How are you spending your time? Are you using it wisely?

I had lunch with my friend Tony Ford recently and was discussing one of my projects with him. He reminded me that if what I’m doing isn’t doing one of the following, it’s a hobby and I may reevaluate how much time I spend on it:

1. Is what you’re doing enhancing critical relationships?
2. Is what you’re doing creating revenue?

If it’s not enhancing important or strategic relationships, or creating money for you, you should probably spend less time doing it or stop doing it all together.

I’ve spent quite a bit of time over the last few weeks talking with people who have been asking me great questions about my business, and about my personal goals. I’ve had to sit back and really think about some of them, as I didn’t have an answer. You get so wrapped up in trying to manage all aspects of your business that you begin to operate in a vacuum, going from task to task. But as I looked at my business from a distance, I realized there were opportunities for me to expand my service offerings, build a recurring revenue stream, and utilize a skill-set that was being underused not only of myself, but of the people surrounding me.

So I spent some time the last week developing a plan, creating new content for my company website, and releasing new service offerings.

I think there is a good lesson here for any small business owner or entrepreneur. Step back, get a fresh eye if you have to, and look at places where you can do better, opportunities you might have to expand your business, opportunities to utilize the skills of others who can help you get to the next level.