Connect with us

Work Life Balance

How To Work 10 Hours Less Each Week

We often equate working hard, long hours with being successful, when in fact, you’re just heading for a burnout. Here’s how to work less, while getting more done.

Pieter Scholtz

Published

on

work-life-balance-less-work

“The key to increasing profits is to convert unprofitable interactions into profitable ones.”

John D Rockefeller, a man who commanded incredible amounts of money, once said: “Those who have leisure time to spend pursuing their passions and dreams experience the real wealth in life.”

Knowing how to spend time is a more valuable skill than knowing how to make, manage, invest and spend money. It’s wise for entrepreneurs who want to be truly successful to master the use of their precious and irreplaceable time. What I have found most interesting is that those who know how to manage, budget and save time — rather than letting it manage them — will always find it easier to make money.

Learning how to lop ten hours off a typical work week without sacrificing any income may take practice, but it’s easier and faster to accomplish than most people think with these three steps.

Step One: Fire extraneous customers

The first rule of any time management system is to utilise the time we are allotted most wisely. As the saying goes; Time is money. The thief to be most wary of, is the one who steals our time.

Related: Work Less, Work Better. Use These 5 Steps to Design Your Perfect Week

So the rather controversial first step is to eliminate wasted time on customers who tie up sales representatives with inconsequential sales, steal your valuable time with constant complaining and waste your accountant’s time chasing them for payment. You need to either get rid of them or transform them into customers who proactively feed the bottom line. While this approach may sound radical, it makes practical sense to only focus on customers who respond with profitable transactions.

Firing customers may involve deleting dead-end leads from the client database. Or it may mean sending customers or clients to a business that more appropriately matches their price demands. Or you could adjust the magnets that are attracting those unwanted customers in the first place. Examples of this are discounts, freebies or products in the business that are not related to the core business model. Concentrate solely on products and services that produce the most profit and cull the dead weight ones that don’t contribute their share to the bottom line.

You could spin those lines off as stand-alone businesses and sell them to another entrepreneur or upgrade to premium versions that offer higher profit margins. Profit is always the goal and is the most important barometer of success.

Step Two: Double the conversion rates of transactions

conversion-rateMoney is a fabulous timesaver and those who know how to make money more efficiently can leverage it to carve out more time for themselves. The key to increasing profits is to convert unprofitable interactions into profitable ones. This is a fool-proof formula for saving more hours each day without compromising on productivity or earnings.

Most people crawl toward retirement. Innovative entrepreneurs sprint there in record time. If you invest in a mutual fund or pension plan it may take decades to get enough of a nest egg to make it possible to semi-retire and take ten hours off each week to play golf or spend time with family. However, increasing profits in a business can be done in a matter of days or weeks.

To prepare for your profit-boosting initiative, gather accounting data and metrics to get a clear picture of where your profits come from, how many contacts are made with customers each month and how many customers make actual purchases. An easy way to harvest such information is by using software connected to point-of-sale terminals or cash registers.

Next, launch a marketing and advertising push to generate new customer leads, to encourage existing customers to buy more and to promote the most profitable products or services.

Related: How To Work Less And Still Get More Done

Part of this effort should involve a new way of looking at the business model. Most entrepreneurs see the future of their companies in terms of products and services that fill a particular market need or niche. Find the right merchandise and the customers will come. Build the best resort and it will be booked a year in advance. Another way to view the marketplace of opportunity is to reverse that point of view. Instead of looking for the ideal items to sell, invest in purchasing the loyalty of the perfect customer. Rather than chasing market share, chase ‘wallet share’ or more profitable customer-based transactions. No matter what a business sells, it’s ultimately the customers and how many times they spend money that generates the profits. Invest in attracting and retaining good customers and the rest will take care of itself automatically.

Instead of reinventing the wheel, find out who is buying wheels and make them your steady customers. Then sell them a premium wheel with a wider profit margin. Finally, ask clients to bring in their friends so that you can sell them a set of wheels too.

Once an expanding customer base is established, use incentives such as superior customer service, in-house financing, exclusive product lines and preferential customer perks to inspire clients to double the number of their monthly transactions.

