Your clients are your clients because they understand the return they receive on the money invested in your product, service or solution. The return can be time saved, skills gained, or anything in between. If they did not see a return on their investment, you can be certain they’ll spend their hard earned money elsewhere. As a consumer of goods and services yourself, I am sure you can relate. Nobody likes wasting money, we much prefer to spend it on things that improve our lives in some capacity.
In a money-driven world, we're conditioned to measure our return on investment (ROI) for just about everything we spend on, but what if you valued your time as you do your money? What if you considered the return on time invested (ROTI) for every email you send, every action you take and everything you invest your energy into. Would your investment gain favorably to its cost?
As entrepreneurs, your time is your most valuable resource and as you’ve probably noticed by now, your hours are non-renewable. The success of your business and your mental health depend on you refusing to spend your time where there is no return to be had. We have a tendency to get caught up in the grind and in that state, we can lose track of just how much time we’re putting in and what the benefits are. We trick ourselves into thinking it will pay off in the long run, and there are things that definitely will, but all too often we end up spinning our wheels and we wonder why we’re so exhausted and our businesses are not growing as projected.
So, how do you get the best return on time invested? You’ve got to make sure that you are getting out more from your business than you are putting in. Benefits are not just monetary, although money is usually necessary for your business to scale. Benefits should support your business goals, ranging from profit, to the ongoing development of your skills and expertise, to nurturing key relationships.
These are some of the ways you can make the most of your time and ultimately your business:
1. Track where your time goes and how long is being spent on each activity
2. Ask yourself if those activities are yielding a measurable return for your business
3. Stop taking calls or accepting meetings that lack a clear purpose
4. Spend time on activities today that will buy you more time tomorrow
5. Say no to things that don’t matter (and don’t feel bad)
Inefficiency will devour your profits. You can’t spend every minute on high-return activities but you can seek to better understand where your time is going and the value it truly brings. This understanding will help you to make better, more informed business decisions that will propel you forward.
For bonus tips on how you can make your time work for you, check out my latest article in GOSS Magazine, hitting news stands soon. Until then, stay up to date with the latest by subscribing to GOSS Club.