Highest & Best Use And Your Business

The term ‘Highest & Best Use’ comes from the real estate term to determine the potential of a lot or property. This is determined by how much you can do with it, what the government or local county officials will allow you to do with it and so on.?

To give you an example, think of any building you can put on the property. Can you put a house in it? A duplex? A condo unit? A commercial building? As an investor, I’ll be looking for the best way to maximize the value of this property to get a full return on investment.

The great thing about this concept is that it can also be used on your own business. Though instead of using it on things like property, you will be deciding the highest & best use of your time instead as the business owner.?

You already have plenty of duties and, as the CEO of your business. If you are still doing things like shuffling out papers, fixing the printer, or arranging tax files, then you aren’t making the best use of your time, wouldn’t you agree? If this is you, I highly encourage you to keep reading. I’m going to share some simple steps with you to maximize your time as a business owner.?

Step 1: Make a List of ALL the things that you are doing.         

Think about this properly. I’d recommend that you take a few days jotting down notes and list down all the activities that you do. This could be making phone calls for recruiting, fixing the printer, building and nurturing relationships to get more referrals. What are you spending your time on? It’s important that you make a comprehensive list because it will be your reference sheet for the next step.

Step 2: What can I Delegate, Automate, or Eliminate?
        

It’s important to know which tasks you can delegate, automate, or eliminate because it saves you a TON of time. There might be members of the team who you specifically hired to do a job, and it’s a no-brainer that you should delegate a specific task to them. Automation is useful because there are daily tasks that might be tedious to do and can be handled by software instead, giving your people more time to do higher priority tasks. Then elimination is for the removal of tasks that do nothing but reduce efficiency and just waste time.??

Step 3: The Four Quadrants        

These are the Four Quadrants:?

1. What am I good at that I like doing?
2. What am I good at that I don’t like doing??
3. What am I not good at the I don’t like doing?
4. What am I not good at that I like doing?

Take all the things that you are doing and put them in these 4 quadrants. Focus on the things that you like doing and are good at, because doing so will keep you in your ‘flow’ (the state where you are most efficient.)

Step 4: Focus on Activities that are gonna Generate the Most Growth        

It’s pretty much the most logical step to focus on these activities, right? For home care agencies, these activities are recruiting and sales. As the business owner, it’s? your responsibility to grow your business. So look back at the tasks that you’ve listed down and analyze them properly. What activities do you know will grow your business that you should be working on? Which tasks can be delegated and automated? Once you figure that one out, you will experience incredible growth!?

Hopefully, these steps will help you out with your business ventures. As someone who’s been on the field for years now, I know firsthand how difficult it can be if you don’t manage your time properly. I’m a firm believer that entrepreneurs help each other out, not drag each other down. With that said, I wish you all the best with your business!?