“Time is free, but its priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. But once you’ve lost it, you can never get it back.”
The most valuable asset of any entrepreneur is time. It’s very crucial to manage time efficiently, to get the best possible results. However managing time is just not an easy task. Specially for an entrepreneur, who is responsible of taking care of most of the work. But you can always practice to save time. Since time is money – “The more time you’ll save the more money you’ll make”. Lets just have a look at certain time sucks that kills startups!
Vendors are really important for any startup, however they can eat up a lot of your time. If you don’t know your requirements well then you can easily get stuck in a never ending loop of conversation with them. It’s certain that you need to build a relationship with your vendor, but not at the cost of your precious time.
Most entrepreneurs get solicited phone calls, emails, social media messages, etc., from people seeking to sell them something. Many people often return their emails with a “no thank you message” because they think that it is a polite thing to do. However, you shouldn’t do that, because there are just so many of them. That may seem rude, but you didn’t ask them to solicit you in the first place.
If you’re putting money in, banks are the best. If you’re asking for money, they can be a major time suck. If you go to them for loans, then they might waste a lot of your time by asking for various documents and information. Banks can be intimidating, but for many entrepreneurs, they’re a necessary evil early on. You’ll waste less time if you prepare to encounter them on their terms.
4. Partnership Seekers:
As you’ll progress, more companies will want to partner with you. They would come up to you with various offers and would also try to tempt you with various deals. You should never waste your time on them and should always stay aware. You should never partner with other companies unless there is a clear return on investment, or it allows you to save a significant amount of time.
Customers are the most important people in any business. Listening to your customers is a part of the whole deal and one should always pay attention to what they actually require. However you should always try to be careful and not socialize and linger more than you need to.
People usually hire consultants because they don’t have the time to specialize in a subject that is crucial to the success of their business. They’re buying their time in order to save their own. Accountants, insurance agents, and attorneys all know the value of their time and they will bill you accordingly. Therefore, you need to make sure you get the most out of it. Plan what you need from your business consultants and make sure you get the most information for the smallest investment of time (and money).
No business can run without the efforts and contribution of its employees. It’s always necessary for any business person to spend some time with it’s employees. However, if you spend more time with a co-worker, the less time you’re an actual worker. Therefore, you must always know to balance your time well.
Family regardless is the most important part of any person’s life. it is important to understand that, in order to maintain any kind of work/life balance, set working hours need to be established. Whether you’re going into an office or working from home, your family should be aware of those times when they need to stay out of your way so you can work.
Taxes, payroll, recruiting, HR services, emailing, communications, bill-paying, bean-counting… They all eat up time; time you could be spending on building and growing your business. Entrepreneurs should always try to manage all these administrative tasks from the very beginning so that they don/t eat up your crucial hours later.