Time Audit: The Essential Starting Point

BML #103: What is a Bear Market Leader?

This one’s going to be short, but it’s essential.

Step 1: Block off one hour this week to perform a Time Audit.

Step 2: Over the next two weeks, write down everything you do. No exceptions.

Why Are You Doing This?

1. The Importance of Knowing Where You Spend Your Time

Running a business is more than managing operations or making sure cash flow is healthy. One of the most overlooked aspects is how business owners manage their time.

You need to organize and execute around priorities.

Many entrepreneurs are constantly busy—but busy doesn’t mean productive. So why does knowing where your time goes matter?

• Identify Time Leaks: Time gets lost in non-productive activities that don’t drive growth. Without tracking, these leaks go unnoticed.

• Focus on High-Impact Areas: You need to prioritize high-leverage activities like strategic decision-making, business development, and leadership.

• Avoid Burnout: Juggling multiple roles? Knowing how you spend your time can prevent burnout by helping you delegate non-essential tasks.

• Improve Delegation: Once you understand where your time goes, it’s easier to see what can be outsourced to your team. This lets you work on your business, not in it.

Key Insight: Time is your most valuable, non-renewable resource. Mastering how you spend it improves your well-being and leads to better decision-making and business success.

2. Performing a Full-Time Audit: How to Execute a Two-Week Time Audit

A two-week time audit helps you pinpoint inefficiencies and hidden opportunities. Here’s how to do it:

Step-by-Step Guide:

Log Your Activities:

• Use a notebook, Excel sheet, or time-tracking app.

• Every hour, write down what you’re doing. Be honest. Log everything, including distractions and meetings.

• Track time spent on emails, calls, meetings, and deep work.

Categorize Your Tasks:

• At the end of each day, review your log and categorize activities.

• Categories can include: Strategy, Operations, Team Management, Personal Development, Admin, and Unplanned Interruptions.

Analyze Your Data:

• After two weeks, look at the patterns.

• Where are you spending most of your time? Are you focusing on high-priority tasks, or getting bogged down in low-impact activities?

• Look for tasks that take longer than they should. Are there opportunities to streamline, automate, or delegate?

Action Plan:

• Identify 2–3 key changes you can make right away based on your findings.

• Create a delegation strategy for tasks that don’t require your direct involvement.

• Set boundaries or time blocks for deep work, and cut out or reduce time-wasting activities.

Key Insight: A two-week time audit is eye-opening. The data will show you if you’re investing time in what matters most for business growth and personal balance. With this insight, you can make better decisions and focus on high-leverage activities that drive success.

Take the time now and get this audit done. In the next few weeks, we’ll be talking about Mastering Priorities, but the first step is knowing exactly what you’re doing—and how long it takes to get it done.