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Learn four ways to get more business plus more free time!

There are two things every entrepreneur would love to have: more business and more time. "Particularly with the economy picking up, any business owner is going to say that a No. 1 priority is to do more business," says Gene Fairbrother, spokesman for the National Association for the Self Employed and president of MBA Consulting. "On the other side of the sword, a small business owner is looking at the 80 hours a week and saying, 'I want to spend more time with my family and have more time to myself, and I don't want my business to be my master.'"

More free time and more business? Sounds like the Romulus and Remus of New Year's resolutions. Of course, there is one way to make these goals exist in harmony. It all comes down to being more efficient. Impossible, you say? Here are four suggestions for increasing business and time:

Delegate
We've heard about the virtues of multi-tasking -- too much, in fact. By trying to keep five balls in the air, we're constantly dropping one or more. That's why Fairbrother recommends giving two, three or four of those balls to someone else and focusing on the one that matters most.

Of course, most entrepreneurs want to run the whole show. How do they give up control? "Over a period of two weeks, write down everything you do," recommends Fairbrother. "Then put a dollar value to those tasks."

If you're a computer programmer, you may find that you earn $90 to $200 an hour on consulting projects. Meanwhile, you're saving $10 an hour by doing your own administrative work. In other words, it's time to hire an assistant to return phone calls and handle other tasks that produce little or no revenue. That way you will have more time to bring in the big bucks.

Streamline Your Office Life
One of the biggest sins of entrepreneurs is to spend too much money on things that don't make a difference to their business, says Lisa Kanarek, author of 'Organizing Your Home Office for Success' (Made-EZ Books) and sponsor of www.homeofficelife.com. "If your computer is adequate, don't upgrade unless it is affecting your business," she warns. Instead, Kanarek recommends that you splurge on a good office chair and an efficient, L-shaped desk. Why? You'll complete tasks more quickly and you're far less likely to need time off due to a work-related injury.

Next, she suggests doing spring cleaning early, in January. "Lighten the load in your office," says Kanarek. "Stop being buried in papers." Start with the number of subscriptions your receive. If you're not reading them every month, it's time to cancel. You should also pay your bills electronically. Another suggestion: Give up Post-It notes. If you haven't yet done so, it's time to switch to a Palm or other electronic organizer.

Finally, invest in business finance software. "If you have the same amount of business in 2004 but religiously maintain business finances on a computer software program, and produce a profit and loss statement and a balance sheet every month, I will almost guarantee that you will increase profits from 3 percent to 10 percent or more," says Fairbrother.

Weed Out the Losers
During the recent slow-down in the economy, you might have found yourself diversifying into different products and services in order to boost your bottom line. Now, it's time to review your offerings and make sure that you aren't spending too much time on things that bring in little revenue. "Ask yourself, 'Are they me-too products that everyone else has? Do I need to change delivery or price?'" suggests Paul Rich, principal of the Siegal Rich Consulting Division of Rothstein Kass.

Similarly, make sure that you aren't wasting time on high-maintenance customers who don't pay the bills. As Rich says, "You need to make sure that you are focusing on the correct customers for maximizing sales."

Nurture Your Customers
Getting rid of customers who pay late or don't pay at all will give you more time to focus on the ones who count. Start the year by contacting them and making sure that they are happy with your service. "Find out where you have helped them, and where you have been weak and how you can service them better," says Rich. They'll appreciate your effort, even if they don't have complaints.

As Susan Buschmann, owner of an office supply and equipment company in Hermann, Mo., says, "The thing that makes us different from bigger companies is how personal we are." For instance, customers can call and talk directly to her. She hopes to build on this strength in 2004 in her marketing campaigns. "We have to make every proposal personal to each customer," she says. "It shouldn't be about us, but about what we are going to do for them." If you keep that kind of focus, you can't go wrong this year.

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