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. 

 

Tags: Asset of Value, Business Development, Creating Time, Building your Business

Immigrating talent for a quick but enduring economic boom

Immigrating talent for a quick but enduring economic boom

If we can attract 100 000 STEM qualified immigrants, we can not only bridge the skills gap that is stagnating our growth,...

Read more

EMIGRATION: Its cost and opportunity to a business owner
Business Growth

EMIGRATION: Its cost and opportunity to a business owner

Over the last month, I have had two same, but different meetings with two different business owners. They were the same because...

Read more

Creating opportunities that didn’t exist before
Growing business value Business Growth

Creating opportunities that didn’t exist before

Creating economy is a key entrepreneurial skill. Its something that is entirely possible irrespective of the environment...

Read more

Why waiting to act becomes the only act and how to ‘snap’ the bad habit
Asset of Value

Why waiting to act becomes the only act and how to ‘snap’ the bad habit

With the South African elections now come and gone, it feels like we have passed a milestone that we were all holding our...

Read more

Winning mindsets turning thought into action and action into results
Building your Business Business Growth

Winning mindsets turning thought into action and action into results

The distinguishing feature between business owners who crack it and those who drift along, and fail… is mindset.

Read more

How to structure the offer of a Management Buy Out
Business Succession Succession planning

How to structure the offer of a Management Buy Out

A hardworking, smart professional presented me with a scenario on an offer she had received to conclude a management buy-out. She...

Read more

Position your business for success and maximum impact
Positioning your Business Business Growth

Position your business for success and maximum impact

Wing Chun Kung Fu, a style of martial arts, requires that you have a secure footing on the ground in all its defensive and...

Read more

Building a business is like sailing a ship
Asset of Value Building your Business

Building a business is like sailing a ship

Analogies are very useful to simplify thinking and action. As a #businessowner, building a #business in a challenging environment...

Read more

What’s your business worth?
Business Growth

What’s your business worth?

Firstly, this only matters for 5.4% of all #businessowners since 94.6% of all business started fail to sell. They close at...

Read more

Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

Read more

Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

Read more

Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

Read more

Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

Read more

What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

Read more

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

Read more

Why Collaboration is a Critical Skill for Every Business Owner
The Money Show Building your Business

Why Collaboration is a Critical Skill for Every Business Owner

We’ve entered the age of collaboration. Despite current events, like BREXIT, that showcase the opposite, collaboration remains...

Read more

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019
The Money Show Sales

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019

You’re winding down towards the end of 2018, and preparing to lock and load the early sales for 2019. If you’re not in this...

Read more

Turn 2018’s Exhaustion into 2019’s Business Acceleration
The Money Show Business Growth

Turn 2018’s Exhaustion into 2019’s Business Acceleration

Year-end fatigue is setting in - 2018 has been a tough year emotionally, economically, and physically. But that’s not much...

Read more

Building a Branch Network for Your Business
The Money Show Asset of Value Business Growth

Building a Branch Network for Your Business

Building a branch network for your business is still relevant and appropriate, despite the exponential growth opportunities...

Read more

Growing Revenues through Indirect Sales Channels
The Money Show Business Growth Sales channels

Growing Revenues through Indirect Sales Channels

Effectively growing your business revenue needs a lot more than just a regular sales effort. Developing and implementing...

Read more

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies
The Money Show Business Growth Strategic Planning

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies

We’re in the midst of the 4th industrial revolution, with many new technologies quickly entering the business environment....

Read more

Business Funding: How to Self-Fund your Business through its Lifecycle
The Money Show Business funding

Business Funding: How to Self-Fund your Business through its Lifecycle

Business owners and entrepreneurs often express the difficulty of accessing business funding as a key challenge. And yet,...

Read more

Building a business with confidence amidst uncertainty
The Money Show Business Growth Business owner

Building a business with confidence amidst uncertainty

A constantly changing business environment demands that business owners develop new skills to ensure business growth. Recently,...

Read more

Choose your Business Growth Rate and Build your Business Towards It
The Money Show Business Growth

Choose your Business Growth Rate and Build your Business Towards It

We may be living in a negative economic cycle right now, but it’s up to you to decide what your business growth rate should...

Read more