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Skill and time, not capital outlay…………..

Skill and time, not capital outlays, are the most important ingredients for growing a successful business. From the start and until a business reaches “self-sustainability” work hours should be ignored. In my opinion, there is no such thing as spending too much time during this initial growth period.

By becoming a business owner it does not mean that you now will have more time for leisure activities or more time to spend with your family. Starting and growing a business needs to be fueled by your passion, energy and commitment.

Closing time for a business should read, “We close when our work is finished and our customers are satisfied,” instead of a specific time. This message may not be posted on the door but needs to be ingrained in the mind of the business owner.

Time managements, so called “gurus”, offer expensive solutions with the promise that one can get more work done in less time. While I agree that a lack of time management skills is a weakness that some business owners have, no system will replace the hours needed to explore and to develop the product/service that is being put forth.

Too often I hear the excuse, “There are not enough hours in the day”. Yes, I do look at systems that are needed to market and deliver a product, but in many cases, the problem is that not enough time is devoted to the business. Unrealistic expectation and personal gratification take the place of the long work day that is needed in this stage of a business’s growth.

This is a summary of a lesson I share with my clients, not only during the start-up period or the first few years of a business, but also when a business needs to make a significant change in products, services or methods of delivery. A business constantly has to re-invent itself, and long hours are the best remedy for the re-invention process.

At the end of each day, you should play back the tapes of your performance. The results should either applaud you or prod you.            Jim Rohn

Nick J. Petra CFP    I will spend whatever time is necessary to help you make your dreams a reality.                               

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