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Everyone has time, but it is one of the scarcest resources in the world. Money comes and goes in the blink of an eye, but time is of the essence of life. You can ask for more income or get a different deal; however, the number of hours per day remains constant. A large 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 first hand. When I started my business, I agreed to answer emails, do administrative work and evaluate useless options that did not contribute to development. The realization of time as a critical resource led me to focus on creating systems and procedures that would help me reclaim my time and build a successful business.
1. Getting your time back starts with building the right team
The most precious asset you own is time and you can never get this back once it is lost. If you're investing it in areas that aren't core to the business, in things that don't require the unique skills of the owner, entrepreneur, or CEO, then you're dissipating exactly what needs to be focused on to create leverage. This is the place 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 skill set, but are also willing and able to take full responsibility for certain aspects of your business. You don't have to check every variable. Once you have a team that is fully in sync, then the focus is not so much on being IN business but at work IN the business.
For example, if you are spending most of your time dealing with customer complaints, then you should allow someone with good communication skills to attend to customers. Let someone else relieve you of the accounting, social media and daily tasks. When you have the right people on board, you are no longer the “block” in the business. You are the captain of the ship, not the repairman who is busy fixing holes in the ship.
An action overview: List three activities that consume your time but are not productive in achieving your company's objectives. Either delegate them to a more capable team member or we transfer abroad for someone who can manage them. Turn 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, here it is processes and systems sign in, so the team can work efficiently. A business without processes is a ship without a purpose sailing the sea without a compass and will never make landfall. Consider this: If you're stuck answering the same questions, fixing the same problems, or putting out 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. The tasks that rob you of your time can be repetitive and can easily be handled by technology. Whether it's a customer onboarding process, customer management or addressing customer inquiries, having such systems saves you more time for more important tasks.
An action overview: First of all, map out each of the processes within your business and write them down. Where can you apply automation, or where can you reduce the number of iterations? Some examples of these are project management applications, email autoresponders, and customer relationship management (CRM) programs.
Related: How to use automation (and avoid the pitfalls) as an entrepreneur
3. The $10 Task vs. 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 while that may be the case in the short term, it's a harmful attitude to have. Sitting at a computer for an hour debugging a website, typing data, or fixing files seems productive, but it doesn't contribute to the multibillion-dollar business goal.
How much does it cost to do these tasks yourself? It is not only the time factor, but also the value of time lost in other valuable processes. Every hour you spend $10 task it's an hour you're not planning, haggling for a deal, or exploring new markets.
To double, triple, quadruple or even more your effective impact, you need to focus on the activities that bring the most significant profits. This is where time and money meet. But by doing this, you free up your time for the big picture, and that's where the exponential effect happens.
An action overview: You must decide which tasks are appropriate for you as the business leader and which tasks should be reserved for others. If it's a $10 job, then it should be delegate. If it's a $10,000 type of task—say, building new strategic partnerships or diversifying your product line—then that's where your focus should be.
4. Apply the 10-80-10 rule
One idea I came across that has helped a lot is the 10-80-10 rule. Here's how it works: As a business owner, you only need to do 10% of a project, namely, define the direction, vision and objectives. Then, spend the remaining 80% of the work on your team – the implementation phase. Last but not least, you get access to the last 10% to edit and comment. Following this rule means that you are part of the decision-making process and control the creative vision, but not micromanaging the process. It means your team does most of the work while you are the one making the important decisions.
An action overview: Use the 10-80-10 rule for the next project you're working on. It is wise to set goals and let your team work out the details of how they will be achieved, then critique.
Related: The best way for your business to thrive is for it not to need you
5. Systems create freedom, not constraints
Many 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 doesn't require you to control every aspect of it, you get the chance to innovate, spend time with your team, and strategize for the next big step forward.
An action overview: Create structures with the goals of freedom in mind. Automate the iteration. Document the essentials. Delegate the rest. That way, you'll get hours and even days back to work on what's important, which is the future of your business.
You can always earn more money, but you can't earn time after it's gone. The key, then, is the right people, good processes and focus the work that really matters. Steal your hours from the junk job and put them into building your dream. You have time – use it properly.