Try up-selling customers to premium products. Cross-sell them to accessories or add-on features. Even down-sell to them by offering a more economical version of the product they can’t yet afford so that they don’t take their business to a competitor. At the same time, continually make a choreographed effort to generate fresh leads for potential new customers.

Step Three: Run your businesses on auto-pilot

Now the business owner has enviable options. One possibility is to close down the business for ten hours each week, take time off and settle for making the same amount of money monthly that was generated before boosting profits by 25%.

Another alternative is to leverage that newfound success for progressive changes and forward momentum. You can maintain the same hours of operation, capture the extra 25% in profits and then wisely reinvest those profits in greater timesaving initiatives.

By working smarter — not harder — through organised systems, cutting-edge technology, innovative advertising and dynamic employee training, you can prepare to put the business into the hands of capable others — which is the next step toward personal freedom. If somebody else is running the store — without any loss of productivity — it is possible for you to literally play golf all day without loss of income.

Related: How To Make More Money By Doing Less Work

Pieter Scholtz is the Master Licensee for ActionCOACH South Africa. ActionCOACH is the world’s largest executive and business coaching company with operations in 41 countries. It is also on the list of the top 100 franchises globally. As a highly successful Business and Executive coach, Pieter is a master of teaching business owners how to turn their businesses around and accelerate their growth. Email him at pieterscholtz@actioncoach.com or phone 082 8813729.

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Work Life Balance

Why Rest Is the Secret To Entrepreneurial Success

The surprising power of downtime: Here’s why the most successful founders work the least.

Aytekin Tank

Published

on

rest-taking-a-break

Cheetahs are the world’s fastest land mammal. These feline sprinters can accelerate from 0 to 60 miles per hour in three seconds flat. Explosive speed enables them to take down an antelope, but when they’re not hunting, cheetahs expend as little energy as possible.

In fact, researchers found that cheetahs burn about 2 000 calories per day – the same as an average-size man. “I guess both humans and cheetahs rest a lot to offset high-energy activities,” biologist Johnny Wilson told National Geographic.

Cheetahs work hard to capture their prey, but they quickly compensate for each burst by hiding, waiting and resting. Clearly, they don’t have startups to run, but I can’t help but draw a parallel between these big cats and modern founders.

In the early days of my 12-year entrepreneurial journey, I was the anti-cheetah. I thought success required 16-hour workdays. I was constantly building, growing and hustling. Over the years, I’ve learned that busy and successful are not the same thing. Yet, many of us spend the whole day sprinting, to the point where we’re stressed and exhausted.

According to Joseph Bienvenu, a psychiatrist and director of the Anxiety Disorders Clinic at Johns Hopkins Hospital, busyness has become a widespread health issue:

“Emotional distress due to overbusyness manifests as difficulty focusing and concentrating, impatience and irritability, trouble getting adequate sleep, and mental and physical fatigue.”

As I’ve built my company, JotForm, I’ve learned that when we know how to balance work with restorative rest, our productivity can skyrocket — and we might even catch more antelope.

The roots of busyness run deep

Scholars believe Homer wrote the Odyssey near the end of the 8th century B.C. In book 9 of this epic poem, Odysseus describes the island of the Lotus-eaters, where the natives spend their days lounging and eating the intoxicating lotus fruit.

Once Odysseus’ crew tries the fruit, they forget about home and long to live out their days on the idyllic island. Eventually, Odysseus drags his men back to the ship and locks them up to break the spell.

Talk about a parable for laziness. It seems even Greek philosophers prized industry, and yes, busyness. Today, everyone from founders to football coaches despise anything that implies complacency. We’re always pushing to do more, to improve ourselves and to stay constantly in motion.

Subconsciously, we even evaluate peoples’ worth based on how many hours they work or how “in demand” they are. We prize “busy” above all else. At a certain point, however, we have to make a choice: Do we want to be busy, or do we want to make an impact?

Nothing is more precious than time. It’s a cliché, but it’s true. Escaping the cult of “busy” means taking time to rest – and it requires us to step back and re-evaluate what matters most. I’d like to share how I’ve learned to reject the frenetic pace of startup culture, and how you can, too.

