The Competitive Edge Newsletter

Edition 36

Time Management

When people speak of time management they are really referring to "self" management.  We can't manage time, it keeps ticking away at the same pace regardless of what we are doing or not doing. But we can manage ourselves.

To make better use of your time, you will need to know how you are currently spending it.  By completing a time log, for at least a week, you  will see exactly where those 168 hours are going.  You can then identify time wasters such as...

• Interruptions,
• Procrastination,
• Unproductive meetings, visits or phone calls,
• Disorganisation, and
• Performing menial tasks.

Whenever you suspect you are wasting time, stop and ask yourself...

" Is this the best thing I can be doing right now to bring me closer towards my goal?"

If it isn't, start working on what will bring you closer towards your goal. Remember to delegate. You are the business owner and your time is valuable.

Invest it in:

1. Systems to get your business running like a finely-tuned machine.
2. Recruitment of the right people.
3. Training and developing your team, and
4. Sales and marketing to bring in the revenue.

Time saving tips:

• Be selective with your time. Building rapport with a "hot" prospect is time well spent. Pursuing unqualified or low yield prospects is not.
• Do it right the first time. Duplicating records, searching for misplaced tools or papers, redoing a shoddy job...it all costs money. Your money.
• Develop deadlines. A sense of urgency will emphasise timeliness.
• Plan the day. Meet with your team first thing. Consider location and traffic conditions when booking times for sales or clients visits. Book follow-up phone calls to avoid chasing someone who never seems to be in.
• Place a value on time. When phoning prospects say you'll only take, for example, seven minutes of their time. This will help them relax and listen to you. And when people phone you, be firm about how long you have to talk.
• Utilise travel time. Look out for business building tapes/CDs and listen to them when driving. Far better to arrive at your destination fired up with great ideas than frustrated by traffic delays!

Think of time as money and invest in it wisely.

Solving Problems and Saving Time

Unstructured team meetings are another source of wasted time. Picture this: Someone mentions a problem and a discussion goes round and round in circles with everyone having their say on how best to solve it. On thinking it through the first person could have solved it alone, or at least had some sensible suggestions to raise at the meeting. You planned on investing meeting time in sharing your new vision for the business and getting your team fired up but now it's time for everyone to get back to work.

On writing about this subject, Wendy Evans, in her book 'New Business in 90 Days', recounts the story of Simon & Schuster...S&S required that no problem was to come to a meeting unless the following analysis had been written up and distributed beforehand...

1. What is the problem?
2. What caused the problem?
3. Three/four solutions for solving the problem.
4. Of these possible solutions I recommend ..................for the following reasons: ..................................

By doing this work first, the person owning the problem often solves it alone. They gain problem-solving skills and meeting time is used more productively.

To give you back your meeting time, follow S&S's example. It will leave space for the important issues of empowering your team and growing your business.

The Hen and The Salmon

As mentioned above, sales and marketing is an area where you should invest your time. You must stay in touch with your target market. Are you currently making a lot of noise in the market, contacting people about every 90 days, or are you quietly going about your business, largely unnoticed?

Even if you feel you've said all there is to say, get in touch again.  Just say it again with a minor variation. Because...

Sixty percent of all sales opportunities arrive after the fifth contact.

On contacting prospects, Evans uses an analogy of the hen and the salmon...

" The hen lays a single egg and cackles so loudly that everyone within hearing rushes out and exclaims over her cleverness. The salmon, responding to the long-ago memories of the scents of her birthplace, swims hundreds of kilometres through oceans, up rushing rivers, over wild waterfalls into the quiet waters of her birth.  She lays thousands of eggs and dies, unnoticed, in the shallows."

Like the squeaky wheel, the more noise you make the more attention you get.

Your prospects are unlikely to phone you. So make it your mission to stay in touch and remind people what you have to offer. When they are ready, they will buy.

______________________________________________________________Quote of the Month_____________________

"Once someone understands you respect his time, he will be more willing to speak with you."

James Dennis, Marketing Director, Hewlett-Packard

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