Create more time in your business to focus on growth

By Pavlo Phitidis

Time is our most precious resource, but it seems like we never have enough of it. The second entrepreneur Aurik ever gave guidance to, was a bakery business owned by a 54-year old man, who had initiated the company at 27. It was highly successful, but he’d not been able to focus on its strategic growth because all his time was tied up in operations. Fourteen years after we rebuilt the business with him, it now creates more than a Billion Rands’ worth of business.

As the owner of a developing business, you can, and should create time to grow the business, and work on it, instead of in it. During this week’s Money Show with Bruce Whitfield, we examined seven strategies that help you create more time, and spend it wisely:

Positioning Your Business

It can feel all too tempting to try and be everything to everyone. For a growing business, there is extreme value in specialisation, where you provide a specific kind of service to a defined type of customer. By specialising and positioning your business, you’re able to focus, learn your industry, and exploit your business’ unique aptitudes. 

Build the Right Systems

The systems you build become the delivery vehicle for your customer service. By building simple, effective systems that positively serve your customers, you will create time to focus on your company’s growth. 

Take the Right Action

A growing business must go through its developmental stages to be successful – there is no such thing as a true overnight success. Identify which stage your business is in, and take the right action for your company. The stages of your business’ lifecycle are: 

• Start – where you’re focused on selling your product/service & attracting customers 

• Build – where you’ve had enough success to start building effective systems, to ensure you can keep up your level of delivery

• Grow – where you’re able to hire the right people to cater for increased customer demand

• Accelerate – where your business functions so well operationally, that you’re able to innovate and move towards becoming an industry leader

Outsourcing

Outsourcing is a great way to carve out the right kind of focused time. Here’s how to choose which tasks you can outsource:  

• Which tasks are part of your core business and strategically important? Do not outsource these. This is your work.

• Which tasks are part of your core business but not strategically important? For this, you can collaborate with a service provider.

• Which tasks are not part of your core business, and not strategically important? These tasks can be outsourced. 

Use Technology Smartly

Using integrated technological systems will help you create more time for your team, and thereby create more value for your company. For example, your accounting software should directly integrate with your banking facilities, otherwise you’re adding unnecessary steps to administrative processes. 

Touch Things Once Only

Research has shown that, when we multitask, we experience a 38% drop in intellectual capacity. That’s why focusing on a single task at one time leads to better results. Set your priorities and work on one task at a time, without distraction. 

Choose the right collaborators

In uncertain times, you may find yourself desperately seeking a collaborator, but choosing the right one is key for your company’s success. Select collaborators who are close to your business’ function, and who will help you to build it, not take time away from it. 

When your time runs low, so do your inspiration levels. At Aurik, we help you build systems that curate, construct and craft your time, so that you can build your business into an asset of value. Get in touch with us and let’s start building, together. 

 

How to start a business (or your career) from nothing
The Money Show Creating Time Growing Goals

How to start a business (or your career) from nothing

My recent meetings with people across the country have revealed that we have so much human potential, and yet such low morale....

Read more

Learning Resilience, to Build your Business during Tough Times
The Money Show Growing business value Building your Business Growing Accelerating Growth

Learning Resilience, to Build your Business during Tough Times

Simply reading the news headlines can be downright distressing, and government’s lack of adequate response towards corruption...

Read more

How to build your Business into an Asset of Value that is ripe for selling
Growing business value Asset of Value Sales Accelerating Growth

How to build your Business into an Asset of Value that is ripe for selling

Every business owner should be concerned about whether they will be able to sell their business for a good return when they’re...

Read more

What to do when you’ve made the wrong investment for business growth
In the News The Money Show Growing Strategy Accelerating Growth

What to do when you’ve made the wrong investment for business growth

Earlier this week, the South African Minister of Finance presented the Medium-term Budget, and the news was somewhat disheartening....

Read more

Get with the Aurik programme to ensure company growth
Growing business value Business Development Building your Business Company growth

Get with the Aurik programme to ensure company growth

Business owners are bracing themselves for tough economic times with SA’s downgrade to junk status and a gradual economic...

Read more

From a small family-owned business to an internationally recognised operation
Case Studies Business Development Family Business

From a small family-owned business to an internationally recognised operation

How did Liquid Movers quadruple their baseline turnover? The family-owned business joined the Aurik programme to grow its...

Read more

Delegate, you must: if you want to sell your business one day
Asset of Value Sales Business Exit

Delegate, you must: if you want to sell your business one day

Despite what you may think or feel, doing it on your own won’t set you on a pathway to success. You can’t build a business...

