Over the years I have written plenty about time management. It is a super relevant topic for business owners and there is certainly no shortage of available content on mastering the clock. But what is not often discussed is a concept I’ve termed “Time Bankruptcy©”. I’ve used the saying for years, mostly to make fun of myself and my jam-packed business calendar, my peddle-to-the metal ambition and my big-time disconnect to anything resembling balance. Sound familiar? In fact, Time Bankruptcy is a very real thing for many-many business owners.
We all know that good time management includes clear goal setting, effective prioritization, resisting those shiny objects and distractions. It means being consistently organized, focused and possessing well-defined expectations. Time management is, well, planning your business and time – and planning it well.
Now for the dreaded Time Bankruptcy that plagues so many business owners. Time Bankruptcy is the physical and emotional abyss that results from consistently having way too much on your plate. You have certainly experienced it at least at some point during your business ownership journey. Lots of stuff going on and usually not the right stuff to keep your business and life moving forward. It’s all that noise in your hustle for success that leaves you devoid of happiness and contentment. Time bankruptcy is demoralizing, as you constantly pivot from one task, one meeting – one whatever – to the next. No rest. No grace. No time to celebrate and enjoy either big or small accomplishments. Just the feverish and ceaseless push forward. Ugh.
So many business owners get stuck working IN the business rather than ON the business. They perform tasks that, in many cases, should be done by others. Of course, there are various reasons, often misguided, that prevent that overloaded owner from delegating tasks. “Not enough staff. Not the right skills. Nobody can do it the way I do.” You get the idea.
Time bankruptcy isn’t just a business challenge. It can also be a very burdensome life challenge. There have been times in my life when I have been so Time Bankrupt in my business that I unwittingly allowed it to ebb into my personal life. I gave up personal activities, selfcare, friends, and family to make room for all the stuff I supposedly had to do in the business. I promise you that didn’t work well for me, and it won’t for you either. I was absent from my own personal life due to my busy work schedule, which ironically negatively impacted my business decisions. But more importantly, it also took a huge toll on my physical, emotional, and spiritual health. Trust me, throwing yourself into your business and sacrificing your personal life isn’t worth it.
I’m Time Bankrupt, So Now What?
It is time to prioritize yourself – or at least to stop bulldozing your health and personal contentment. It is time to begin the process of refilling your time bank. While you won’t be replenished overnight, you will likely be surprised by the huge impact a few simple efforts will wield.
Step 1: Write It Down
Spend a week or so recording a list of literally everything you do, all day, every day. For most everybody these activities will vary from day to day, particularly on weekends or non-office hours. So create two columns on your list:
- Work Time (8-5 or whatever your standard operating hours are)
- Non-Work Time (all time that is not during your work hours)
All tasks that can only be performed during business hours should go in the Work Time column. The activities that can be or are already performed during off hours go in the Non-Work Time column.
For example: Meetings with employees, partners, suppliers, and customers can really only occur during work time. But writing a blog post, sending an email, or working on the budget might be done during non-work time.
Step 2: Create Four Buckets
- Bucket 1: Essential. Stuff that only you can do.
- Bucket 2: Delegate. Things that you can assign to someone else in the organization or outsource. The idea here is to identify what tasks you can move from your list to someone else’s. Keep in mind that you may remain accountable for ensuring the task is completed, but it won’t be you performing the work.
- Bucket 3: Parking Lot. There may be a few tasks you are performing that actually bring little if any value to the business and don’t move you closer to achieving your company vision. So stop doing them. Or at least put them in the parking lot for now.
- Bucket 4: Just Not Sure. This is the list of activities, tasks or responsibilities that you currently do but you aren’t certain you should keep doing. A not-sure list is a great opportunity to chew on whether you add value to any particular action.
Step 3: Start Delegating.
While all your newly created buckets add insight, the one you want to really focus on is your delegation bucket. Start with what you feel is the low-hanging fruit on your list. You might give yourself a goal by setting a specified number of tasks you want to assign to other resources. You will be shocked by the impact of simple delegation. It is liberating in so many ways.
As you embark on your efforts to refill your time bank, give it the urgency and importance it deserves by mapping it out as a 90-day sprint, with the first steps of the plan executed within a three-month window.
This is a start to ending the time bankruptcy that plagues you, because you deserve a rich and rewarding life.
Now get to it.
Blair Koch is the CEO of TAB Denver West, a TAB CEO Advisory Board Facilitator, and a Business Ownership Lifecycle Coach. Blair has spent most of her career helping small business owners achieve their personal and professional goals. She also hosts the Best Businesses in Denver podcast.