Time management: Place your bets – Service Business Academy

Time management: Place your bets

Roulette wheel. Vector.I often liken several aspects of running your own business to playing roulette (ironically I have never played roulette but in my head it works as a reasonable analogy J).  Bear with me and I’ll explain.  In the game of roulette you have tokens that represent money to place on the number/colour that you believe will give you the best chance of winning.  In business life we constantly play “virtual business roulette”.  We are gambling with two very precious commodities; our time and our money.  In today’s game of roulette we are going to gamble with our time.

You are making loads of decisions every day about how you are going to spend your virtual roulette time tokens in your business.  In most cases you will hardly even think about it because they are tasks that you absolutely have to get done.  But sometimes you will be making a more key, strategic decision about where to spend your time.  The outcome of where you place your roulette time tokens in that more strategic business growth roulette game is fundamentally important to the success of your business.

I think in pictures, so I can imagine myself stood at a roulette wheel. That roulette wheel is labelled up with various different business growth activities that I could place my virtual time tokens on.  These activities could be things like:

  1. Book 5 more speaking gigs
  2. Find 5 new referral partners
  3. Write a blog
  4. Develop a new service offering
  5. Polish up my website
  6. Identify 5 new potential clients

I now have to place the one time token I have on to one of those activities.  Here’s where the gambling bit comes in…I don’t know which one is going to be the most lucrative but I need to place my bet.  Several things will influence where I place it but I weigh up the various options and place my time token bet.  I then get the work done and get rewarded with the correct business growth outcome.

I meet so many business owners that don’t fully appreciate the control they have over that roulette wheel and where they place their virtual time tokens and as such they don’t make the optimal choices on how to spend their time and as a result their business doesn’t reach its true potential.

How in control of your business roulette wheel and virtual time tokens are you?  Are you spending your time on the key strategic tasks that are the most lucrative for your business?

This week’s action is to review how you are deciding what tasks to spend your time on.

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