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24 November 2023

The Priceless Value of Time Management for Business Success

Today I want to delve into the pivotal role of time management and value allocation, an insight prompted by numerous conversations with clients during our business and marketing audit calls. As an entrepreneur and someone deeply entrenched in the health and wellness industry, I’ve observed a common trend among business owners—how they utilise their time isn’t always a deliberate choice but often a result of not knowing any better ways to allocate it effectively.

Many of us find ourselves entangled in the hustle and bustle of our businesses, juggling various responsibilities, often neglecting to take a step back and evaluate how we’re investing our most valuable currency: time. The conversation around “I can’t afford it” frequently emerges when discussing outsourcing or investing in business enhancements. My response to this refrain is always, “But can you afford not to?”

Time, indeed, is the most precious asset we possess, yet it’s non-renewable and constantly ticking away. Picture your bank account with an infinite, unchangeable sum that once depleted, cannot be replenished. Would you spend it recklessly? Yet, we often squander our time without truly grasping its worth.

Valuing time emerges as the linchpin for unlocking goals and steering one’s life purposefully. Every choice we make carries an opportunity cost. For every “yes” we utter, there’s a corresponding “no” to something else. It’s akin to choosing between pizza and fitting into size-eight jeans—balancing acts with varying implications.

I introduce a practical exercise, a four-box method to assess how we allocate our time. Each box represents a different monetary value, signifying the worth you’d attribute to outsourcing tasks. Astonishingly, most often, activities cluster in the lower-value boxes, indicating a significant portion of time spent on tasks not propelling the business forward.

Reflecting on where we spend our time, and more importantly, where we should, becomes imperative. Even as clinicians, dedicating time to clinical work may impede business growth if it hampers our ability to focus on higher-value business strategies. Opportunity cost should guide our decisions, emphasising quality over sheer quantity.

As business owners, evaluating the cost of our time spent is paramount. Investing time wisely in strategic actions can yield far greater returns than merely being busy for the sake of it. I often encourage clients to look beyond routine social media efforts and explore innovative, high-impact strategies that align with their audience’s needs.

In a recent coaching session with a Skin Clinic owner, we explored unconventional marketing strategies tailored to her ideal clientele. Instead of solely relying on social media, we brainstormed strategies involving collaborations with local wedding dress shops—a move that promised higher visibility and client engagement.

The bottom line remains: What tasks are monopolising our time? What can be delegated or eliminated? Embracing conscious choices about time allocation is pivotal. Your time is an investment, shaping the trajectory of your future. Thus, evaluating how we spend our time isn’t just about doing more, but doing what really matters.

Think about leveraging your team in innovative ways that play to their strengths or if you are a sole trader the benefits of outsourcing, if you want some support exploring the ways you can make simple changes to do this, then now is the time to book a free business and marketing audit call with one of the team. Spending an hour of your time talking to us and implementing our suggestions will undoubtedly result in hours of time gained back to be spent exactly as you please!

I Look forward to spending some time with you soon!

Katie

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