Updated: Jun 29, 2020
by Nicole Langlois | Oct 3, 2018 | Business Tips, EPIC Entrepreneurs, Inspirational
An INEFFECTIVE use of RESOURCES can be the death of your business….don’t do that! So many entrepreneurs don’t know how to effectively use their resources—resources being MONEY and TIME. If you find that sweet spot….you will be golden! It’s all about finding that balance. And hopefully finding it through more TRIAL and less ERROR.
Ultimately, you do have to spend money to make money, and every now and then you’ve got to work through your Saturdays….you just have to do it SMARTLY. Find that balance and prioritize what will have the most impact and save you the most time and energy. [pullquote position=”right” text=”show”]How many of you have spent an entire week designing your brochure or trying to balance your books, all the while going through way too much Häagen-Dazs and throwing things at your computer?… When really it would have taken a freelancer an hour, which would probably cost less than all that Häagen-Dazs! [/pullquote]
WHAT’S AN ENTREPRENEUR TO DO?!
You should be investing your money and time in DIRECT ways that will help you grow your business…the right MENTORSHIP, focused MARKETING, effective NETWORKING, and the right “OUTSOURCING” when appropriate. If you are irresponsible with your money, you will eventually run out and have to get a J.O.B. If you are messy with your time….you will end up burned out and dried up like a bottom-of-the-barrel raisin.
If he had taken his hands out of the bag of flour long enough to shake hands with his customers once in a while, he would have realized that Chuck—a regular customer—loved his cherry pie so much that she would’ve loved to give him some great advice on financial planning and bookkeeping in exchange for a few delicious pies (turns out she’s a very successful business person who loves to help small business owners).
And if he spent just a little of his earnings on marketing, he would have been able to let all of the gluten-sensitive people in his neighborhood know that he made gluten-free pies, giving him a whole new market base! And if he had taken the time to take off just 1 day a week, he wouldn’t have ended up burned out and overstressed.
OK… Now what?!
Have a BUDGET and know what your wisest INVESTMENTS are
Find out where your time is most needed and what you can outsource
Prioritize your spending
Use block scheduling
In that block schedule, make sure you are accounting for personal time, your big rocks*, and the things that will bring in clients as the priority
Our success is important, so we must do everything we can to SUCCEED…and not just for ourselves but for all those we will help/effect/serve by doing what it is you are passionate about. According to the U.S. Small Business Administration, small businesses have consistently played a major role in economic growth because they create so many jobs—many more than large businesses. In the first three fiscal quarters of 2014, reports the SBA, small businesses added 1.4 million new jobs, 39% of which were from very small businesses. Between the middle of 2009 and the middle of 2013, 60% of the jobs created were from small businesses. If you are looking for support in your business, check out the EPIC Brainery Series, workshops, classes and coaching circles designed for the small business owner. Simply click here to learn more.
*big rocks: The big rocks are the major things in life; family time, launching a new website, going to the gym, achieving your dreams. The pebbles are the less important things The sand is the little things that we fill our time with, which have a tendency to overwhelm us and feel like we can’t get rid of them, NO MATTER HOW HARD WE TRY! When we fill “the bowl” with the sand and peoples first, there’s no more room for the big rocks. If we put in the big rocks first there is still plenty of room for the pebbles and finally, the sand.
DISCLAIMER: Ned the Piemaker, the Pie Hole, and other EPIC Pushing Daisies references belong to the wonderful Brian Fuller & co.