Unfortunately no one has invented a time machine or a replicator yet so we are dealing with a limited amount of time and resources with which to build our businesses. That is why managing what you have is so important. Waste is a major cause of failure in many new businesses. A good business owner is concerned not only about operational costs but also opportunity costs. Time is as much of a resources as steel. Time is more valuable than any other resource because you can not buy any more time and once it is gone you can never get it back.
If you are a producer of a product you want to get that product to the consumer with as little waste as possible so you can get the most profit for your efforts. Waste can be raw materials, lost time of broken machinery, or even poor product placement at a retail store. If you deal in services you want to deliver your services in an efficient manner to save time for your client to get back to their other needs and so you can see other clients.
So the questions is how do you manage your time and resources effectively? Once again, there is no cookie cutter answer to this. Each individual and business is different and requires its own set of rules for determining the best allocation of resources. A business owner who is charismatic and can build clients effectively should focus a large amount of time on networking while a business owner who is a programming addict should focus on building the ultimate program.
So, what about everything else that needs to get done? Book keeping, web design, writing contracts, answering phones??? Well, that depends on what resources you have available. You will probably need some level of automation for some tasks, you may want to contract some of it out to another company or freelancer, and you will probably do some of it yourself. What you won’t or shouldn’t be doing is spending most of your time working on something that can be done better by someone else.
If you aren’t familiar with the term “opportunity costs”, you should be….. I’ll give you the quick low down. An opportunity cost is the value of giving up on the opportunity to do something else. Instead of spending 30 hours pounding your head against the desk trying to figure out how to build a website, let a pro do it instead and you spend those 30 hours drumming up clients or perfecting your latest creation. Which has more value to your business?
Here at Adventure Marketing we can help you develop a set of rules you can use to set your priorities and get the most out of your limited time and resources. It is by having a plan and following a path that leads us to success. It also takes hard work and determination. Learn more about what it takes to succeed here.