WHAT ARE HIGH VALUE ACTIVITIES IN YOUR BUSINESS?
This can be a very confusing question for you as an entrepreneur or business owner. However, it can be a pivotal question to help you make a business breakthrough.
How do I know? Because it happened to me.
Once I started to identify my high value business activities and analyze where I was spending my time, things became much clearer for me.
RAINMAKER ACTIVITIES ARE YOUR HIGH VALUE ACTIVITIES
I love this category of activities! These are the things that bring in money, bring in new customers, or help you retain existing customers. It takes a lot of effort to work these activities, and often they need to have your involvement to be successful. Perhaps you are lucky enough to have sales or business development staff, but they still need a vision and direction from you in order to succeed.
What is the question you must ask yourself to determine if you are focused on rainmaker activities?
“Is what I am doing now bringing in new customers or additional revenues to my business?”
These rainmaker activities need to be top priority for you, whether you are performing them or have a team that performs them for you. Communicating this as a priority is imperative. They need to be on the top of your to-do list and the top of all of your team members who have responsibility for pieces of this activity.
We all know that customer retention is a result of nurturing and ensuring their satisfaction, all while remaining competitive in your pricing.
ADMINISTRATIVE/BACK-OFFICE ARE NOT HIGH VALUE ACTIVITIES
These are the activities that must get done, but not necessarily by you…
Managing e-mail, scheduling items on your calendar, follow-up, billing, collections, formatting documents, etc. You get the picture. All things that you, as a business owner, may need to categorize as “delegate”. When you delegate, you can focus more specifically on those “rainmaker” activities that I mention above.
Wouldn’t you rather hand these administrative activities to someone who has the skills to do these things quickly, efficiently, and accurately? It then frees you up to do your highest value activities – and be the rainmaker!
BUILDING YOUR TEAM AND THEIR CAPABILITIES
Leveraging your team, whether in your office space or in a virtual capacity, is key to helping your business grow.
If you are lucky enough to have a team, they too need nurturing and management of their performance. When your expectations are clear and their skills are a match for what you need done, this is a winning combination for you.
If you don’t have a team, building one is critical if you wish to grow your business.
You will reach a point in your business when you can’t do it alone or with the few people who are there to help you. Building a team is a thoughtful, strategic activity that begins with identifying exactly what you need done today and considering your future needs as well.
Think of team building and managing their performance as strategic activities. But think about what they do as administrative or back-office activities that you have delegated to them.
Here are my final tips for managing the High Value Activities in your business:
- Keep track of everything you do for a few days.
- Categorize them into the “Rainmaker” and “Administrative/Back-Office” categories.
- Decide if you can delegate your administrative activities and put together some notes to do so.
- Re-prioritize your rainmaker activities to ensure you are getting these done every day.
- Consider which team members can take on additional duties for you. If you don’t have a team, consider what you can get done in your “rainmaker” category IF you had help in other areas.
“Decide to invest in your future business growth by investing in your ability to perform your Rainmaker activities.”
WHAT ARE YOUR CHALLENGES IN PRIORITIZING HIGH VALUE ACTIVITIES?
I’d love to hear from you!
- What are your key challenges in sorting through your own high value activities?
- Are you working on activities that will produce business for you or help you grow your business?
- Do you have people to whom you can delegate?
- Have you noticed your cash flow getting stagnant from time to time?
If the topics in my blog are resonating with you, then I would love for you join me for my upcoming masterclass, How to Get the Cash Flowing in Your Business. I’ll be sharing insights and tips to help you kick your business into high gear. I don’t think you will want to miss it! Click the button below to save your spot…
Hi! I’m Tina Meilleur, an Executive Coach, Business Advisor, author and speaker. My mission is to help you grow your business by helping you focus on what to do next. I can take you from UNCERTAINTY TO FOCUSED ACTION to get results AND help surround you with support from me and my community! According to my clients, my coaching programs and CRAVE™ process provide gateways for making simple “tweaks” or a total up-level of your life or business. I am also the founder of Design Your Success, the online Academy for Business Success and the author of Your Next Chapter: Five Steps to Creating the Life of Your Dreams. I have a CPA designation in the State of Louisiana and received my MBA from Tulane University in their Executive MBA program. I’m a highly sought-after coach, facilitator of female CEO round-tables, business strategist, and speaker. You can click here to learn more about my story, or reach out to me at Tina@DesignYourSuccess.com.