As a business leader where do you spend your time? Are you getting the best ROI for your efforts? Could you be delegating more? Do this exercise to find out. The results may well surprise you.
As a business leader, how productive are you? Where do you spend your time? What’s your ROI on your effort?
My name’s Rashid Kotwal.
Here’s an exercise we ask all our clients to complete.
Over the course of a typical week as you do any task fill out a timesheet with the details and how much time you spent on it. Then put a relative value to your business on each task.
We believe every business has the metaphorical equivalent of $10,000, $1,000, $100 and $10/hour work.
The $10,000/hour work for any business leader is about being visionary and strategic. Spending time working on your business. Time that’s spent which will massively leverage your results.
Honing your vision, then creating and implementing long term strategic growth plans.
Designing and implementing strategic marketing systems that bring in a steady stream of new business.
$1000 tasks could include creating products and programs where you do the work once and can sell it time and time again. Consulting to top clients, running a major seminar where you get leverage.
$100 tasks could be doing the books. $10 tasks include filing and going to the post office!
Our business mastermind clients who run businesses ranging in turnover of $1.5M to about $55M did this timesheet exercise recently.
Like all our one on one clients, their results were strikingly similar.
Most found they were spending time on lower value tasks that could be delegated. One reported almost 50% of what he did could be done by someone else at a lower cost, freeing him up to do higher value tasks which only he could do.
So I really urge you to make the effort to do your timesheet for a week. I class this as $10,000/hour work as it will give you major insights into your big rocks and where you could get leverage.
Once you’ve done so, decide what only you can do and work on delegating the rest.
Of course there are constraints. You have to have the people you can delegate to and if they’re external, the money to pay for them.
So even if you can’t delegate lower value tasks immediately, doing this exercise helps you prioritise. Doing high value tasks first will give you an immediate ROI boost. Tasks like doing the books could be done after hours.
So wrapping up, if you’d like to download a blank timesheet to print out, keep next to you and fill in, send me a message and I’ll shoot it over.
And then if you’d like help prioritising your tasks give me a hoy.
Till next time, this is Rashid Kotwal.