a newfound work from home career and children. COVID-19 exposed insecurities in work/life balance when suddenly there was no place to deposit children for 8-10 hours a day. School reopenings vary widely between states and cities and many employers are preparing to continue to work from home for the foreseeable future.
How do you make the most of the time you have? Most of us do not live in one of the happiest countries in the world where work/life balance is tilted towards life and the Hygge effect is real. We are expected to work longer hours alone with only Zoom calls to bridge old work habits with new work environments. Water cooler chats are replaced with a sprint to the fridge for a La Croix between calls. Lunchtime with coworkers is exchanged for playing cafeteria lady for a few kiddos (and maybe a spouse). Work is never done for the day because of constant life interruptions outside the guest-room-turn-office door.
We ran across How to Maximize Your Time in a Busy World and saw many parallels between individuals maximizing time and companies as a whole maximizing time and resources.
One suggestion is to break all actions into four categories: Incompetent, competent, excellent, and unique. All tasks are evaluated and assigned into one of the four categories.
Incompetent tasks are things that you cannot and should not do. Payroll, taxes and finance come to mind for many small business owners. The price of ignorance is much costlier than hiring an accountant.
Competent tasks are tasks you can do, but so can pretty much anyone else. This might be small errands that eat into the day, scheduling appointments or answering phones.
Excellent tasks are tasks you do very well, but if outsourced appropriately, could be done by someone else. This might be managing IT, hiring new employees, training sales employees, email marketing or social media. The desire and maybe even the expertise is there, but at the end of the day, these tasks take away from larger business goals you want to achieve.
Unique tasks are tasks that only you can do and tasks you should continue to do to grow your business.
Which kinds of tasks fills your days?
For business owners, many tasks can be farmed out to specialists and experts but letting go of tasks does not come easily. Outsourcing payroll, inventory management, accounting, forecasting, marketing, etc. also means relinquishing some control over these departments. The desire for control is often the reason many small business are created, but can also be the reason 30% of small businesses fail after the second year.
The solution for more time in your day is focusing on business development and finding the right people to do tasks outside your scope of expertise. Developing an outsourcing partnership with others whom you trust is the easiest way to accomplish more and grow your business without the hassle of hiring additional W2 employees.
Let go of tasks not unique to you.
Allow those whose unique expertise are the things you are not good at take your burden. A partnership frees up business owners to focus on what they do best and not worry about back office support that can eat up precious time.
The KF Group's continuous strive for excellence is how we got our reputation as trusted business advisors in Tennessee and beyond. Leadership team members collectively have over 100 years of experience and extensive expertise gained through management and service to growth businesses in various industries. Contact us today and we can discuss how to co partner with you and outsource some tasks that are not unique to you.