Ric Thompson is a serial entrepreneur, He has started and build multiple businesses by figuring out to most effectively and efficiently leverage his time and money. According to Ric, these concepts are simple yet many small and medium-sized businesses ignore them completely.
Ric shared some tips for entrepreneurs. Tip#1 Time does not equal importance. Just because a particular task could take you two weeks to get it done does not elevate the task to being the most important use of your time for two weeks. In fact, doing that task could be the biggest waste of your time and keep you from doing what is important.
Where does a business owner get started in figuring out how to be more effective and efficient with time management in running his or her business? One way to get started so you can consider your options is to make a list of tasks which must be done.
Help yourself by being honest and making a list titled,” Things that have to get done that I hate or Don’t want to do.” Would you have more time available if someone else took over doing these tasks for you and would they be able to complete this work at a lower rate than the value of your personal time?
What job functions are you attempting to do or doing that could potentially be done by someone who could do it quickly with better results? Make a list of work that must be done in your business that you don’t know how to do or do poorly. Be honest with yourself.
Tip#2: Time is a precious commodity and it’s too easy to waste your valuable time. To be more efficient, get projects done and products ready to sell quickly. .
Tip#3. When starting a small business, start small and stay small until you have to be big. Keep control of your staff and expenses. One way to get work done and tasks completed is to use the services of virtual assistants or outsource the functions.
Ric’s business, Done For You Solutions, was created based on his experience in outsourcing many of the projects and job functions he needed completed in his business and by learning how to hire and train the right people for business growth , financial success, and customer satisfaction.
Tip#4 When you work with someone new to help you achieve your business goals, “Pay attention to the “how ” things are done, not just the “what” has to be done.
Ric explained,”Know that there will be a learning curve when you first work with people and be sure they are trained to complete the tasks in a way that is satisfactory to you. Without training you are risking that the results might not match your expectations. ”
Tip#5 If you are hiring others to do a variety of business functions, you can spread the business risk to more than one person to accomplish these tasks. If you give all of the tasks to one person and that person has any challenges you could take that loss. You may have spent money for a job that will not ever be completed by that person.
Another possibility could be that you don’t like their work at all and you have to hire additional people to do it over. Let’s hope that the people you hire are great and want to have them do more work for your company.
If you have only one person handling your business functions and that person gets sick, moves, quits, or has family problems, finds a higher paying job, or has personal problems, your business could suffer.
One small business owner I interviewed recently had one staff member who handled all of the customers.This staff member decided to open her own business and to take all of the customers with her. The business owner who was left with no customers was shocked , devastated, and lost money and had to find new customers or consider closing the company.
This is real and so the old cliche about not “putting all your eggs in one basket ” can be a guideline that could protect you and your business from disaster.
Tip#6 Assemble the right team of assistants to get your work done and be sure that you are keeping your executive time to yourself as much as possible.
According to Ric, there are four business quadrants to pay attention to: 1. The Dream it Quadrant-where ideas begin, 2. The Think It Quadrant where you plan out your business strategies, 3. The Task It Quadrant where you determine what needs to get done, and 4. The Do It Quadrant where the actual work is accomplished.
Tip#7 Business owners should focus their time and energy on Quadrants one and two and delegate everything that needs to be done in Quadrant three and four.
Some of the functions which can be delegated effectively to a virtual team include handling your e-mail programs, set-up or maintenance of your company blog, data entry, website development, and making changes to your website.
Ric helps entrepreneurs understand that not doing everything by yourself in your business can transform your world and your life.