How to Figure Out If Your Time Management is Costing You Money
Summary:
Do you feel like you’re busy but not productive?
You work hard, but it seems like nothing is getting done. Your to-do list never gets shorter, and your inbox is always full. It feels like time slips by without anything to show for it. If this sounds familiar, then you'll want to listen in!
Find out if your time management is costing you money in lost revenue or missed opportunities.
If it is, you'll discover that the good thing is that this can change really quickly with some serious accountability. Accountability will help keep your focus where it needs to be so that you can accomplish what matters most to YOU!
I've got just the place for you to find that accountability too!
Time management will always be a hot topic. How many books have you perused, courses have you attended, and podcasts have you listened to in order to improve your time management skills? So, how is it going? Have the resources you've used been helpful? Have you transformed into the time management expert you've always wanted to be, or do you need more practice?
I have a feeling that time management is a popular subject among entrepreneurs because we always have never-ending to-do lists. Personally, I used to have several lists for various aspects of my life, such as family, home, business, personal, and so on.
As an anonymous perfectionist, I enjoy ticking off those boxes, am ambitious, and possess a "can-do" attitude. However, these traits may actually hinder your time management. [Uh-oh]
If you can relate to this endless cycle of completing tasks and sifting through lists, you must understand this concept because it will revolutionize how you think about and manage your time.
Busy Does Not Make for a Good Business
We need to understand that time is our only finite resource. We can’t always find it, create it, and save it. You can put a penny in the bank and save it for tomorrow, but you can't put a minute in the bank.
We have to change our relationship with time because it's too costly. Time has the ability to take away:
- The nuts and bolts of our business
- Our sanity
- Our energy
- Our motivation
- Our presence with our family, friends, and team.
Image for a minute - How would it feel to end each day feeling good about what you accomplished, knowing what you will achieve tomorrow, and trusting it will happen? Does it give you that sense of relief that you envision? Will your chest feel lighter? That’s an indicator that you need to keep reading, but also a promise of how refreshing these practices will be for you.
Three Ways Poor Time Management Can Cost You
1. You spend too much time being busy.
This means you are doing low-value tasks that are not urgently necessary and do not move the needle in your business. You are doing tasks that anybody else can do, but you're afraid to let them go.
The key to being more successful here is to realize that in order to grow, you will need to LET GO!
Entrepreneurs often keep piling everything they can on their plate without ever letting any of those things go, which in turn leads to exhaustion. This scenario is precisely why it is crucial to be a part of a community that can notice the overwhelming load you are bearing and helps identify what to delegate or get rid of.
Oftentimes, we challenge our clients to conduct a "do, dump, or delegate" exercise on their to-do lists. This simple exercise can refocus your talents on higher-value tasks that make an impact on your bottom line.
2. Succumbing to the shiny object syndrome.
The Problem:
You are not alone if you suffer from shiny object syndrome because 90% of people suffer from it. The question we need to ask ourselves is how do we minimize it? As an entrepreneur, you are going to have great ideas. In the world of business, there are so many good things that you could do, but the question is, should you? Are those things suitable for you for where you are headed and what you are focused on now?
The Solution:
Being a part of a community like the ones we provide can be invaluable in holding you accountable and maintaining your focus. It's not that you're incapable of shifting your attention, but the right community can assist you in organizing those tempting opportunities into a structured process to determine which ones are worth pursuing and which ones are not.
Maintaining focus is crucial because momentum plays a vital role in the success of your business.
3. 46% of our stress as entrepreneurs comes from an overwhelming workload.
If everything on your plate is high-value, important, and urgent, yet you can’t get it done - you’ve got a problem.
Remember, you are human and not a machine. As the owner, it's not your sole responsibility to do everything. As your business expands, your sense of obligation must also develop. While you may have done everything when you first started your business, your role now focuses on ensuring that everything is accomplished correctly as it grows.
You need to STOP being the doer and become the manager to become the owner. The key to sustainability and profitability is not succumbing to an overwhelming workload.
Conclusion:
I have personally seen some tremendously talented entrepreneurs with unique businesses built through blood, sweat, and tears. Unfortunately, in doing so, they have also created a massive burden for themselves, which they must carry every day. This can be incredibly exhausting, but it doesn't have to be this way. You can choose to do some uncommon things regarding time management. We have a workshop on it, and it's much more than time management.
Everything we discuss is interrelated with topics like:
- What does energy look like?
- What is time?
- What is attention?
- What is project management?
All of these topics have an impact on our ability to feel productively accomplished, how to move the needle in our business, and how to scale and grow profitably and sustainably.
If you need help with this, shoot me a message, and we will always share how we can help. If someone needs to hear this message, then send it to them! [You know who they are.] You can also find time on my schedule to chat!
Leslie Hassler
Leslie Hassler is a dynamic author, speaker, and business strategist guiding businesses into more profits, cash flow, and success. Business owners come to Leslie seeking a way to strategically scale their businesses richly, stop the money leaks, and get back in control with confidence.
Using her more than 12 years of experience in business, finance, mindset, and more, Leslie takes multiple 6 and 7 figure businesses from cash-strapped and struggling to profitable and thriving with her unique Profitable Growth Incubator program.
Her genius has also been featured on stages around the United States, such as the National Association of Women Business Owners, the Women’s Business Enterprise National Council, and in publications such as Entrepreneur.com.
Leslie is a mother of two high school boys, an avid traveler, a Past President of NAWBO DFW and an alumni of the Goldman Sachs 10K Small Business program.