11 things that waste your time and slow your success, according to Mark Cuban, Tony Hawk, and 9 other business leaders
The biggest time wasters in my career revolve around People and Process. If I knew then, what I know now, I could have saved a lot of time and money.
Let’s start with People. People are the single most important asset of every business. A business is simply a group of people, working together towards a common goal. It took me a while to understand the importance of hiring “A players”, providing them with everything they need to be successful, making sure they play well with others and then getting out of their way.
I wasted time settling for “B” and “C players” in an effort to save money. I wasted time not knowing how to delegate. And I wasted time not providing people with the resources they needed to be successful. I was setting them up for failure.
My advice is to never compromise when it comes to hiring. Your people will make or break your business. It is literally that simple.
Next biggest time waster was Process. Starting out, I spent a lot of time “winging it”, improvising and solving the same problem over and over again.
I learned the importance of making every single task relentlessly repeatable, using checklists and “How to” training guides for everything. The goal is to be able to take a brand new person, who has zero knowledge about our business and have them immediately become productive by following checklists and standard operating procedures.
Nowadays, we build every business as if it’s going to be a global franchise from day one. Take the time to create a comprehensive process, covering every aspect of the business. You’ll save time, save money and make it a lot easier to grow and sell the business.