Weekly Business Idea

October 19, 2018 – Can You Create the Future?

Posted on | October 19, 2018 | No Comments

Main Idea:

Are you looking to grow your business?  Are you looking to grow you?  What have you done to grow your business or yourself?  Do you know where you spend your time?  Are you spending your time in areas that are moving you towards your goals?

Expansion of the Idea:

I know I ask some stupid questions.  All small business owners would answer that they want to grow their businesses.  The problem is that they have good businesses or they have acceptable levels of cash flow.  Their businesses have grown over the years as has their personal spending and time demands.  And as Jim Collins would say, “Good is the enemy of great.”  Because they have good businesses, they are unwilling or unable to take the next steps to make great companies.

Generally, there are three things that are necessary to grow our businesses.

  1. Time
  2. Money
  3. Ideas

Sometimes, you can get by with minimal additional funds but you almost always need time spent in the right way as well as ideas that need to come from external sources.  I will talk about ideas in my next weekly idea.

The owner’s time is generally a limiting factor in the business.  I frequently meet with small business owners that tell me that they want to grow their business.  However, when pushed, they don’t have the time or won’t spend the time to invest in the business.  They are making enough money and don’t feel the need to give up time or money to really improve the business.  Or sometimes, they working so many hours and don’t feel they have the time to explore how to improve.  Either way the business trudges along and eventually gets outpaced by a competitor.

I know that my business has had two major inflection points over the last 20 years.  The first inflection point was when I was working way too many hours. I was probably headed towards health issues and other problems.  The second time was when things were pretty good but some external factors created issues.  My reaction to both sets of problems was the same.  The first thing I did was look inward.  I decided what I wanted.  I then evaluated where I was spending my time and what was I spending it on.  I then thought through what I needed to learn.

The same is true for most small business owners and managers. They need to look hard at where they spend their time.  They need to be intentional about doing the things that they should be doing that will grow the business.  This will include:

  • Planning
  • Marketing
  • Delegating & Coaching
  • Managing
  • Learning

These are probably the top five areas that small business owners fail.  A big part of that failure is that we are not intentional about how we spend time.  We get caught up in the urgent and don’t spend enough time in Stephen Covey’s Quadrant II which focuses on the important but not urgent.  I know running a business is hard.  Sometimes we have to just find a way to create some free space to do some planning.  That will free up more space and we can do other things.  The point is that we have to start somewhere.

I have a poster in our office that has the following quote by Peter Drucker:

“The best way to predict the future is to create it.”

You can create your future.  It all starts with your time.

Questions to Ponder

  1. Do I have cushion in my life?
  2. Are there areas that need more time from me?
  3. What areas are sucking the life out of me?
  4. Am I delegating everything that I should?
  5. What have I learned in the last 6 months?

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  • About

    These weekly ideas are brought to you by FitzGerald & FitzGerald P.C. For more information about how to use these ideas with your small business contact Tim FitzGerald at trfitz@fitz-net.com.