#0024 Most Entrepreneurs don’t EXHALE

When was the last time you sat down, took some deep breaths and thought strategically about your business?

The incredible truth is that most business owners do not take any time out to work on their business. Most are way too busy working in the business that they do not STOP regularly to work on the strategy.

“It’s no wonder the statistics for business failure are so high”

If this is you the good news is it’s never too late to start working on your business. Try these simple steps to insert “Strategy Time” into your busy schedule.

1. Go back through your diary and Colour Code the events you have in there. One colour for Administrative type tasks(RED), one colour for revenue generating activities (BLUE) and another colour for when you actually do work on the business (BLACK). Now that you have done this, count up how much time you spent on the business and compare that to admin and revenue type tasks.
2. Look at all of your non-strategic tasks and objectively and ask yourself if you really need to be doing that task yourself or could you delegate it to someone internally or potentially outsource it.  Some people find it hard to let go but the more ruthless you are at this point the better off you will be. Its better to over delegate than it is to under, but I’ll talk about that in a future blog.
3. Now set a goal of getting to the amount of time you should be spending on the business, preferably weekly. I like to spend a third of my time working strategically but that might not suit you. Pick a goal and now start planning out the next 4 weeks and add in one third of that  time into each week. eg if you goal is to get to 6 hours per week then add in 2 hours to each week for the next 4 weeks. Add in an additional third into the next 4 weeks after that and in the third month aim for the whole goal.
4. Once you have reached your target determine if it is enough or if you need more still and then repeat steps 2 & 3.

“A business owner works hard in their business for a wage, an entrepreneur works strategically to build a legacy.”

Which are you?