Business owners frequently report being busy, yet few actually maximize their time effectively. After conducting over 100 time audits, I consistently find that priorities often work against business goals rather than supporting them. When examining weekly activities closely, inefficiencies become apparent.

The Opportunity Cost Problem

One client spent two full days weekly on payroll, debt collection, and account reconciliation. While important, many of these tasks should be automated or outsourced more cheaply than the owner’s hourly rate.

This time investment meant less focus on team support, client meetings, and process improvements. When I sold my agency, the financial director removed numerous administrative tasks from my responsibilities: insurance quotes, HR, supplier payments, and payroll. These were activities I’d performed for years despite being low-value and expensive for someone in my position.

How to Conduct a Time Audit

The process is intentionally simple:

  1. Create a tracking sheet covering Monday through Friday, with time slots from 8am to 6pm
  2. Document tasks completed during each time block
  3. Categorize activities as essential or discretionary
  4. Add notes for context

Common task categories include client meetings, staff meetings, admin work, service delivery, personal time, sales and marketing, and business growth activities.

Essential vs. Discretionary Tasks

For each task recorded, evaluate whether it’s truly essential or simply habitual. Critical questions include:

The Three-Step Solution

Discretionary tasks should be:

Redirecting Freed Time

Once time is reclaimed, identify your primary goals. For revenue growth, dedicating hours to sales is vital. For freedom, focusing on systems development matters most.

The key involves creating non-negotiable daily tasks aligned with objectives and periodically revisiting this framework as priorities evolve.