The most precious commodity in the world is… time!
What are the consequences of having no time?
You have no time to think, no time to plan, and if you don’t get this right – you stay where you are. Everyday turns out the same way as the day before and you can’t move beyond it.
You also burnout if you get wrapped up in all the day-to-day details of your business, it becomes a slog and you lose your love for what you do.
It also erodes your self-worth, your ability to lead effectively, and thus your reputation – all of this damages the value of your business.
Pavlo asked 702 & CapeTalk’s listeners what they would pay for the formula to manufacture time in their business – listen to his response in this podcast from The Money Show.
People and activities eat time:
Customers, suppliers and to a large extent, employees take up a lot of your time. These people are located across the cogs that make your business work. For example the marketing cog: You have staff working on marketing; suppliers delivering to support your marketing and customers you are trying to reach through marketing. The same is true of sales, and operations. To create time, given the fact that people and all of the cogs they work on are inescapable – you have to simplify your business.
One of the most damaging effects of Covid was that businesses started chasing any whiff of revenue, even if it wasn’t close to their core business.
Pavlo’s warning is that if you’re not serving a very well defined solution to a clearly defined market – you introduce complexity into the business. This happens because you have more variables, more unknowns, new skills you aren’t familiar with, products that aren’t experienced working with.
Simplifying the business is key. Businesses that are turning around fastest are those that said: The change that Covid bought created an opportunity for us to narrow our focus to a new niche audience that has evolved who we can serve.
If you can simplify the focus of the business, the three big cogs: marketing, sales and operations simplify too.