Hour of power
Say kids, what time is it?
Remember Prince Planet?
Use of his superpowers drained his pendant P.
Failure to recharge made him a vulnerable mortal.
I think running a business is like that.
I wonder if you agree.
What is time?
Dad and I were toasting the spontaneous relocation of his FOR LEASE sign.
As I couldn’t stop yawning, he asked, ‘How many hours are you working each week?’
I made to answer, but hit a snag.
Did he mean:
- Billable hours?
- Hours spent at my desk?
- Hours spent doing everything it takes to run a business?
Depending on the week, these figures vary from:
Time after time
Doing these numbers in my head, I recalled a feeling I’ve had many times.
It seems that for every hour of paid work I do, there’s at least an hour of ‘faffing’, i.e. regular and ad hoc attention to:
- Social media.
- Client liaison.
- Sector enhancement.
- Asset disposal.
The rotten thing is, if you ignore any of this stuff, it can end up costing you even more time.
Michael E. Gerber wrote about this.
Though loath to précis him after last time, I remain a fan. So here goes:
He basically reckons a lot of folk start a business to do more of what they love.
Thus, a pie maker opens a pie shop.
People come unstuck, however, when time spent doing fun stuff (making pies) shrinks relative to (or is even eclipsed by) all the other business stuff (faffing [my term]).
This is one reason so many small businesses fail.
I’ve been waiting years for my loot-to-faff ratio (LFR) to improve.
Despite extensive systems work, it hasn’t much.
So I’m thinking Michael E. is right.
The best way to check, of course, is to ask you.
Based on the figures above, my best-case LFR is 40/60.
My worst-case LFR is 10/100 (i.e. merely 10% of spent time is paid!)
I find these figures shocking.
No wonder I’m so damn tired.
So how many various hours fill your week?
What’s your LFR?
Is there any way to get more ‘up’ for our downtime?
The clock’s ticking.
Got a sec?