If you think myths like Santa Claus, the Easter Bunny and the Tooth Fairy don’t exist in the business world, think again.

Completed days are just as big a myth and can be harmful to your success.

Another equally strong myth is that the way to increase your income is to work harder and longer.

As a result of both of these myths, most of us make lists of all the things that need to be done and they get longer and longer, so we work more and more hours. On top of this we get frustrated and anxious as we begin to fall behind on the tasks.

First we have to come to terms with the following facts:

  • No one has enough time to do everything;

  • You can never get caught up;

  • You have all the time there is;

  • Everyday you start with a clean slate of 24 hours;

The primary question for all of us, is what will you do with those hours

  • Low return activities, like continuously checking e-mails, or

  • High return activities, like spending time with our most important clients?

I know this sounds simplistic, but think about your days; just how much of your time is spent on the things that really generate money for your business?

Joseph Juran found in his research that 80% of the average manger’s time was wasted in this way.

I have believed for a long time that the reason that so many business owners struggle to really grow a business, is that they fail to get control of their time.

Time is the scarcest, but also the most perishable resource; but sadly much of your time may be wasted. Not by being idle, most entrepreneurs work way harder than they need to, but by unrecognized time traps and procrastination that looks and feels like work.

There are many definitions of entrepreneurship, but the one I like best is; “Entrepreneurs leverage time into money.”

If this is true, then the only thing is to continuously look for ways to increase what you get paid for every hour that you or one of your team works. This is not just for people who sell their time but for everyone in business.

But because most of us are so busy, the only way to get your life under control is to stop doing things, not continuously pile on more work.

  • We have to find ways to cut low value conversations and activities, and

  • Substitute them with high value conversations and activities.

What these things are will vary from person to person and business to business. So at the end of the day, you have to start using your intelligence to stop doing things that don’t move you toward your primary goals.

This is a core skill that requires practice and one that you have to hone everyday as low value activities and conversations creep back into your day.

To set your self up for success you’ll need 2 things:

  • The self-discipline to implement the changes you want to make. This means doing the important things whether you like it or not.

  • And secondly to achieve this kind of discipline many of us need a coach who will challenge us and keep us accountable.

But before you select someone to coach you to grow your business, to create more cash from your time and to keep more of the money you make, make sure you select someone with the following criteria:

  • They have the knowledge you require to build your business. Find out if they have any specialized knowledge before you spend your money;

  • They have the experience. Many coaches have never built a business before, so it will be difficult for them to draw on experience.

  • They have produced results with other clients like you.

  • And they have the lifestyle they claim they can create for you. If they don’t, it’s unlikely that you’ll get what you want.