Related: You’ve Already Abandoned Your New Year’s Resolution. Here’s A Better Path To Reach Your Goals

Start small – and take breaks

Busyness robs us of precious hours: to think, play, explore, nurture relationships – and to rest.

“There is a simple way to take back your time: Do less,” journalist Elizabeth Evitts Dickinson wrote in John Hopkins Health Review.

“And yet, those two words are perhaps the most challenging call to action. Doing less means understanding your priorities and constantly defending them against the encroachments of the status quo, which dictates that busyness – and material wealth and value – is best.”

As Dickinson says, it’s not easy to reverse our mental conditioning. Doing less isn’t as simple as it sounds. That’s why I recommend starting small. First, take the time to discover your peak hours, then take breaks throughout the day. Not only will you feel better, but these short rest periods can actually improve the quality of your work.

In fact, regular breaks can prevent decision fatigue, restore motivation, increase productivity and creativity, and consolidate memories. Breaks that involve even five minutes of movement can also improve our health and well-being.

Taking time to grab a coffee or chat with a team member is far from “doing nothing,” but it’s an important way to step off the metaphorical treadmill and re-establish your priorities.

Reserve time for reflection

Some of the greatest founders, innovators and creators set aside large chunks of time just to reflect. For example, Microsoft founder Bill Gates first took solo Think Weeks – seven days spent reading, strategising and reflecting — before the idea spread through the company. Today, Gates credits those weeks with generating some of Microsoft’s top innovations.

Other founders, like Skillshare’s Mike Karnjanaprakorn, have now implemented the practice. So have Mark Zuckerberg and Tim Ferriss. Even people who can’t take a full week for reflection often thrive when they set limited working hours.

The late Dr. Maya Angelou, for example, always drew clear boundaries in her schedule. The legendary writer, poet, singer and activist arrived at her desk around the same time each day. Afterward, she set aside work to spend time with her family.

“I try to get there around 7, and I work until 2 in the afternoon,” Angelou said in Daily Rituals: How Artists Work.

“If the work is going badly, I stay until 12:30. If it’s going well, I’ll stay as long as it’s going well. It’s lonely, and it’s marvelous.”

Challenge your body

Rest doesn’t necessarily mean lounging out on the couch, watching Netflix in a glassy-eyed trance. The most effective downtime also involves physical exertion, whether that’s a long walk, a hike or a bike ride. Restorative activities can help to balance out more brain-intensive work.

Silicon Valley consultant Alex Soojung-Kim Pang, author of Rest: Why You Get More Done When You Work Less, says rest is a necessary form of mental restoration. And exercise is one of the best ways to recover the mental energy we need to perform at peak levels.

“There are so many people who find that a workout, a long hike, clears their minds, helps them calm down, gives their subconscious mind opportunity to think through problems,” Pang told Scientific American. “What all of that teaches us is that exercise is a really important form of rest.”

Related: How To Get The Best Out Of Your Brain At Work

Embrace the digital Sabbath

At least one day a week, give yourself a technology break. It’s not easy to cut the psychological strings, but going device-free on a Saturday, a Sunday or another day of your choice can give your mind space to wander, while enhancing your creativity.

If a full day away from screens and notifications feels challenging, you’re not alone. But remember that a stressed, tired brain can’t generate fresh ideas. We’re also more likely to make mistakes and overcomplicate solutions when we’ve exhausted our mental reserves.

As the late Steve Jobs once said, “Simple thinking can be harder than complex: You have to work hard to get your thinking clean to make it simple.”

Consider bootstrapping

VC-backed founders get the lion’s share of startup press. They make headlines with record-breaking funding rounds and dominate the top of TechCrunch. Outside investment can provide essential startup capital, but it can also tie founders to the pressures of hockey-stick growth targets and boards eager to recover their cash.

Instead of the 24/7 grind, I chose to bootstrap my company with a slow-and-steady approach to growth. It has taken time, and it hasn’t always been easy, but I’ve built a stable business that can even function without me. Most importantly, I have full control over my work and my life.

