Nobody starts a business without a strong work ethic. Working hard is essential. But working hard on the wrong things is a waste of your most valuable resource: your time.
Here are the top 3 signs you’re undervaluing your time:
- You don’t know exactly what an hour of your time is worth (it’s more than you think)
As a small-business owner who’s bootstrapping, time is your start-up capital. But this doesn’t mean you should work an 80-hour week. You cannot afford to be a jack-of-all-trades no matter what business you’re in. To change your mindset, put a dollar value on your time. This acts as a guide to help you delegate the tasks that are inefficient for you to do yourself.
- You confuse cheap with efficient
Hiring cheap help will cost you in the long run in the form of mistakes and miscommunication. Instead, leverage an expert’s time and talents with the best technology available, and train other people to handle things like clerical work.
- You don’t weight the cost of what else you could be doing with your time
Across industries, too many swamped small-business owners don’t think about what they’re giving up when they take on every task. You must delegate. Give the humdrum stuff to someone else and free yourself to focus on ideas for how to improve your business in new and exciting ways.
All three things boil down to this: Do less, better. Once you achieve that, your business will be healthier — and you’ll be happier.
And if you’re looking for super practical steps to flipping the script of this common entrepreneurial issue, grab a copy of The Golden Formula Whitepaper to dig deeper.