We all have the same amount of time in a day. Some people just do more with it then others! How are you leveraging your time to get more accomplished? The average person might judge her time based on the hours spent. However, an entrepreneur should analyze her day based on results, sales and new business! What is your time management system? Being in business is tough enough. How do you improve sales and business in a challenging economy?
Time management can be a critical issue for successful entrepreneurs. Time is a finite resource. You only have twenty-four hours in a day. You can not turn back the clock. To be successful in business, you must become a good time manager. You can not get back an hour or a minute and redo it!
Coaches will say, “Be a better time manager". Other professionals will say become “more proactive and not reactive"! Productivity experts will encourage you to make a list of your priorities. However, how can entrepreneurs become better time managers? They tell you what to do! But, how do you do it? How practical is this advice?
Before you can become a better time manager, you must first understand your present situation. Once you understand your current situation, you will be able to improve your time manage skills. Until you know where you are, you will not know where you are going!
First, know your business numbers! How many leads do you have in your database? What is your success rate for converting prospects into clients? What is your average sale? How many sales do you make every month? What is your average revenue each month? What is your monthly profit numbers?
Second, how much is a sale worth to you? What is your average profit each year? If you take your average profit and divide it by your average work hours, what is your result? For example, your profit is $500,000 and your average work hours are 2000. Your average pay per hour is $250!
So the question every entrepreneur must ask herself, " Is what I doing right now the best use of my time? Will this activity directly produce a sale, new business or create more profit for the company? Or, will it earn you a big six figure contract?
Sometimes, entrepreneurs are more reactive than proactive. They react to whatever comes first on their desk!
Consequently, all these activities take entrepreneurs off their focus! They should stop reacting and start being more proactive. Entrepreneurs should know their priorities, have a daily action plan, work it and never stray from it!
Steven Covey says that if you concentrate on the “little stuff" (non-revenue generating activities), it will fill your daily time bucket and you will not have time to focus on the big stuff! (revenue generating activities) Consequently, if you do not focus on sales activity, your sales, revenue and profit will decline.
Third, analyze your current situation.
Last, adopt a business activity point system. Commit to earning 100 points every week. That means you must earn 20 points a day. If you complete an appointment with a decision maker, you earn 5 points. Get a referral and you earn 3 points. Talk to a decision-maker and ask for an appointment. You earn 1 point. So, if you do not have any appointments, you must get 7 referrals or call 20 decision-makers. Or, you must achieve some combination of appointments, referrals and calls to decision-maker.
This is practical advice. No mantras. No clichés. No spreadsheets. No customer relationship management system. No high-tech solution. Your focus is just on results!
Helpful Tips and Hints:
Kenneth Darryl Brown is President and CEO of E3 Capital Resources, LLC (E3C), a business development company that specializes in business success systems, leadership, sales, communication and technology. Ken is a passionate entrepreneur and coach. He embraces the servant leadership philosophy and serves as a catalyst for free enterprise, small business and economic development. Ken works with growth-oriented companies in technology, health care, manufacturing, financial and business services industries. E3C stands for Entrepreneurship, Empowerment, Evolution, Connect, Collaborate and Create. . . . as in greater opportunities for all entrepreneurs worldwide!
Check out the company website: http://www.smartadvantagecoaching.com Ken's Business Community website: http://www.my-business-community.com and Ken's Podcast: http://www.E3C.podOmatic.com