Modern Tire Dealer

JUN 2018

Magazine for the professional tire industry

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M T D J u n e 2 0 1 8 62 B u s i n e s s I n s i g h t I t's been said in this column before that "time is the new world currency." Time is the only truly finite, or limited, resource to a human being. You can never create it, like you can wealth. Time only ticks away; it never increases. In the next few years, the focus is increasingly on efficiency, which by definition is to accomplish something with the least waste of time. Running a business is fraught with time wasters. Employees may come to you with problems they can readily solve on their own, customers may want to speak "just to you" about getting their oil changed, and vendors always want face time to sell you the latest gadgets. Let's talk about spending your time like the precious commodity it is. DO Do items for small business owners are the critical tasks of keep- ing the business alive. ink of Do items as the oxygen for the business. ese are important, urgent, and must be priorities each and every day. What is a Do item? Do items are things that only the owner can accomplish whether they be decisions about cash flow, making payroll clear on time, or monitoring the systems that make the company hum – or in crisis, crash. Do items are also the things that owners have a passion for. Getting your motor running is vital to the long-term success of the business. Owners should prioritize these tasks over everything else in their day and 80% of an owner's time each day should be spent on Do items. When possible, begin these items first or as early in the day as possible so that decisions can be made in other areas of the company. DELEGATE Delegation is the art of assigning work to others in the company that will benefit the company (someone doing work for you) and the person doing the work (it expands their skill set, grows their influence, challenges them, and increases their worth to the company). Delegated work is oen work small business owners keep to themselves because they have a belief that "only I can do this right/fast/on time." at is oen true. e only reason it's true is because the owner hasn't allowed someone else to learn the task. Delegated work is important. But it's not mission critical, and ©GETTYIMAGES.COM/JIRSAK Do, delegate, delay or dump LEARNING HOW TO SPEND YOUR TIME EFFICIENTLY Dennis McCarron By

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