A small business owner wear many hats, from janitor to President and everything in between. Today is the day to write a job description for yourself, make a list of all the things that you do. This list should include everything, even if you don’t think it is important.
Now take your completed list and do the following:
- first, prioritize the list in order of importance as to the the percentage of the gross income that activity produces. As an example, emptying the trash may not contribute any income; delivering a product may, in itself not generate income. Some of the work that you do may be a support activity to an income producing activity, but not actually be responsible for direct income production. Sending out a newsletter may generate income, etc…
- If you are like most businesses, the top 30 % of your activity ( job responsibility) produces between 80% and 90% of your gross income.
- Working with the bottom 70% of your list, next to each item, write one of the following words: eliminate, delegate, or keep responsibility.
- Yesterday you were asked to keep track of your time for a three day period. Now compare how much time you spent doing the top 30% of your job responsibility. Remember, the top 30% of your job responsibility list generates most of your business income.
Your next step is obvious, make sure that you are allocating 70% of your time doing work that generates income.
The greatest mistake a small business owner can make is to be afraid of making a mistake.
Have a great day!