If that sounds like a privileged position, you’re absolutely right. I’m grateful for the ability to spend a whole summer with my wife and my newborn baby, for example, and I’ve worked hard to reach this point. Bootstrapping isn’t the right approach for everyone, but it can help you to maintain your freedom and live a more balanced life.

Work to live, instead of living to work

Even in a conversation about rest, we still tend to look through the lens of productivity. We’ve become obsessed with maximising every minute – and that’s fine, as long as we reclaim that time for our lives, not necessarily our work.

Related: Arianna Huffington’s Recipe for Success: Avoid Burnout

No matter how excited we may feel about our businesses, or each new project, a rich life also includes family, friends, exploration and adventure, in whatever proportion you desire. I certainly don’t want to regret relationships that fell apart while I was staring at a screen, or the opportunities I missed in the world outside my office.

Try to leave work at work – even if it’s in your home. Give yourself the gift of restorative downtime. And balance thinking hours with time spent in motion. Just like the cheetah, we can sprint to bring down the antelope, but then it’s time to rest.

This article was originally posted here on Entrepreneur.com.

Continue Reading

Work Life Balance

Having The Time Of Your Life

How can you avoid a To-Do list that never gets ticked off by the end of the week? Or maximise the number of hours you work on critical projects, to achieve your career goals? And why is it important to take time out?

Published

on

time-management

Being an entrepreneur is a constant balancing act between the demands of your business needs and your personal life. The key to a work/life balance that ensures you achieving your work and personal goals for the year ahead, is effective time management.

Time is our greatest resource and there are many ways in which to maximise your ability to manage this precious commodity. But how can you avoid a To-Do list that never gets ticked off by the end of the week? Or maximise the number of hours you work on critical projects, to achieve your career goals?  And why is it important to take time out?

Unfortunately, time does equal money

In the modern workplace and in most businesses, time is synonymous with money. Whether you bill by the hour, or bake by the truckload, time is essential in running a successful career and business. Just think of how important time is in the service industry, and how time influences purchasing decisions. Think of all the drive-through fast food chains in a city – all there to save time. Because time is indeed money, it is critical to prioritise your time effectively. Keep in mind your most pressing deadlines, plan ahead and prioritise clients and customers effectively.

Related: 6 Steps To Go From Procrastinating To Productive

Me-time with a twist

Self-management impacts on your personal effectiveness and includes managing yourself and your time, being responsible for your achievements and being accountable for your results and successes. In business, if you prioritise a company’s time more efficiently, it can lead to improved customer service, improved delivery, increased profits, and increased market shares.

Imagine what it could do for you if you made the mind shift to prioritise your time and self-regulate your time daily?

Visualise that empty inbox

Start by removing thoughts of procrastination and imagine yourself as a “doer.” Think of the benefits of becoming a doer. What would our work life be like if we organised our tasks in order of importance, and not in order of enjoyment? What would it feel like to be thought of as someone who “got things done” and was “reliable?” How would we handle our paperwork? Imagine having an empty in-tray.

Critically, managing your time and self-regulating the hours, minutes and seconds in a work day will free up time for the people that matter in your life. Go watch that ballet recital or cricket game you never have time for. Have a coffee with a fellow entrepreneur and see how these small acts of rewarding you for time well spent, with energise you in your daily tasks.

Ditch the time wasters

A Time Waster is anything (or anyone) that doesn’t contribute to your daily goals or your To-Do List. Many of these time wasters have become a natural part of our work style. Now is the time to change – to reverse the process. It will take time and effort to get rid of time-wasting habits. Research shows that it takes approximately 21 days to change a habit.

For example, at first, we will have to make a conscious effort to keep our meetings on track. If things are dragging on, we need to stand up and indicate that the meeting is over (if you are running it), or to be excused (if your input is no longer required). This applies to all the time-wasting habits we have acquired.

Related: The Tools That 5 Highly Productive Entrepreneurs Use

It may be uncomfortable at first to tell a colleague that you are busy and unable to chat – but as you get used to being assertive and as they get accustomed to the fact that you are not always available – then it will become easier.

