The key to building a viable business is to create balance.
Successful companies are consistently aware of their unique market space to make planned decisions in innovation and balance. The most important thing in finding this balance is to measure what you’re doing and listen carefully. You might be overlooking an opportunity or not understanding the current needs of the consumers in your market.
Focus on the key outcomes, bring those to fruition then reevaluate your progress and goals to determine what should be next in line.
Following the 80/20 Rule, 20% of what you do delivers direct value to your marketplace. Shift your focus from doing all the repetitive tasks; delegate them to your team, whether in-house or outsourced. Don’t spend an excessive amount of time on the 80% that do not add much value, if at all. Prioritization is crucial during this process because it’s impossible to execute every idea in any given time. This makes it important to choose the tasks that will have the most impact on your business and your customers.
Through the process of delegation, you can create a smooth workflow and prevent yourself from being overworked.
It can also help you learn to delegate tasks the right way. We each have the same 24 hours in a day. The difference lies in where we focus our energy based on the time we have. In the end, prioritizing is all about focusing on the things that will bring your business the highest yield based on the time invested. If you consider the result of your activities as well as your team, you’ll always be working towards reaching your highest potential.
When you prioritize tasks, consider their value, deadlines, and the level of effort required.
This approach allows you to decide what you can delegate or ask for help to maximize reaching the end. By doing this, you not only maximize productivity but you build trust and foster a positive team dynamic. Evaluate assigned work based on their level of urgency and importance. Then communicate the goals and expectations to team members and delegate tasks that align with their skills and abilities.
Throughout this process, it’s important to encourage open communication and provide regular feedback to ensure that the delegation is successful.
Manage yourself as well as a business owner: know which 20% of the tasks you need to prioritize, and which 80% of the tasks you can delegate to your team. Once you achieve this, you’ll realize how this principle can help keep your sanity and manage your own productivity.
