You own your own business because you wanted freedom. You envisioned having no one to tell you what to do, how much money to earn or when to come to work. And you wanted control - over your life.
So, are you experiencing those things?
Or if the truth was told, you have begun to realize that things were easier when you could up and leave at 5 o'clock?
You may have even found yourself thinking "a j.o.b would be so much simpler!"
I know right where you are. When my son went to school, I realized I did not want to go back to a j.o.b. So, I went to work for myself.
I made a ton of mistakes. But, eventually I discovered the secret to success in any business - spending your time on the right things
Did you know that most businesses will close their doors within 5 years of opening. As a matter of fact, 98% of new businesses won't make it that long.
And this is NOT because they did not have the "right" product at the "right" time.
It is because they were making these critical time management mistakes.
"What?!", you say, "how can time management have that much impact on running a business? Sure, I know it's important, but I will get to that after I develop my product, buy a location, hire and train my employees, then market and sell the product."
"I don't have time for that yet!"
If this is where you have put learning
time management skills , then your business is sure to be one of those 98%!
You must spend your time on the RIGHT things.
Are You Making These Mistakes in Your Business?
1. Stretching Yourself Too Thin.
Entrepreneurs are a creative lot. We see and hear new ideas and techniques, and just know they will be great additions to our business. But pretty soon, we are trying to do too much - and not seeing success in any area.
Don't try to be the best hamburger, enchilada, pizza, rib and hoagie joint in town.
Choose ONE to focus on and work to make that a success. Develop that thing into a system that works and brings in money. Then, move on to the next.
2. Not Working Smart to Keep the Money You Made.
You may get really good at making money, but it only matters if you learn to keep it.
You do need to spend money in your business. But are you tracking it? Do you know your Return on Investment (ROI) for every decision you make?
If not, then, you are throwing it away!
3. Putting Your Time Last.
Yeah, we talked about this up above. You know you should learn good
time management skills , but it seems to be at the bottom of the list.
If you do not know how to manage your time so that you spend it on the things that directly make you money, then what are your employees learning from you?
Protect your time. Know where you are spending it and guard it like a momma tiger!
Do these three things and you will be one of the 2% still open in 5 years!
