There are plenty of time and money wasting actions any business owner can – and probably has – done in the course of trying to invest in company growth. While we can’t save you from every past investment that does not lead to a good return, the Business Success Consulting Group team is devoted to providing executive coaching services that build up a strong, healthy company.
We have all heard the phrase “you have to spend money to make money.” This can be true – and it can be applied to time as well. As a business owner or executive, you have likely invested plenty of time into your company’s well-being. You have worked incredibly hard to make this business succeed. However, how do you find out where you are spending a lot of time or money – with very little result? We have simple suggestion for you:
That is: staticize actions. This may seem simple – and you may be saying “I already do that.” However, do you actually assign a value to all of the things that you do, cutting out or delegating those actions that don’t allow you to focus 100% on your goal?
Here’s an example, let’s say you own a coffee shop. As a business owner, you have your own priorities – increasing sales, funding effective marketing campaigns, keeping clients coming back and encouraging employees to create the atmosphere you want.
These are a lot of concerns.
Let’s say you tracked your actions and staticized how they affected overall production. Perhaps you spend hours a day trying to come up with new marketing strategies when you should be planning to open your next shop. Maybe you are running the front section instead of meeting new coffee roasters. These actions may seem to be helping your company, but what they are doing is taking up your valuable time and, in the end, losing you money.
Once you understand what is improving your statistics as a business owner and what is instead covering up a missing link within your company, you can delegate. Hire a marketing professional or promote a barista to manager. These small changes will show on your statistics as you free up your time to concentrate on building and expanding your business.
This smart use of your time and money came from your tracking and staticizing your actions.
When we say “You have to spend money to make money,” we aren’t talking about buying the most expensive equipment or flooring your shop with hardwood instead of laminate. We are talking about investing in your company by hiring an employee or consultant to free your attention up so you can concentrate on your job. That is, growing your business and making it the best it possibly can be.
If you need help discovering how best to spend your time and money, contact us today. Here at Business Success Consulting Group, we provide executive coaching services, marketing consulting, organizational consulting, and so much more.