Rare Commodities: Money, Time and People
People often think that money is the most important asset necessary for the growth of a company. While money is very important and is a necessary evil, it alone will not fuel growth. I would argue that time and people are just as important to propel a company forward.
When was the last time you said to yourself, “I have so much time that I do not know what to do with myself?” When was the last time you stopped what you were doing and got out of the day to day and worked “on” the business? When was the last time you spent time on developing a plan or strategy for growth? As revealed by these questions, there are never enough hours in the day to get it all done. Time is one of the things that CEOs never have enough of, therefore every business owner needs to find a way to work harder and smarter in order to use their time wisely.
For starters, it is imperative to look at those things that take too much time or waste time. Since every minute is precious, you need to identify and address areas of wasted time. Next, create the systems and processes that will save time and free up employees to work productively once growth commences.
You must make time; prioritize and use it wisely. Try removing yourself from the office or simply set aside time and then utilize it effectively. While you are not in the office, you will need to delegate certain tasks to others, choose employees that you can trust. Leverage your time by empowering others and giving up some control. While money can get you more people to do some of the work and give you less to do, you cannot buy time.
This furthermore highlights why team members are imperative to any organization. Not just people, but the right people. It takes time and money to find, hire, and train the right people. Without the ‘right people’, every business owner will waste time on almost everything they do. Who is right and who does and does not make a valuable contribution to the team changes over time, so you will need to continually evaluate, develop, and recruit employees, trusted advisors, and partners who have the skills you need currently and in the future.
Remember, indecision wastes time as does making the wrong decision. Everyone is busy but being busy is not an excuse for not being able to find time. More often than not, the busiest people are also the most productive. However, in order to get it all done, occasionally you need to take a step back, take in the entire horizon, and clear your head; let go a bit and see what happens.
Keep in mind, it always takes longer than you think it will. Timing is everything, so determine when is the right time to make a change while remembering that with anything this precious, it must be nurtured and valued to get the most out of it.