More tips to deal with time wasters

  • Fix a time for paperwork and admin;
  • Have clear daily objectives;
  • Delegate work as needed;
  • Group your telephone calls;
  • Be assertive with unannounced visitors.

Continue Reading

Work Life Balance

The Secret To Living A Balanced Life As A CEO? Pick A Strong Second In Command

The key is to find a partner who is strong in areas where you are weak.

John Suh

Published

on

ceo-work-life-balance

Entrepreneurs are not known for having work-life balance. In my experience, trying to find balance as a start-up founder is like looking for a real-life unicorn. If you’re looking to create something that is disrupting an industry, the path isn’t going to be easy.

Building out a new idea practically guarantees imbalance. This is especially true in the early stages of a start-up. Prior to joining LegalZoom, I would work 100 hours a week. It was a fast-paced start-up world. I had to make certain sacrifices. For example, I chose not to have a family right away, because I knew I wouldn’t be able to be the present father I wanted to be. However, I was prepared to make those decisions. I believed in the work I was doing, and I knew it was going to take blood, sweat and tears.

So, what’s my advice to entrepreneurs on achieving balance? First, grow the company. Even in a company of 25 people, the burden of leadership generally falls on one person. It can take upwards of 100 people to really notice a shift in leadership. But, second, and most importantly, look for a co-partner that is just as strong as you are.

The one-two punch

Usually, when companies are founded, there is one individual who is celebrated. We forget there’s almost always another person behind the scenes helping to call the shots. Oftentimes, that person doesn’t want to share the spotlight. He or she is happy to have a non-public facing role and just want to get the work done.

We tend to talk about the visionaries, but there has to be a person in the company who helps turn that vision into reality. We all know Walt Disney, and maybe even the previous longtime CEO Michael Eisner, but what about Frank Wells? As the president and COO alongside Eisner, Wells helped lead the company through a 10-year period of unprecedented growth. Steve Jobs will forever be remembered as the visionary behind Apple, but Steve Wozniak provided the necessary engineering expertise to drive the company forward. Even today, many believe Elon Musk needs a strong second-in-command to help run Tesla.

I call this dynamic the “one-two punch” in leadership. As a CEO, you have to think critically about your second-in-command – whether it’s the COO, CTO or CFO.

Related: 5 Central Responsibilities Of Every CEO

We all want to be able to spend our time doing the things at which we excel. Excellence is what drives the company forward. At LegalZoom, I’ve been able to spend 80 percent of my working hours on tasks that leverage my strengths. The only way that I can do that is by having a partner who is strong in areas I may be weaker. In a strong one-two punch combination, both of us are spending 80 percent of our time on our strengths. The key is that those strengths don’t overlap.

How to find a great co-captain

The longer you wait to find your “two,” or if you make a mistake in selecting that person, you set yourself up for trouble. How do you find a second-in-command that can help you lead your company to success? It may seem obvious, but the first key is to understand where your weaknesses lie. It is essential that your co-leader make up for the skills that you lack, and vice versa.

It’s important to consider a person’s background as well, but don’t be afraid to look beyond the resume. I’ve judged candidates before based on raw talent and a gut feeling on their potential. Sometimes the best person for the role doesn’t necessarily have the strongest resume. Instead, he or she has a high level of motivation and a killer work ethic. These are the individuals that never hear “no.” They look for solutions rather than just identifying issues – and they are critical in the startup world.

Ultimately, while you bring different skill sets and career aspirations to the table, you and your co-partner must connect at a collegial level. At the end of the day, you have to appreciate what the other does. You have to share a common vision and mission.

Finding balance, after all

Any CEO with some semblance of balance in their life owes it to the small army of individuals behind them helping to make it happen. While you should prepare for imbalance early in your career and understand the sacrifices it takes to start a company, with the right “two,” you’ll have the support needed to succeed.

Related: Entelect CEO Shashi Hansjee’s 4 Life Hacks and 1 Little Quirk That Deliver the Dough

This article was originally posted here on Entrepreneur.com.

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending