Do you know that your business needs to expand, but you don’t know where to start? Are you doing everything at your business, but you are scared of giving up some of your control?
Kitty Barrow, a business coach with Southwestern Consulting, talks about some of the biggest hurdles business owners face when it comes to expanding their company. Some of the top reasons why companies cannot expand is because they do not have a leadership development program, they do not know how to increase sales, and they do not have a system in place before they can handle the expansion of their business. If you would like to listen to Kitty’s interview with Russ and Joey, please click here.
How do others seem to manage their business and time so well? Well, they most likely spend an hour of their time planning out their week. And I mean as much of their week as possible. Start by planning out most of your entire week. Schedule times for family gatherings, cleaning the house, and fun activities/hobbies. When you plan out your week, you seem to achieve and get so much stuff done. A great system to help you prioritize and manage your tasks is described below.
Probably the most important skill you need to work on as an entrepreneur or business owner is Time Management. President Dwight D. Eisenhower accomplished many tasks during his presidency; he used this system described below, which is now known as the Eisenhower Matrix.
“What is Important is seldom Urgent and What is Urgent is seldom Important.” –President Dwight D. Eisenhower
Quadrant 1: Important & Urgent Tasks
Tasks that are both urgent and important that need to be completed today are in the Do section. Some of these tasks include finishing that report that is due at the end of the day, medical/family emergencies, and sending in payment for your bills.
Quadrant 2: Not Urgent but Important Tasks
Tasks that are important but are not urgent are located in the Schedule section. These tasks include the following: Exercising during the week, spending quality time with friends and family, and planning/getting ready for tasks in the upcoming weeks.
Quadrant 3: Urgent but Not Important Tasks
Tasks that are urgent but not important are located in the Delegate section. These tasks include answering emails or calls during your “focus time” and following daily events in your industry. You know these are important items to accomplish, but are these items really worth your time to accomplish. Can you find someone else to do these tasks?
Quadrant 4: Neither Urgent nor Important Tasks
Tasks that are neither urgent nor important need to be eliminated or minimized as much as possible. What are some items that provide no value or do not have the potential to provide income? These items need to go.
In the interview with Kitty, she also alluded to this method. She says you need to analyze and prioritize the tasks you do every day at your business. See what items you can automate, delegate, and eliminate.
If you would like to know more about this method, you can watch this short video here.
DEVELOPING, MAINTAINING, & EXPANDING YOUR BUSINESS.
Focus on the aspects that are going to grow your business. You need to analyze every facet of your business, and you also need to create a strategic plan on how you are going to move your company forward. A great way to determine which options from your plan align with your business is to conduct a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
How to conduct a SWOT analysis?
- Draw 4 quadrants and label each one with the appropriate heading.
- Think of strengths, weaknesses, opportunities, and threats that involve your business.
- Important Note: Strengths & Weaknesses are internal factors and Opportunities & Threats are external factors.
- Draw Conclusions from the items that you wrote down.
- What ways can you use your company’s strengths to maximize the company’s opportunities?
Here at Wealth Without Wall Street, we are invested in you and your business.
We want you to…
Work Smarter, Not Harder.