When it comes to starting and building a business, there’s plenty to consider... the financial implications, a business plan, but one of the hardest things to establish is time.
What does a work day look like for you?
Is your pricing structure allowing for any time that isn’t billable?
If your new business requires constant billable hours, activities like business development, marketing, and accounts will, undoubtedly become activities that either require outsourcing, after hours work or, will ultimately be pushed to the bottom of the pile when it comes to priorities.
But the reality is, without business development, your business could very quickly become “stale”, without growth opportunity and potentially, not making the money you either need or want. Without marketing, you will again be restricting your growth.
If you don’t market yourself at all, whilst today’s contracts might be sufficient, what’s the plan for tomorrow?
And, as we all know, accounts is crucial, without it you won’t get paid, tax returns will prove a nightmare and your business can very quickly become to feel out of control.
Time is your most important asset
Good time management, whether you’re a freelancer, business owner with employees, or a colleague, can instil a strong culture for your business and will always improve efficiency and productivity.
Poor time management results in inefficiency, which for a small business owner could be costly.
Your time is limited, and it should be, regardless of your work position, working all hours will benefit no-one, it’s how you use them that’s more important.
Start each day by knowing your priorities, what’s crucial, what’s desirable and what’s unnecessary. Then delegate and outsource accordingly, as every task on your to-do list will need actioning at some point in time...
Without a plan, you’ll find each day is swallowed up simply by being reactive, rather than proactive. If you can plan a month ahead, you’ll find activities such as marketing, development and accounts fall into place, rather than taking up time each day.
Know when to get help
Whether you employ an apprentice, a colleague, or perhaps find a third party contractor/freelancer, it’s important to know when your time is more valuable than the cost of outsourcing or delegating. If marketing doesn’t come naturally, it’s time to consider getting some help, if you don’t have time to book appointments, manage your diary or your accounts, consider a virtual assistant.
There is plenty of support out there, from educational, motivational or general business advice, no-one should build a business alone, so do make sure you reach out when you need help.