Efficient Financial Management: Finding Time for Reviews as a Busy Entrepreneur
For this month’s Pearls of Bizdom column, I’m pleased to announce a guest contributor, my friend Adhya Rose.
Adhya has worn many different hats over the years, and one common thread is her ability to create something when she sees a gap. And, she always makes it happen—through her bravery, and mastery with organization.
I hope her answer will help you find time.
Q: I can never find time to review my finances, where do you recommend I start?
A:
As an Operations Efficiency Consultant, I often hear entrepreneurs struggle to find time for financial reviews while managing business growth.
Here’s a streamlined approach to help you make time for financial management:
TLDR: track your time, prioritize, task block, delegate, automate and reach out to Adhya if you need help tackling this.
Track Your Time
Start by auditing how you spend your time. Track your activities for five workdays, noting the date, task, and duration.
Categorize these tasks into four groups:
Trash: Tasks that are no longer needed.
Trim: Tasks that need less time.
Transfer: Tasks that can be delegated.
Treasure: Tasks that you should continue doing yourself.
Eliminate, reduce, and delegate the Trash, Trim, and Transfer tasks. This should free up at least an hour per week for "CEO time"—a dedicated period for reviewing finances and making strategic decisions.
If you need more time, consider the following steps:
Prioritize
Clarify your organization’s Vision, Mission, Values, and Goals. Evaluate all tasks based on their alignment with these elements. Focus only on those that contribute directly or indirectly to your goals and reflect your core values.
Task Blocking
Once you’ve prioritized, schedule tasks into your calendar weekly. This method, known as task blocking, helps you see your workload more clearly and manage your time effectively. If task blocking is challenging, you may need to set strong boundaries, categorize tasks, and work within your strengths to maximize efficiency.
Effective Delegation
Delegate tasks based on team members’ strengths. Ensure that you have clear roles, company culture, and processes documented. Use the PICO framework—ensure your team members have Permissions, Information, Confidence, and Expected Outcomes before delegating tasks—to empower your team and prevent tasks from reverting to you.
Automate with Technology
Utilize task management tools to create templates, assign tasks, and set deadlines. Implement calendar schedulers to streamline meeting arrangements, and use bookmark organizers to manage projects efficiently. Technology can significantly reduce time spent on repetitive tasks and communications.
Conclusion
These steps might seem overwhelming at first, but gradual, consistent implementation can create significant time savings. By optimizing your time and delegating effectively, you can focus more on serving clients, growing your business, and personal priorities.
For more personalized guidance on improving efficiency in your business, visit www.adhyarose.com to learn how we can work together to create more time and impact in your life and business.