Rose Report: Issue 54
How to Save Time and Be More Productive
“Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it you can never get it back.” —Harvey Mackay
By Ted Rose, CEO, Rose Financial Solutions
It’s been said that time is the most valuable commodity. For CEOs, this especially true as on average they work 62.5 hours per week, according to a Harvard Business Review study. The study also found: 25% of their time is spent on building relationships, 25% on business and administrative reviews, 16% on organization and culture, and 21% on strategy. Professional growth takes up only 3% of their time, and crisis management takes up only 1%. Meanwhile, 4% of their time is spent on mergers and acquisitions, and 4% is spent on operational strategies. No wonder CEOs are overworked, considering their work is so broad.
From juggling meetings to the day-to-day operations of a business, many CEOs don’t have enough hours in a day to focus on growing their business. That’s why having a time management plan is essential. Any endeavor, short or long term, is doomed to fail without appropriate and detailed planning. But, as we all know, even the best-laid intentions may backfire. It’s also critical to maintain flexibility as you put your plans into action. When it comes to balancing short-term and long-term planning, we’ve included a few time management recommendations.
To start, make a list of your short- and long-term goals and the associated tasks. Ask yourself, “what are the items on this list that I am best at performing?” Keep the highest valued items on your list and then assign the remainder to competent staff members and/or trusted outsourced experts. Utilize an electronic platform that allows you to assign tasks and monitor progress, both your projects and your teams.
Get the work done today, but don’t ignore tomorrow
Long-term business and financial planning are important to a company’s success. When short-term projects are a priority, long-term projects are often put on the back burner. Multi-tasking has been shown to be unsuccessful, so make sure to set aside time for your long-term goals, set deadlines, and stick them. Having an automated accounting and finance system is a game-changer in long-term planning, allowing you to work smarter and faster. A well-functioning system should generate timely, accurate, and easily accessible reports including financial statements, project reports, department reports, KPIs, ratios, and other financial information.
Know when it’s time to get help
Many small business owners take on more initiatives than time allows. Ask yourself how much time you spend on short- and long-term tasks and whether that time can be used to generate additional revenue. The last thing a CEO should be spending time doing is monitoring the day-to-day accounting transactions that happen behind the scenes. By outsourcing accounting and finance needs, CEOs can focus on business development while also having accurate and timely financial reports to make important business decisions.
Schedule an introductory call for more information on how RFS can help save you time so you can focus on growing your business.
This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business.