Time is Scarcest Commodity of Entrepreneurship

Shadow by Martin Lopatka from Flickr (Creative Commons License)

Being an entrepreneur is one the most challenging and rewarding things I’ve done in my life. I have almost total autonomy over the type of work I do, and I get to hand-pick my clients. I get to write books, speak at conferences all over the world, and develop new products. Although my work allows me to be involved in creative projects, the one thing I can’t create is more time.

As an entrepreneur, I feel like I’m constantly running against the clock. There are only so many hours in the day, and every time I accept an invitation to an event or take on a new project, there are other opportunities I have to decline. I’ve also learned that I have to allow enough time to do basic things like rest; otherwise, I’ll get overwhelmed, short circuit my system, and crash-and-burn where I’ll need several days to recoup.

The older I get and the more complex my projects get, the more selfish I’ve become with my time. I’m grateful to have a receptionist who screens my calls and makes people contact me via email to set up appointments. The reason for this is simple: when it’s your turn, you’ll get my undivided attention; when it’s not your turn, you don’t get to distract me from my work. Every distraction is a potential delay. So, the fewer distractions, the more I can get done, and the more people I can help in the long run.

One of the biggest frustrations I have to deal with is people who waste my time, especially when I’ve set aside time for them, or worse, arranged my entire day around the expectation that they would meet a deadline or arrive for an appointment. I often run a “tight ship” when it comes to my schedule, so a delay can throw off the rest of the day. I’ll have to rearrange my calendar – and often not just for that day – and if I get angry on top of it, that can be really hard to shake off.

I had such an experience recently – a contractor working on my condo was more than an hour late for our appointment. He was supposed to arrive between 8:30 A.M. and 9:30 A.M. – and he didn’t show up until 10:30 A.M., and he didn’t call. While I waited for him, I channeled my frustrated energy into drafting a contract template where the parties agree to respect the other’s time and the penalty for wasting my time is paying me (at my hourly rate) for the time they wasted. (Yes, I had another lawyer put a set of eyeballs on this contract to verify it was legally sound. He said he was going to steal it to use in his life.)

This is a contract I want to use with all service providers moving forward. I wrote it to put everyone on the same page from the beginning of the professional relationship, where both sides commit to being on time for the other person. They acknowledge that I’m an entrepreneur, and as such, when they waste my time, they interfere with my ability to make a living.

This agreement is not as bitchy as it may sound on its face. I have to commit to following their policies for scheduling and rescheduling appointments too, and there are allowance for some delays – hitting every red light, etc. If it’s a situation where insurance is involved, it requires them to let me know two hours before my appointment time if there are any issues with getting the right approvals, so I’m in the loop, and perhaps it’s something a call from me can rectify.

Besides augmenting my service contracts with this mutual agreement to respect the other’s time, I want to bring the Law of Two Feet back into my life with a vengeance. If my needs aren’t being met wherever I am, or in whatever I’m doing, I have permission to peace out and do something different. It’s been a while since I’ve walked out of a meeting, but it’s something I may have to start doing more often.

One of the things I love about writing contracts is they can be customized for your needs (as long as the terms are legal). If you’re interested in getting a custom contract, you can contact me directly or a business lawyer in your community. I regularly post about legal issues impacting entrepreneurs on TwitterFacebookYouTube, and LinkedIn. You can also get access to more exclusive content that is available only to people on my mailing list, by subscribing here.

Year-End Visit to the Accountant

Money Tunnel by Lomo-Cam from Flickr (Creative Commons License)

Every business owner needs an accountant, and a good accountant is worth their weight in gold.

I’ve been saying that for years. Actually, I recommend visiting your accountant twice a year – once during tax season and once at the end of the year. And just to show I “eat my own dog food,” I wanted to share my experience seeing my accountant this fall.

Planning Ahead for Next Year’s Taxes
Visiting my accountant is a great way to begin the process of winding down the year. I brought him a copy of my Quickbooks. (I’m probably his only client who keeps their USB on a Star Trek keychain.) He did a quick review my books for the year to date, made sure everything is categorized properly, and he gave me an estimate of what I should expect to pay in taxes come next April. (I don’t get upset when I have to pay taxes. It means I made money.) I find it reassuring that my tax bill isn’t a big mystery looming in the future. With his estimate, I can budget in my expected tax bill starting December or January.

Avoid the Tax Season Insanity
When I meet with my accountant in November/December, we get to have a laid back conversation about my business for the last year and what’s on the horizon for the next year. This gives him a chance to provide more thoughtful advice since he’s not in the middle of the insanity of tax season. Meeting before the end of the year gives him a chance to give me any advice regarding an end-of-the-year spend-down or if I have a big purchase coming up, whether it matters which tax year it happens.

Connecting with a Fellow Entrepreneur
My accountant is also a fellow entrepreneur who meets with other entrepreneurs for a living. When I share my ideas for my business with him, he gives me suggestions from his own experience and from watching what’s worked for other clients.

I’m always happy to meet with my accountant and never flinch at paying his bill. If you haven’t scheduled your year-end meeting with your accountant, I strongly recommend it. If you don’t have an accountant for your business, get a referral from a trusted professional. Your accountant is your partner for your success.  If you want to connect with me and my thoughts about why every entrepreneur needs an accountant, you can contact me directly or connect with me on TwitterFacebookYouTube, or LinkedIn. You can also get access to more exclusive content that is available only to people on my mailing list, by subscribing here.