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Time is your most valuable asset

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Time is an asset

Time is an asset!

Time is your most valuable asset. As an entrepreneur or business owner time is in many ways more valuable than money, and you should be spending your time on high value priorities that will drive your company forward.

Chances are you spend a lot of your time on lower priority tasks that could be delegated. Something that takes several hours a week out of your time just might be something that another team member could do just as well as you, if not better.

Time is something that cannot be gained back once it’s lost, so it makes perfect sense that you would delegate lower priority tasks in order to serve the greater overall vision of your organization. Lets say your goal is to get your widget into over 1,000 retail locations across the United States. One of your primary goals as a small business owner would be getting sales. This means a large chunk of your time should be spent on trying to gain new accounts, but you are currently spending a lot of time answering customer emails that come in through your website. You are better off delegating the emails to somebody on your team and getting on the phone to make sales calls.

The 80% rule that applies to delegating a task, also applies to time. 80% of your time should be spent on things that are key to the vision of your company. They other 20% should be spent on simple operational type tasks, and delegating the things that get in the way of the big picture vision of your growing business.

If you are unsure what tasks fall into the 80% category it might be time to do some strategic thinking and figure out what your companies’ top priorities are. It would also be a good idea to track your time throughout the course of a week and figure out just how much time you are spending on given tasks. Then at the end of the week calculate just how much time you spent on high priority tasks that move your vision forward.

And remember, time is your most valuable asset. Guard it with care and learn to delegate so that you are free to work ON your business rather than in it.

Delegate using the 80% rule

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Delegating is one of the hardest things to do as an entrepreneur. But in reality letting go is what we find so hard. It’s not that we don’t want to delegate, it’s that we fear somebody else won’t and can’t do as good of a job as we can. I’m guilty of this myself. In the early stages of starting Bearded Brothers I had a hard time delegating and transferring over responsibilities to my team. I feared that nobody was going to do as good of job as I was going to do, there were even responsibilities that I actually enjoyed doing, but just didn’t want to let go of, even though they were things another person could easily do.

When I was struggling to start delegating responsibilities I was even aware of the 80% rule. The rule states if you can find and train somebody to do the job at least 80% as well as you can then it’s time to delegate. Even though I knew that I didn’t want to believe it was true.

But hindsight is 20/20. Now that Bearded Brothers is growing and thriving I have delegated lots of responsibilities, and it’s one of the smartest things I have ever done as a startup entrepreneur. Learning to delegate has freed up valuable time so I am able to focus on growing and expanding the business. I still do plenty of day-to-day operations type stuff, but even a lot of that I’m starting to pass on to other team members.

It can be extremely difficult to let go of duties in your business that you value and deem as important, but the reality of it is you can’t grow your business on your own. Delegating is 100% necessary for growth, and is the best thing you will ever do as a business owner. I promise, you will see immediate results as soon as you transfer responsibility, especially on time consuming responsibilities.