Resolution: Make Your Time Work for You

01.21.11

One of the most challenging things for an entrepreneur is time management - in other words, finding the best way to allocate your most precious resource: your own time. We often think of the phrase "Time is money" as a metaphor applying simply to the work hours needed to complete a project. However, especially for entrepreneurs, your time is your money.

Free Time?
I'm often struck by how many clients extol the virtues of their abundant "free time" afforded by being an entrepreneur. I beg to differ. While setting your schedule, your time is certainly flexible, but it is far from free. That time is very, very valuable and once spent, you can't recoup it.

Consider Opportunity Cost
If you spent 15% of your allotted "work" time last month attending networking dinners or latte meetings that yielded no progress, that is lost time you might have spent more productively. If you think of your time as an investment just like your money, your might spend your time differently.

Scanning your to-do lists and business plan, take a hard look at each item to evaluate its potential R-O-I.

Is it:

• Going to build your investment in your company? (adding value, as in staff education, providing a new service or cutting-edge technology);


• Helping you seek out people or ideas that will rev up your resume? (building connections to find clients that will advance your reputation);


• Broadening your exposure to your client base? (public speaking or writing - to the right audience); or


• Freeing you up to spend more time doing the above? (delegating activities that are not your strong suit)

Before you book that conference, or log another hour over lattes - just make sure it is likely to offer you some bankable value in return.

So going into 2011, why not take some time you consider how you invest yours? I promise the time will be well spent.