At the same time, the biggest mistake entrepreneurs make during a crisis is not understanding the value of their time. If we start working IN the business, we lose sight of key leadership functions such as servicing customers proactively as they navigate challenges and inspiring team members whose world has been turned upside down.
In order to lead during a crisis, we need to CREATE time by outsourcing important but non-critical tasks, including areas such as administration, accounting, and social media to name a few. And, today we have to also learn how to lead virtually, rather than just in person.
Second, we need to understand the value of our time, in pure dollars. Numerous articles in Entrepreneur Magazine say it’s paramount to know the value of your time and to systematically evaluate each activity against a time-based calculation. If a task takes an hour, and an hour of your time is worth $100, evaluate the ROI of spending that hour on that activity versus outsourcing the task to someone you pay $25 per hour, and use your hour to focus on key business strategies such as customer retention, business development or brand repositioning.The key to scalability is leveraging your time to maximize impact. Focus is paramount now, as we are pressured to navigate the most uncertain of times.
Coronavirus has not only disrupted our economy and way of life, but it’s also reshaping the way business is done. Do we really need our office? Is remote work better for our team? Should we hire a full-time employee or outsource to a freelancer?
These are questions that will get asked inside every small business in America and point to a redefining of how work gets done.
The answers will redefine business and give small business a strategic advantage, as we can reposition our companies faster, and redirect resources more effectively than larger brands.
- IF we value our time.
- IF we focus on maximizing impact.
- IF we learn how to leverage resources effectively.
So, what’s the VALUE of your time? Are you investing it or spending it?In challenging periods, entrepreneurs can be counted on to work harder, dig deeper, and pull their companies up by the bootstraps. Today, that pure grit is a blessing.
