One of the biggest challenges for entrepreneurs is managing their time well. Time is incredibly valuable and once it’s gone, you can’t get it back.
Instead of focusing on everything you need to do, try focusing on what you’re choosing not to do today.
You might wonder why this is important. Well, you’ve probably heard the saying “you get out what you put in,” but when you’re running a business, that’s not always true. Being busy all the time might seem productive, but it can actually hold back your business growth.
Decision Fatigue
Decision fatigue means that the more decisions you make, the harder each one becomes.
Back in 1998, psychologist Dr. Roy Baumeister discovered that people have a limited amount of mental energy. So, the more decisions we make in a day, even small ones, the worse we become at making good choices, solving problems, or being creative.
If you’re running your own business, you’re probably making a lot of decisions every day.
Like most people, you might start with the easiest tasks first to feel like you’re accomplishing a lot. But this actually uses up your mental energy, leaving less for important tasks. So, the critical parts of growing your business don’t get enough attention. You might postpone them until the next day, but then the same thing happens again. This creates a cycle of never getting enough done.
People really like making lists. David Wallechinsky, who wrote “The Book of Lists,” says we like lists because we have too much information and lists help us organize it.
We’re not saying you should stop making lists altogether. Instead, think about making a different kind of list called a stop-doing list.
A stop-doing list is a list of habits, behaviors, activities, and tasks you don’t want to do anymore. It’s like a New Year’s resolution, but instead of eating less or using social media less, it’s about using your mental energy wisely.
In the book “The Stop Doing List: More Time, More Profit, More Freedom” by Matt Malouf, he asks business owners to list every task they do. Then, those tasks are sorted into four categories: Genius, Excellence, Competence, and Incompetence.
Genius
According to Malouf, a ‘genius’ task should have three important qualities:
-Passion: You really enjoy doing it, you’re good at it, and if you could, you would spend all day doing it. Doing these tasks makes you feel happy and full of energy. Without this passion, you won’t be motivated enough to work hard and take your business to new levels.
-Essential: It’s something that must be done for the business, even if nothing else gets done all day.
-Profitable: It directly adds to the money your business makes. As you understand how valuable your time is, it becomes more and more important to spend it on tasks that bring in the most money.
Excellence
Malouf talks about “excellence” tasks as things you’re really good at and that are important for the business, even if you don’t particularly enjoy doing them.
Competence
These are tasks you know how to do but aren’t very good at or don’t like doing. Examples include admin work, filing, managing social media, SEO, or PPC advertising. Malouf advises against spending time on these tasks. “Not only will it take you longer to do them than someone who excels at them, but it can also make you less satisfied with your business overall.
Not Knowing How to Do Something
If there are things you need to do but you’re not sure how to do them, those go in the “not knowing” category.
To be really good at what you do and make a lot of money, you should try to spend most of your time on tasks you’re really good at (60-70%). The other part of your time should be for tasks you’re pretty good at. The tasks you’re not so good at should be on your list of things to stop doing.
Trim, automate, or delegate
Now you might be thinking, “What happens if I stop doing these things?”
For each thing on your list to stop doing, think about if technology could do it instead. You won’t be able to make everything automatic, but some things can be done much quicker with technology. To make technology work well, you need good systems that work the same way every time without you needing to do much. Like any investment, you might need to spend some time to make sure it works well.
Some things on your list will need a human touch, so giving those things to someone else will mean they get the attention they need. But it’s not enough to just give these tasks to anyone. Giving tasks to the right person, who has the right skills, knowledge, or expertise, is key.
Tasks that aren’t very important, reports that aren’t needed, and meetings that could just be emails – these are things you could get rid of completely.
What’s the Main Point?
Time is super important because once it’s gone, you can’t get it back. It’s like a really valuable thing for your business. If you use your time smartly, you can do more stuff, reach your goals, and make your business successful. If you’re someone who started your own business and made it bigger, you might always feel like you need to do everything. But as Matt Malouf says in his book, “Don’t think that having a huge list of things to do means you’re successful. Sometimes, having fewer things to do is better.”
Autosterea is committed to supporting dedicated entrepreneurs by connecting them with top virtual assistants. Book free 30 min discovery call with our expert team to begin, and we’ll match you with a dedicated professional who will help you stay organized.
Or why not give a skilled virtual assistant a try for free today?
Ready to take control of your time? Get in touch with us, and we’ll hook you up with a dedicated pro who’s ready to tackle those time-consuming tasks.
Book free 30 min discovery call with our expert team to begin, and we’ll match you with a dedicated professional who will help you stay organized.
Or why not give a skilled virtual assistant a try for free today?
