There's Only 24 Hours in a Day! - Celia Powell

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There’s Only 24 Hours in a Day,‌ ‌Season‌ ‌4‌ ‌ ‌
Introduction‌ ‌
 
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

• First thoughts about becoming an entrepreneur business owner, was one of being free and not tied to a 9-5 job!
• Wasn’t happy working for someone else and knew that bossing up was the answer

The Reality

• Grateful and thankful to a business owner but disillusioned about the amount of time and energy it takes to run one successfully.
• There’s not enough hours in the day, my “to do” list is growing verse shrinking, where’s my time going?

The Outcomes

• Broken promises to family, friends and self
• Loss of important relationships and activities
• Poor health
• Poor financial performance  ‌

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 ‌

• Plan
  • Planning your work is the most important strategy for effective time management. While planning and scheduling is an ongoing activity, the best time to plan a day's activities is at the end of the preceding day.  
• Set Boundaries
  • We’re all prone to getting side-tracked from our goals, and thanks to the digital distractions of modern life, staying focused is more challenging than ever. Notice the things that claim your attention most often.Once you’ve spotted the things that are repeatedly stealing your attention, you can take steps to eliminate them until you accomplish your task. Throw your phone in a drawer, close every tab except the one you need for your work task, or put on headphones if you’re tempted to spend time chatting. Over time, good habits like these will become automatic.
• Get Help
  • Delegating responsibilities is often one of the hardest things a business owner must do to save time, but it's essential if you want to reduce stress, get more accomplished and increase business success. Most business is based on the principle of getting others to work on your behalf. Organize your business tasks in the following way:

• Tasks that you have to do
• Work that you can do but others can help you complete
• Jobs that others can do but you can help them finish
• Work that others can complete without help

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."

• Take care of yourself and others

Be Selfish About Your Health

• Overworked and out of work-life balance people sacrifice their mental and physical health somewhere. Sometimes they overdo their physical workouts then overeat or drink too much. In general, it is best to be selfish about all that is good for you versus squeezing the balloon in one place and losing balance in another. Look at all aspects of your health and be possessive over what is best for you. - John M. O'Connor, Career Pro Inc.  

Article‌ ‌links:‌ ‌ ‌

• https://www.businessknowhow.com/growth/time-management-tips.htm
• https://www.moo.com/blog/business-tips/time-management-tips-for-small-business-owners
• https://www.forbes.com/sites/forbescoachescouncil/2020/01/21/overwhelmed-15-ways-to-set-better-boundaries-for-work-and-life/?sh=750a6a55225a

Summary:
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.

​Shows‌ ‌
Previous:‌ ‌ ‌
Episode‌‌ ‌‌F4.011  ‌‌Investing vs. Spending
Next:
Episode F4.013 Summary of Season and The CFO Checklist, ‌

Written‌ ‌by‌ ‌Celia‌ ‌L.‌ ‌Powell‌ ‌CPA‌ ‌

Looking for me?
www.celiapowellcpa.com
Celiapowellcpa@gmail.com ‌
Facebook‌, Instagram and LinkedIn ‌@celiapowellcpa
 

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