Learn to prioritise
BUSINESS owners are being urged to stop getting caught in the trap of thinking that doing more produces better results.
Business strategist, coach and author Matt Malouf says often business owners are slaves to a “to-do list”, but this is not the answer to achieving progress, or productivity.
“To make matters worse, we equate success to the number of tasks we get done on that list,” Malouf says.
“To win in today’s fast and ever-changing business environment, you need to have a ‘stop doing list’. Trying to do everything yourself and thinking you are saving money and/or saving time is often the wrong approach.
“The fastest-growing businesses aren’t led by the people doing the most, but by those people who understand what the most important things are.”
Malouf has written a book, The Stop Doing List, that aims to show business owners how they can avoid unproductive activities and work towards sustainable growth.
Drawing upon decades of experience helping businesses, Malouf says working smarter is the answer.
“If you’re like most owners I work with, you probably got into business to earn more money, have more time and find more freedom,” he says.
“However, many business owners feel they’ve lost control of their business and life.
“The first step is to create the list and then, over time, either eliminate, automate or delegate tasks to others.
“The reality is that 20 per cent of what we do will bring us 80 per cent of our result. The 80/20 rule is a fundamental law and until we understand that we need to stop doing many of the tasks that are being put in front of us and focus on the most important, then growth will be limited.”
›› Matt Malouf says if you want to save time and increase profitability, you need to stick to your Genius Zone – the three to five major tasks you own and that you invest the majority of your time into to generate maximum return.
›› A “stop doing list” will help you get clarity on what tasks you should focus on or turn down.