There’s Only 24 Hours in a Day, Season 4
The life of a business owner/entrepreneur requires much, especially as it relates to the use of time. Time is an asset of equal opportunity and everyone gets the same amount daily 24 hours. How we use it determines what we produce from our businesses. Most business owners can attest that things can get out of balance as we focus on growing that bottom line and being profitable in our business pursuits.
As we are nearing the end of season four on IBGR.network radio and all of the great conversations we’ve had about growing profits, cash flows, financial statements, etal, I thought that would be cool to take a departure from the business/money topics and focus on you as the business owner/entrepreneur. As your CFO/CPA, I’ll be making recommendations for how to gain control over your time. This will be a numbers conversation with a variance, as we chat about balancing not your checkbook but your time, reconciling more than your Quickbooks but relationships and mastering the numbers on the clock verses the numbers on your financial statements, on today’s show, Episode 12 There’s Only 24 Hours in a Day.
Show Objectives - The Why
As an accounting professional, I’ve always been aware of time due to the nature of my career, very rarely have I dropped glass balls during the course of it, I have dropped some but not much and it’s mainly due to my time management skills. I’ve also recognized along the way that I have to have time to develop relationships, hobbies and other interests outside of work, so that I can stay balanced to enjoy my good God time, while on this life’s journey.
Many people who decide that they want to become a business owner/entrepreneur, typically do so because they want freedom and to become their own boss but what many discover is that there is a new boss in town...called TIME. If we do not serve our new boss appropriately it could disrupt our need for balance between business, life and relationships.
Many businesses and relationships breakdown or fail due to the mismanagement of time. It becomes impossible to maintain an 80 hour a week work life over the course of the years, without forfeiting someone or something important, i.e., health and marriages.
We need work-life boundaries and that’s the reality. There are days and times that you should protect. For some, it’s turning off their phone and focusing on their family when they’re home. For others, it’s a daily workout with no interruptions from work. It may seem challenging, but there is nothing more important than taking time to fully unplug.
Today’s conversation will offer perspectives, tips and tools that will help support the business owner/entrepreneur’s time management skills with the hope that if life is out of balance due to time spent running a business versus running your life, then stay tuned, help is on the way.
Key Issues - Owner/Manager Perspective:
The need for freedom
What You Need to Know:
As with most actions, mindset shifts become the initial place to make change!
President Eisenhower said, "What is important is seldom urgent, and what is urgent is seldom important."
What You Need to Do - The How
The 80/20 rule also applies here: If others can do a task at least 80 percent as well as you, it's usually acceptable to delegate the task. Some work activities you might enjoy doing, but you have to learn to say, "No, someone I trust can handle that work."
Be Selfish About Your Health
Business ownership and entrepreneurship comes with a price tag that we do not learn about in business 101 and that’s the value of time in the life of them. Becoming successful and being profitable is all contingent upon the leadership of the business owner/entrepreneur, mastering the use of time by planning, creating boundaries and getting support from others. This will require a mindset shift that produces business life balance, which allows us to enjoy the fruits of freedom, leaving legacies, unlimited profitability and the ability to help, grow, support others.
Episode F4.011 Investing vs. Spending
Episode F4.013 Summary of Season and The CFO Checklist,
Written by Celia L. Powell CPA
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