In business we place a lot of value on the commodities and materials we need to run our businesses. Whether it’s gold, plastic resins, or electronic components, we store, measure and allocate our resources to maximize the benefit to our companies. Although we do measure, track and expense the payroll cost of our people, we don’t really assess the productivity of how we spend our time.
In 2002 Paramount Pictures released a movie called “Clockstoppers”. In this movie, a scientist invented a device that slowed down the world around you. As you can guess, this essentially gave the user more time to process, move and react to situations, or gave the user more time. With the hectic pace of business today, I’m sure there are times when we all wish we had such a device. Unless I missed some new development in the technology world, I don’t think this device will be available in the near future.
The next best thing we can do is look at how we spend our time. The founder of B2B CFO®, Jerry Mills, has written a couple of books related to the informal structure of all businesses. This structure looks like a pyramid with the Finder on top, the Minders in the middle and the Grinders at the base. All three levels are essential for any successful business. The key is having each function performed by the appropriate people.
As business leaders our primary responsibility is to provide the vision and direction of our businesses. When our daily responsibilities pull us into the “Minding” or “Grinding” activities, we lose valuable time that should be dedicated to the future business development. If too much time is lost in this way, the future success of the business could be compromised.
As business leaders, we are always conscious of the overhead expense needed to support our businesses. That is why we budget and track our payroll expenses. Sometimes we overload our “Finders” with “Minding” and “Grinding” activities making them less productive than they could be. In a small business there will always be some element of “Minding” and “Grinding” for the leadership, but if you can hire the appropriate people to support your organization, you will have essentially given yourself more time. You will have become the inventor of the world’s first “Clockstopper”. The extra time gain by refocusing your efforts can be directed toward far more valuable activities like business development. This can be the difference in successfully growing your business.
If your business does not have the resources to have a CFO on the payroll, utilizing a Partner at B2B CFO® could be one solution. If you are interested in more information about our firm, or would like a free Discovery Analysis® of your company, please feel free to call or send me an email.