TIME MANAGEMENT PLANNING

Unlocking Success: Time as Your Ultimate Business Investment

May 31, 2024

1. Recognize the Value of Time


A coach once told me, “It’s your time or your money.” This phrase emphasizes the reality that time is an investment in your business. Tasks must be completed, either by you or by someone you hire. As a solopreneur, it's essential to put things into perspective and decide where your time is best spent.


2. Categorize Your Tasks


Start by categorizing all the work you do:

  • Operations
  • Management
  • CEO-Level Tasks
  • Accounting
  • Technical Development

Labeling your tasks helps you understand the different roles you play and prepares you for potential hiring in the future. You'll have job descriptions ready, making the
hiring process smoother.


3. The Matrix of Enjoyment and Skill


Create a matrix to evaluate your tasks:

  • Good at and like to do
  • Good at but don’t like to do
  • Bad at but like to do
  • Bad at and don’t like to do

This matrix helps you identify tasks that you can delegate. Focus on tasks that you’re good at and enjoy, but ensure they are appropriate for your role as a CEO. Tasks that you’re bad at or don’t enjoy should be the first to delegate.


4. Assign Dollar Values to Tasks


Determine the dollar value of each task:

  1. Research market rates on platforms like Upwork or Fiverr.
  2. Assign a value based on the skill level required.


For example, administrative tasks might be valued at $10-$15 per hour, while specialized tasks like web development could be valued much higher. This helps you understand the cost of outsourcing tasks and evaluate if it’s worth your time.


5. Track Time Spent on Tasks


Start tracking the hours you spend on each task. This gives you a clear picture of the time investment required and the potential cost of outsourcing. Knowing how long tasks take can help you set realistic budgets and goals for delegating work.


6. Budget for Outsourcing


With tasks categorized and valued, create a budget for outsourcing. Set revenue goals that allow you to hire help, and use outsourcing as a reward for reaching these goals. This will free up your time for high-level planning and strategy.


7. Evaluate Potential Hires


Not all freelancers are equal. When hiring, consider:

  1. Their level of experience.
  2. The potential need for training.
  3. Their ability to learn and adapt to your needs.


Hiring less experienced but trainable individuals can be cost-effective. You can provide them with training and support, gradually increasing their responsibilities and pay as they improve.


Conclusion


Investing your time wisely is essential for the growth and success of your business. By categorizing tasks, assigning dollar values, tracking time, and planning for outsourcing, you can ensure that your time is spent on the most valuable activities. This strategic approach will help you achieve your business goals while maintaining a healthy work-life balance.


Feel free to share your experiences and questions in the comments below. Let's maximize the value of your time together!