Conference Presentation, Fireside Chat, Panel
Small Business Social Series -- Getting Time Back in Your Day
- Key Statistic: Approximately 75% of small business owners reported making significant personal sacrifices (vacations, family time, sleep) for their business in a recent Bank of America report.
- Prioritization Methodology: Tom Massone employs a letter-based ranking system (A = mandatory, B = important, C = should do, D = downtime) to focus on high-value tasks and manage trade-offs with personal time.
- ROI vs. ROE: Andy Rowe advises small business owners to distinguish between Return on Investment (business growth) and Return on Ego (tasks that feel good but lack business value).
- Focus Definition: Steve Strauss cites Steve Jobs' definition of focus as the discipline of saying "no" to hundreds of good ideas that distract from critical tasks.
- Distraction Management: Strauss recommends "chunking" large projects, blocking distraction-free time (e.g., turning off Wi-Fi), and avoiding constant email or social media checks.
- Tool Vetting Strategy: Jeff Corhan suggests testing application viability by posting support queries on Twitter; a lack of response indicates poor customer service and suggests the tool should be abandoned.
- Specific Technology Recommendations:
- Basecamp & HootSuite: Cited by Steve Strauss as essential for managing remote teams and social media in a location-independent firm.
- Waze: Tom Massone's preferred navigation app for efficient travel management.
- Bank of America Mobile App: Utilized for mobile check deposits, eliminating physical bank visits.
- Checklist (by 5by5): Jeff Corhan recommends this simple, long-standing tool for maintaining organized task lists.
- Moleskine + Evernote: A hybrid approach allowing physical note-taking synced digitally for easy retrieval.
- Bank of America & QuickBooks Integration: Andy Rowe highlights the synergy of automatically downloading accounting data to save administrative time.
- Technology Barriers: Andy Rowe notes that fear of technology is often rooted in generational resistance (e.g., his father's initial refusal to use a cell phone) but emphasizes that modern tools level the playing field against larger competitors.
- Delegation Strategy: Andy Rowe recommends analyzing time logs to identify low-value activities (e.g., data entry) and delegating them to staff or hiring specific skill sets, viewing the training period as an upfront investment for long-term dividends.
- Delegation Pitfalls:
- Micromanaging: Failure to trust staff leads to undermined owner effectiveness.
- Inability to Say "No": Overcommitting to low-value opportunities reduces focus on core growth areas.
- Multitasking: Research indicates multitasking significantly reduces effectiveness on critical tasks.
- Technophobia: Steve Strauss warns that modern small business requires a blend of entrepreneurship and technical proficiency.
- Structural Framework: Jeff Corhan advises creating a daily timeline written the night before to provide structure, noting that unstructured days lead to inefficiency.
- Systematization: Corhan argues that delegation is impossible without systems; owners must document processes to replicate their own workflow for others.
- Transition Efficiency: A significant time sink identified by Corhan is the "gaps" between tasks; owners must mobilize and prepare fully to complete tasks in one go before moving to the next.
- Implementation Advice: The panel collectively recommends starting with a single tool or strategy, mastering it, and then adding new methods to avoid frustration and ensure adoption.
- Resource Directories:
- Elance & Odesk: Platforms recommended by Steve Strauss for hiring freelance contractors.
- Craigslist: Mentioned as a source for local talent.
- Community Links: Participants directed attendees to Bank of America's Small Business Community, MasterCardBiz.com, StraussAtTheSelfEmployed.com, and Forehand.com for further resources.