The second step of Hallidays Business AM programme focused on removing barriers to growth by looking at the key factors that make your business a success, measuring what matters and removing what doesn’t.
Someone once said that time is like a snowflake – it disappears while you’re trying to decide what to do with it. And it’s true, isn’t it? There’s never enough time just to keep the business running, let alone enough time to drive it forward, is there?
And yet somehow, we’ve got to create the time to start working on the really important things:
Stockport based Hallidays examined the steps needed to:
The things that will… drive the business forward
The things that will… help you to achieve your goals
The things that will… turn your business dreams into reality
- Focusing on the important tasks. Don’t clear up the small things first and get bogged down by the unimportant things – little stuff has a tendency to multiply!
- Use a time management matrix to identify how best to manage and spend your time and your life. Categorise your tasks by first asking is the task important? Second, is the task urgent? Each task should fall into one of these categories:
IMPORTANT, URGENT – must do these things now
These are items that need to be dealt with immediately e.g. customer complaints, processing orders, important meetings. Incoming prospect calls.
IMPORTANT, NOT URGENT – must plan time to do
This is what you should focus on for long term achievement of your goals e.g. goal setting, strategic planning, R&D and training, and on a personal level, keeping fit, providing for your retirement and showing your family how much they mean to you.
NOT IMPORTANT, URGENT – find a better way
These tasks should be delegated, systemised, or dumped e.g. interruptions, non-productive meetings, some phone calls.
NOT IMPORTANT, NOT URGENT – eliminate or ignore
Time-wasting activities e.g. browsing the internet, nuisance phone calls, spam email.
As a business owner deciding to outsource tasks can save your business money and time
Considering outsourcing: it should be a priority to continually try to identify which non-core activities of the business could be outsourced. Common examples include payroll, office cleaning and plant care, security, printing services, distribution and mail order fulfilment.
To help you decide what services you should outsource you need to first consider whether it gives you a high or low competitive advantage, and second whether the ability and cost-effectiveness of your in-house team is high or low.
- Remember the Pareto principle (also known as the 80/20 rule) – 80% of results flow from 20% of effort. By focusing on the all-important 20% and applying this throughout your business you will achieve more with much less effort, time and resources.
Expert Opinion provided by Hallidays