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It is tempting when running your own business to avoid spending money wherever possible, but this may lead to piling more commitments into an already overloaded diary. Here are some common situations where the time-money conundrum needs some thought:

1. You might be able to tinker on the computer and come up with a logo and some marketing literature, but how long will that take and will the results justify it? Paying a designer might be a good move.

2. Business these days is wrapped around with bureaucracy and you must comply with all kinds of government agencies. Is it better to do all your accounts, wages and admin work yourself or would an employee or virtual assistant do it better and quicker?

3. Selling is an essential part of any business and one loathed by many. You can either spend hours on the phone working through directories, or hire professionals to do your cold calling and set up appointments.

4. Running business systems efficiently can be time-consuming and repetitive. There are software programs available which reduce the monotony, but they cost money. Another choice!

5. If you need to travel some distance for work, consider the respective merits of driving yourself or taking a plane or train. A plane or train ticket may be expensive but you might be able to do some work while you travel and still arrive in good shape.

6. You are probably constantly receiving invitations to attend conferences, seminars and workshops. These are often held in expensive hotels and can be pricey. It is tempting to think you can save both time and money by not attending! But you can meet some valuable contacts this way who will refer you work, thus saving your marketing time and costs. At the same time, you may well be inspired with some new ideas to transform your business growth.

7. Personal development - when you are working for yourself and have no employer to pay for these on your behalf, training and executive coaching looks very expensive and you may barely even consider it. My own personal experience and that of many of my clients shows that the spurt in growth which comes about when you commit to personal development can move you further and faster than you ever dreamt.

8. Holidays and breaks - it is so easy to feel that we cannot stop working or everything will start to crumble. The descent from enthusiasm and motivation to worry and stress is an insidious one, which we may not even notice, and which has a profound impact on our time management. Give yourself the gift of some time away from your desk, however, and you will return feeling newly inspired and be so much more productive.

Andy Britnell’s training and coaching products maximise the potential of your staff and cut out the unnecessary costs incurred by low morale, high turnover and repeated recruitment.

Visit his training website at http://andybritnell.co.uk/ and his coaching website at http://executive-coaching-for-business-growth.com/ for information on his powerful products and to subscribe to his FREE monthly newsletter and FREE email coaching.