The Secret to Profitability and Impact: Mastering a Time Budget Artwork

The Small Business School Podcast

Ready to leave the small business struggle behind? The “School for Small Business” podcast supports small business owners in scaling a business that is profitable, purposeful, and doesn’t leave you burnt out. No matter whether you run your business online or you own a brick-and-mortar, you can expect our world class experts to support you with mindset, tactics, and everything in between so you can have the business you dreamed of. Based on our lived experience, we know that small business CAN be easy and we are here to show you how.The “School for Small Business” is hosted by Staci Millard, a CPA by trade with over 15 years of experience seeing the behind the scenes of thousands of small businesses. After growing and selling her first 7 figure business, Staci has been on the ground running - mentoring small businesses and working to increase success rates. Staci strongly believes you don’t need to have gone to business school to be successful so you can expect nothing but simple, impactful advice. Tune in each Tuesday for a new 30 minute or less episode of nothing but valuable advice to help you grow your small business. We are so excited for you to be on this journey with us!

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The Small Business School Podcast

The Secret to Profitability and Impact: Mastering a Time Budget

August 22, 2024 • Staci Millard • Episode 206

0:00 | 13:39

Welcome back! Today in Small Business School, we’re diving into a topic that’s crucial for every business owner—time budgets. Whether you’re running a product-based business or offering services, understanding where your time and your team’s time goes can make all the difference in your profitability and impact. Let’s explore how time budgets can streamline your operations and boost your bottom line!

Topics Covered:

Knowing how much time your team spends on tasks helps you assess their value and optimize efficiency, ensuring that you're getting a solid return on investment.
Service providers, especially those on monthly retainers, often overlook how long tasks actually take. Time budgets help ensure you're profitable, not just busy.
Giving your team specific time budgets and clear instructions can prevent wasted effort and align their work with your goals, leading to consistent results.
Tracking time against budgets allows you to address inefficiencies early, helping you maintain or even improve your profit margins.
If you’re new to time budgeting, start by assigning small time blocks and adjusting as you learn. It’s a flexible system designed to help you and your team succeed.

Time budgets aren’t just about saving money, they’re about creating a thriving and efficient business. If you’re unsure where to start, reach out, and I would be happy to help you implement this game-changing tool!

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