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Time is Money: Learn How to be an Efficient Entrepreneur

28 Sep 2011 8:43 PM | Working Women (Administrator)
Blog by Leah Turner of Turner Time Consulting

OK, I must admit, Time Management is not the most exciting topic to discuss in a blog. We are all adults, and basically we should know how to manage our time, right? We all know about the Stephen Covey - Franklin Quest systems. And we all know that if we don’t manage our time, our time will manage us, blah, blah, blah. So, what the heck am I doing writing a blog about boring old time management? Well, I want to change the way we look at time management and make it Sexy, Fun, and Exciting!! Impossible, you say? Well, give me a moment of your precious TIME and let’s see if I can change your mind!

When I left the comforts of the corporate world several years ago to start my own business, I had to make a shift in the way I looked at and managed my time. I used to do exactly what we are all told to do; I would make a list of everything I needed to do, prioritize that list, and then schedule each task into my day. Once a task was complete, I happily CHECKED it off the list and moved on to the next item.

Efficient, but boring! So, when I started my own business, I realized this system just wasn’t working for me. Why not, you ask? Well, when you own your own business the phrase ‘Time is MONEY’ takes on a whole new meaning!

You see, it is not so much about completing a specific task in order to check it off your list as it is about building your business, your referral base, and your revenues.  Here are three time management tips:

1. ASSIGN A DOLLAR VALUE TO YOUR TIME: This was probably the single most important step I made in my new sexy, fun, exciting Time Management program.  Let me explain….let’s say you want to gross $100,000 in one year. That breaks down to $8,333 per month, or $2083 per week (based on a 40 hour work week), or $52.08 per hour.

So, basically, every hour during your workday is worth $52.08. So, how is that best utilized? Is meeting with a vendor you KNOW you are never going to use worth your time or would that time be better spent asking them to send you over their information via e-mail? Do you really need to have that 45 phone conversation with your friend at 3 pm in the afternoon? (Not unless he or she is paying you for it!). Is it really worth your $52.08 per hour to attend that workshop, luncheon or event?

I have several realtor clients, and it is amazing what happens to them once they ‘get’ this concept. No longer are they spending seventeen hours schlepping potential buyers to 35 properties on a weekend! They do a much better job of pre-qualifying and determining their clients’ needs before they waste their precious time (and gas!) driving them across the city!

2. NO LONGER DO THOSE THINGS WHICH DO NOT BENEFIT MY BOTTOM LINE: It’s ALL about the ROI (return on investment), baby!  I am a firm believer in networking, but I am a firmer believer in ROI. Take a look at your networking schedule. If you client base is new home builders, how much sense does it make to network with a group that has no builder members? None. Or, let’s say your job or business requires you to conduct or attend a lot of meetings and there is NO WAY you can avoid it. Make sure those meetings are productive. Set an agenda. Do you really need to waste the first thrity minutes of a meeting talking about who got booted off  ‘Dancing with the Stars’?

3.  SCHEDULE TIME FOR YOU: Just as it is important for you to schedule your money-making activities, it is equally important for you to schedule your personal time. And, I promise you this, once you have put steps 1 and 2 into place, you will be amazed at the amount of additional time you will find in your day! Make  that a priority as well. After all, YOU deserve it!

People, there are never going to be more than twenty-four hours in a day. So, it is critical that you make the best use of your time in a way that is going to be profitable and productive to you! Look at managing your time the same way you look at planning a vacation! You do the upfront research, you plan the activities you want to do, and then you DO IT and have a great time! Remember, time flies when your having fun!

Founded by Leah Turner, Turner Time Consulting offers marketing services, business coaching and company training programs. Turner Time Consulting partners with businesses and individuals to create a 'blue print' for professional success, and then we provide the solutions to get you there.
(407) 709-6816


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