Employees in the wedding industry usually work a finite period of time and are paid hourly. On the other hand, many wedding business owners will set no boundaries on the amount of time dedicated to their business. While the rewards of owning a business go beyond financial gain, analyzing your own time expenditure in your business can be very insightful and truly be a growth experience for efficiency, balance and profitability.
Owner operators tend to take on many responsibilities with the default mentality that if they do something themselves they do not have to pay someone else to do it and they can save money. However, if someone else easily does those tasks and you can spend more time selling, marketing or networking to generate more clients that can easily pay for assistance, doing things yourself can actually cost you money.
One of the best ways to explore making the most of your time is to create a list of every responsibility associated with running your business and also creating a wish list of initiatives you know can help your business but that you have not had the time to handle. Then take items from both lists and define things only you can do yourself and things that are easily delegated to someone else.
The challenge of handling all business needs and prioritizing is only the beginning of the time analysis. Are you spending enough time with family? Are you eating 3 meals a day? Are you exercising regularly? Are you getting enough sleep? Questions like these are just as important to ask because they help you swing your inner pendulum in a more balanced manner.
In addition to taking care of your personal life exemplified by the questions above, creating this list will help you to establish a pattern where you are more likely to put quality into your work and work more efficiently and effectively, which can result in smarter decision making and new, creative ways to run your business.
It all comes down to making a pledge to yourself that you will run your business rather than your business running you. We are all aware of the bottom line, but two business owners with the same annual revenue may not have an equivalent amount of success and certainly can vary in growth potential. The person who has managed their time gains value from other areas of their life and is better positioned to allocate more time as the business grows in a way that fits with the rest of their lives than simply being overwhelmed.