| If you survey 1000 small businesses that failed, | | | | Almost every business is a wealth generating tool for |
| trends will start to emerge. There are solid similarities | | | | one person, and a scam for another. Not because |
| between companies that succeed and companies | | | | some people are talented entrepreneurs, but because |
| that fail. One of the common factors among the | | | | of the way they approach the business. |
| companies that fail is the unchecked bleeding of | | | | When valuing each hour as spending $25.00, the |
| resources, both financial and man power. | | | | business owner suddenly has a value to put on |
| The start up phase of any business is a particularly | | | | surfing the web looking for articles, opening emails, |
| fragile one. The success or failure of the business, or | | | | participating in fun forums, and content creation. |
| the distance between start up and wealth building, | | | | They can now divide every task into two categories |
| hangs in the balance daily. However, the death knell | | | | a) those that will create $25.00 in hard cash, b) those |
| rarely tolls on the big mistakes, or making a wrong | | | | that create less than $25.00 in hard cash. The tasks |
| decision. Instead, it is the silent killers that slowly eat | | | | that create less than $25.00 should be outsourced as |
| away at the company's resources. | | | | quickly as possible. |
| Almost any business manager can make a solid | | | | One of the biggest time wasters is surfing the web. |
| decision about whether to focus on Social | | | | Many small business owners hop from one web |
| Networking or SEO. They can measure their | | | | mentoring site to another, hoping to one day find |
| man-power time against the money they have to | | | | someone who will make life easier. Instead, find one |
| invest, and choose the one which works right for | | | | site and follow the program that makes that site |
| them. Most work at home business managers are | | | | work. Or, pay for a course. Either of these methods |
| also adept at being self taught and self motivated. | | | | will reduce the time wasted each week, and leave |
| These are not the areas which will pull the company | | | | more time for generating revenue. |
| down. Instead it is the little things that erode a | | | | The business owner also needs to learn how to |
| company. | | | | calculate their lost time from taking a lunch, running |
| Time | | | | errands, throwing a load of laundry in, vacuuming the |
| One of the most overlooked business resources is | | | | rug. Each of these things reduces the amount of time |
| time. The ability to establish a good Time | | | | spent generating revenue. |
| Management strategy is vital. A good business | | | | The best method of building a Time Management |
| manager will put a monetary value on each dollar. In | | | | campaign is to divide the work day into sections. In |
| the start up stage, the dollar value should not be | | | | red, write in the amount of time spent at revenue |
| based on the current revenue generating power of | | | | generating practices, and use a blue pen to write in |
| the business, but the expected revenue generating | | | | the time value lost in that hour. |
| power. | | | | It will not take long before the business owner starts |
| If the business is expected to earn $1500 a week, | | | | taking control over their time. This does not mean |
| and the business owner works $60 hours a week, | | | | that a business owner cannot spend a few hours |
| then a single hour is worth $25.00. But, you say, 'you | | | | surfing the forums and Social Network looking for |
| cannot make $1500 a week from a work at home | | | | resources that may help them in the future. Just limit |
| business!' With an attitude like that, you probably | | | | this time to 'after work hours. |
| won't, but many people do. | | | | |