Explore the essential entrepreneurship skill of resource allocation in our latest video, designed for founders at all stages. Learn the art of managing time, money, and talent to boost your profitability.
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Video Transcription
Understanding Resource Allocation for Female Founders
So one of the main issues that come up with female founders across the board doesn’t matter where they are in the lifecycle of their business, whether they’re babies and just starting up, or they’re what I call an emerging, which means they’re trying to scale or move the company beyond what they can do as a solopreneur. Regardless of where you are in that ecosystem, one of the main topics that comes up the most is resource allocation. and resource allocation is defined loosely, as time money, and people are what I call talent.
The Challenge of Time Management and Profitability Leakage
One of the main places that female founders leak profitability is they leak time. And they’re not deploying their very valuable time in the most optimized way that gives them the biggest, what I call is the juice is worth the squeeze. So it gives us the best juice from the squeeze that we’re issuing.
Being Cognizantly Aware of Time Investment
So one of the things to be cognizantly aware of is capturing and quantifying the time that you’re taking to do things that may or may not be moving the needle on the growth plans that you have for the business. So being cognizantly aware when you go to make a decision over where to invest your time, whether that’s writing RFPs that take hours and don’t have high close rates, conversion rates, whether that’s attending networking, meetings, workshops, talks, things like that, stopping and paying attention to is this the best use of my time and my energy today. And does this give me in the long term scheme of things? And in the short term scheme of things? Is it moving my needle?
Calculating the Cost of Time
So just being cognizantly aware of what that time costs? So if you determine that your time is worth $250 an hour and you went and you spend an hour at a meeting, you have to ask yourself, did that meeting equate out to $250 Did that did that do what it was what it was meant to do?
The Importance of Selective Time Investment for Female Business Owners
So keeping really being careful about being selective about where you put your time as a female business owner is mission critical.
