Time Is Running Out / by Kerri
“Big business always ‘beats up’ and steals the lunch money of the small independent operators.
And if you know anything about business or have witnessed the birth or growth of an industry you have already seen the pattern play out time and time again. “
When you know the value of your time, when you know your worth in the market, it changes how you think about time. It changes how you think about free time, family time, even vacation time.
- Do you know what your time is worth?
- Do you know what your time needs to be worth to achieve your income
These two are starting points. You need these two answers before you can make effective decisions about what activities you should spend your time on and what activities to delegate, outsource and automate.
It also takes discipline, learning new habits, and teaching those around you to value and respect your time. If you don’t value your time, no one else will. Therefore, your time management and concentration on your most valuable activities – or lack of either one – may be the reasons your business is not generating the desired income. Yet you still might be working harder and longer than you want, with no end in sight.
This should be a wakeup call to use your time more wisely: eliminate switch-tasking, stop multi-tasking and hone in on what you do best. Your most important skills add value to the business every minute you are working. You must discipline yourself to focus on your most valuable activities, schedule everything you do, and delegate everything else. This will continually increase the worth of your time and add value to the business, enabling you to achieve your ultimate goal.
Time Is Running Out
I love entrepreneurs. I’m addicted to entrepreneurship. But the days of building a business from scratch with just a prototype widget, without a plan or a proven concept that delivers results for clients, are behind us.
Your clients don’t care what you are selling. They want to buy the results that your product or service WILL (not CAN) deliver as a solution to their problem.
The burden is on you. Your business must look like a business and act like a business that should be taken seriously. Because you are indeed competing for customers and clients with the big names in your industry. If you don’t think you have competition, you are in denial.
If you don’t have a strategic business plan and if you resist systematizing your business, the big guys won’t just eat your lunch, they’ll eat you for lunch.
In my experience working for dozens of high-tech startups for 11 years on the technical side, I saw this repeatedly. I had numerous clients who developed brilliant, clever and innovative products, but didn’t build the business itself in parallel. These companies did not survive. Just months after first product launch, they were sold or bought out by direct competitors.
You want to build a business that works so well, where you have such a full menu of product and service offerings to serve your niche, that your enterprise empire itself discourages competition. That same approach will also increase the value of your business, positioning you for an exit on your terms.
Intellectually, this is a straightforward solution documented from many angles in numerous best-selling books.
So if this is what it takes to catapult your business to the next level, and join the 5% of all businesses that thrive and grow to achieve their revenue goals so they can cashout; why don’t more CEOs build their enterprise empire to outperform their competition? Why do they murder their businesses instead?
95% of all CEOS murder their business because
they hold fast to three fundamental flaws
and succumb to three underlying defects
(or oversights) in their business.
Later posts will reveal these flaws and defects.