No matter what you do, you can’t create more time.

It’s why the idea of working smarter not harder is so popular. It’s why there are millions of productivity websites, blogs, books, guides and gurus. People argue over the semantics of “time management” constantly … can time really be managed? If you can’t control time, or stop it, or create more of it, how can it be managed? If a tree falls in the forest…so on and so forth.

When it comes to running a successful service-based business the key factor with respect to time is understanding how long things really take to do.

If you can get a handle on that, you can start to grow a more successful business.

And even if you think you know how long things take, measure it properly anyway. You’ll likely be quite surprised. People always underestimate how long things take. When you consider all the time involved in doing a project — closing the sale, client management, doing the work, testing, client review, customer support, etc. — it all adds up.

Once you have a better sense of how long things are taking to do, you have the information you need to:

1. Improve productivity. You’ll discover the inefficiencies and be able to focus on eliminating them more quickly. Trying to attack productivity with a nuclear bomb is pointless; you need a laser-guided missile.
2. Analyze your cost structure. More than likely, as you get busier, and you see how long things are really taking, you’re going to look at raising your prices. Go for it. You should.

The result of being more productive and raising prices is more money in your pocket for less work. And in the service business that’s exactly where you want to be.

Image by pinoy bart