Business Owners: Understanding Where You Spend Your Time
Share current LOB: small-business-banking
Most business owners have difficulty quantifying where they spend their time. The worksheet below is a powerful tool for determining how you spend your time.
Step 1: Know your Time
Take the time to complete this worksheet for one week, and you’ll be able to calculate the time invested by activity.
Step 2: Structure your Time
Draw an organizational chart that describes every job you do and all of the jobs in your company. Put a price on the time you invest in each job, so you have a true cost of doing it yourself. Create a not-to-do list of low-value activities. Fire yourself from at least one job and delegate it to someone else.
Step 3: Reallocate your Time
Consolidate time for consistent and continued work on improving the business. Reallocate your investment in time to high return on investment (ROI) activities, such as training and developing sales and service people, or knocking on doors for new business. Create an independent advisory board that expects a fair return on your time.
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
Once you have explored your lending options and decided to pursue financing to meet your business objectives, it is important to contact advisors to help get your house on solid ground and gain financing approval.