On average, Australian small business owners work considerably longer hours than employees. Is this you?
According to a study published by the Department of Innovation, Industry, Science, and Research,
- 50% of Australian small business owners work longer than 40 hours a week
- a quarter of small business owners averaging 50 hours or six-day work weeks
- For 18% of small business owners, a 60-hour work week is not uncommon.
A 60-hour work week leaves just 55 hours a week, or a meagre seven hours a day to live and love. While reducing a life to hours might seem like a depressing exercise, it just goes to show how precious time is.
The good news is that if you can identify the time wasters in your life, you can either eliminate these tasks, automate them, or get someone else to do them, freeing you up to grow successful businesses, all while living enriching lives.
So how do you identify time wasters?
- Keep a diary for a week of all the daily tasks you perform and the duration of these tasks.
- Analysis the time diary and categorise the tasks. This will give you some insight into what tasks are eating up your day.
- Prioritise the tasks using the 80/20 rule. Work out which 20% of your tasks result in 80% of your results.
This will help you identify the tasks which are worthy of your time. These are the tasks that you should prioritise because they yield the most benefit to you personally and professionally.
Try putting these three simple steps into action and see how much time is freed up for value added work or work you actually enjoy doing. I would love to hear your feedback on how these steps benefit you? If you would like further information on this download our e-book here.
Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.
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