Read more

Building successful and sustainable innovative technology businesses
In the News Growing business value Asset of Value Positioning your Business

Building successful and sustainable innovative technology businesses

Aurik CEO and co-founder Pavlo Phitidis was the keynote speaker at the Innovation Bridge event in Midrand recently. With...

Read more

Think big with an Asset of Value framework
AoV Mindset Growing business value Asset of Value

Think big with an Asset of Value framework

Thinking and building big right from the start with an Asset of Value framework, enabled Atomic Oil to achieve a R60m valuation...

Read more

Business Is a Bloody Sport: Why Risk Management is Important
The Money Show Business Survival Accelerating Growth

Business Is a Bloody Sport: Why Risk Management is Important

In 2008, determined entrepreneur, Karabo Songo, established Olive Communications. I first met Karabo during the 2013 Business...

Read more

Spend more time on your business and less time in it with improved business systems
Growing business value Business Systems

Spend more time on your business and less time in it with improved business systems

We have seen a common theme emerging in our recent meetings with various entrepreneurs. As a business owner, you might be...

Read more

How effective business systems can ready your business for sale
Growing business value Growing Business Systems Business Exit Exit strategy

How effective business systems can ready your business for sale

People sell their businesses for many reasons. Fatigue from too many years in the game is one of the most common. They might...

Read more

The Asset of Value Strategy Series
AoV Mindset Pricing Growing business value Asset of Value Building your Business Finding Customers Strategy Employing people

The Asset of Value Strategy Series

Welcome to the Asset of Value Series. As part of the Nedbank Business Accelerator Campaign with 702 this year, our CEO Pavlo...

Read more

Assessing Franchise Opportunities
Business Opportunities The Money Show Growing business value Asset of Value Business Development Accelerating Growth

Assessing Franchise Opportunities

Building your business into an asset of value may include expanding through franchise opportunities. This week, on The Money...

Read more

A Business Strategy to Turn a Dreadful Year into a Success
Growing Strategy Accelerating Growth Business Strategy

A Business Strategy to Turn a Dreadful Year into a Success

This year has been tough for everyone, and there are just 12 weeks left before world of business winds up for 2017. There...

Read more

How to avoid a horror story when buying software for your business
Growing business value Asset of Value Business Development Building your Business

How to avoid a horror story when buying software for your business

Technology is both a driver and frustration for every person and business. Every business no matter what business you are...

Read more

Grow your ideas with business innovation
Growing business value Asset of Value Growing

Grow your ideas with business innovation

South Africa is lagging behind when it comes to innovation, according to a recent World Bank report. But why is innovation...

Read more

Play to your strengths – how the epic Mayweather-McGregor fight can take your business to the next level
The Money Show Growing business value Building your Business Growing

Play to your strengths – how the epic Mayweather-McGregor fight can take your business to the next level

Undefeated welterweight world champion Floyd Mayweather Jnr met mixed martial arts world champion Conor McGregor in Las Vegas...

Read more

Part 2: How to protect your growing business from big business theft
In the News The Money Show Business Development Building your Business Positioning your Business

Part 2: How to protect your growing business from big business theft

The tender trap   After the launch of the BLSA, and the commitments made by big business to entrepreneurs, it sparked...

Read more

Part 1: Big business commitments to small business with the launch of the BLSA
Business Opportunities The Money Show Building your Business Inspiration

Part 1: Big business commitments to small business with the launch of the BLSA

I attended the launch of Business Leadership South Africa (BLSA) – which is headed by former Shell CEO Bonang Mohale – last...

Read more

ANN7 sale should have entrepreneurs asking themselves what their business is worth
AoV Mindset The Money Show Sales Business Exit

ANN7 sale should have entrepreneurs asking themselves what their business is worth

On Monday, 21 August, we spoke to Bruce Whitfield on The Money Show on Radio 702 and Cape Talk of that day’s R450 million...

Read more

Shining a light on the business blind spot
The Money Show Family Business Succession Next Generation

Shining a light on the business blind spot

Smart and successful businessmen have faith in their vision for their companies, but they need to be aware of their limitations...

Read more

How to Turn a Struggling Business Around
Case Studies In the News Strategy Business Strategy Turnaround

How to Turn a Struggling Business Around

By Pavlo Phitidis  Turning a struggling business around isn’t easy, but it’s not impossible. Currently, many businesses...

Read more

How changing the way you look at customers creates the opportunity to build a scalable business
Business Opportunities Growing business value Asset of Value Lead generation Generating Leads Accelerating Growth Customer Acquisition Business Strategy

How changing the way you look at customers creates the opportunity to build a scalable business

By Pavlo Phitidis Ultimately, the way you look at the world is the way that the world will turn out to be for you. Just...

Read more