As the saying goes; time is money.
Startups all over the world have a finite amount of time. They’re working against the clock to ensure that their brief period of exposure during their inception is enough to catapult them over competing startups, regardless of if they’re in the same industry or not.
You see, startups are fickle. If they’re not given enough attention during the first few months of their opening, they’ll start to fall apart and will easily crumble under the weight of rival companies, eventually pushing them deep into the pits of obscurity. From there, the only way they can get out is through sheer luck, such as jumping on a trend as quickly as possible or doing something outrageous to get into the media limelight.
Fortunately, there are plenty of ways to improve your chances of growing as a startup, but it all comes down to the amount of time you have.
What Makes Time So Important?
We’re all racing against the clock in one way or another.
Let’s create a very simple example of a lone entrepreneur running a business. Once set up, their time is usually spent managing orders, interacting on social media and dealing with customer enquiries. If you picture a pie chart, their 16 or so hours that they’re awake and willing to work will mostly be taken up by their business.
If you factor in time spent eating and relaxing, you’ll end up with around 12 hours, at most, to spend on actually running your business. If you work 5 days a week as an entrepreneur, this equates to 60 hours per work week which is, by most standards, a lot of work.
But that’s the sad reality of an entrepreneur working on their own. In order to progress their business, they need to somehow find time to actually develop new products, create new contacts and attend meetings to form new business relationships. In short, growing your company takes more effort than you can imagine, and if you want to be a successful entrepreneur, you’re going to need to invest more than 70 hours per week into your job.
When you consider that entrepreneurs such as Elon Musk work upwards of 100 hours per week, it’s easy to see where their success comes from–passion and dedication.
But how can you free up extra time? We’ve got a couple of solutions that can help.
Don’t Be Afraid of Hiring Services
Be it a CPA to help free up time that you would otherwise spend on managing finances, or outsourcing your web development tasks to another company, you can save a lot of time by investing your hard-earned capital. Think of it as hiring employees; while they’re expensive to hire because you need to pay a consistent salary, they free up time that you would otherwise spend on managing your business alone. If you’re not a professional at something like advertising and marketing, then hire someone to do it for you to see better results in a fraction of the time you spend.
Stick to a Schedule
Grab a spreadsheet and start recording how much time you spend on each task, be it at work, getting dinner or even chatting with clients. Once you start logging your time and looking back at what you did in a single day, you’ll start to realize that certain tasks could be sped up and a large majority of your day is likely being eaten away by procrastination. To remedy this, make a schedule and stick to it as best as you can. An orderly lifestyle is definitely a huge advantage to entrepreneurs because it keeps them active, it helps them become more productive and it lets them identify where they’re losing time.
Automate What You Can
Certain startup processes can be easily automated. For instance, if you’re manually writing invoices to companies and sending them, you can simply register for a cloud accounting service which can automatically send invoices with a few simple clicks and parameters. This saves you plenty of time whenever you complete a deal, and all of the information is kept in a simple location that you can view whenever you need. Another task that can be automated is shift scheduling. If you’ve ever had to manage employee shifts at your retail business, then you’ll know that it can be incredibly difficult to delegate shifts to your employees, especially when something happens like a member of staff is sick. In short, if you’re tired of repeating a long and slow task, there’s probably a way to automate it for a small capital investment.
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