Next Level Business Strategy: Buy Back Your Time

There are 2 things you need to do to take your business to the next level.

One of the biggest misconceptions in business is that the key to business growth lies in spending more time. Spending more time leads to Owner Overload. And Owner Overload blocks growth and scale. It limits the amount of money you can make. Instead, you want to initiate a “growth spiral.” Spend your time doing the right things. This will make you money. Spend the money buying back your time so that you can do the next right things. This will make you more money. Rinse and repeat. Let’s dive into this concept of “buying back your time.” We’ll start here:

You can always make more money. You can never make more time. Until you truly believe this, you’ll continue to spend your time on low value tasks. As a business owner, you’re busy. You have a million things competing for your time and attention. The challenge is to focus your limited and valuable time and energy on the things that will really move the dial – and to offload everything else. Essentially, you’re buying back your time.

The first level of business calls for rolling up your sleeves and getting things done. You put in the time getting it off the ground. But at some point, you have to start paying other people to tackle some of what’s on your plate. Otherwise, you’ll never scale, never grow – and probably never feel sane. As with so many business habits, what got you here won’t get you there. In the early stages, it can be tempting to try to hang onto every dollar. You might cringe when you think of “spending” – you might think it sounds frivolous or wasteful and that you should be conserving every dollar instead. But that simply isn’t the case. At any given point in your life, you’ll have more time than money – and vice versa.

When you buy back your time, you can do the things that grow your business – and, in turn, earn you more money. Here are 3 places to start:

When I was spending long days at the racetrack, building my business and making money, I paid for help at home. I hired a nanny – who came to work with me so that I could be close to my kids. I hired a cleaning lady. I had my groceries delivered. I had meal kits delivered. I paid for a laundry service. This is the low-hanging fruit of buying back time. Household duties can consume a lot of your time without adding value.

Instead of struggling with DIY projects like fixing leaks or assembling furniture or building a website, hire professionals to get the job done efficiently and expertly. Even if you have the expertise to do something, outsource tasks that are important, but no longer fit into your schedule or don’t play to your strengths. Why would you spend your valuable time doing things you can pay others to do – often better and more efficiently? Let the experts do the tasks that require their expertise, while you remain the strategic visionary.

Get an executive assistant, virtual assistant, or additional staff to handle administrative tasks. Hire the staff you need to market, sell, and deliver the products or services your business offers. Speed up your business growth by hiring an advisor to help you implement advanced strategies and avoid mistakes that come from lack of perspective. Automate processes wherever possible to streamline operations.

Spending money reclaiming your time isn't just a short-term expense - it's an investment with significant returns. When you have more time, you can focus on planning, growth, and building relationships with potential partners. You’ll have time to think. Time to thoughtfully guide your business to the next level. More time allows for better sleep, increased productivity, and better strategic thinking. You only have 24 hours in each day. Use them wisely.