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Years ago when I was a trainer for Stephen Covey and teaching The Seven Habits of Highly Effective People, the question most commonly asked by managers of the Fortune 100 companies was 'How can I free up my time, while still building the business and being successful?'

Believe it or not, it took 3 ' days for these very bright executives to realize the answer was not in working harder, but rather in working from a carefully chosen set of priorities around what is most important in their life at large.

One of the highlights at the end of these trainings was when a top executive from HP said to me, "I came here to be a better manager, and I am going home to be a better father."

For many entrepreneurs the greatest joy is having your own business. And often the greatest trap is working harder and harder in your business and experiencing diminished returns. The real JOY comes when you can set up the game to build your business geometrically WHILE creating more free time and more exciting adventures for yourself!

So how do you do that? Here are 5 steps to strategically build your business while expanding your free time:

1 - Strategically design your business to perform following the 80/20 rule ' also known are the Pareto Principle. The 80/20 rule means that in anything you endeavor to accomplish, a few things or tasks (20 percent) are vital and many or most of them (80 percent) are trivial.

Resolve to spend your time on the things that are vital ' NOT on the things that are trivial. Spend your time focused on the 20% which will positively change your life and your business.

Do NOT spend your time on the trivial - yet oh so tempting - 80%. Consider the 80% which is trivial to be the empty calories of your business. Temporarily satisfying to indulge in, yet disastrous to your business' overall health and longevity.

2 ' Figure out what tasks keep you busy, but fail to grow your business. Identify three such tasks that fill up your time, but do little to nothing for your business results. After identifying them, get rid of them! For good! Then figure out the next three such tasks.

3 - Find a personal or administrative assistant who can handle the important administrative tasks, freeing your time to do the most important 20% strategic actions. If you think you can't afford one, get creative ' and think about what it is costing you not to have one!

4 - Automate your marketing, so you are building relationships and adding value often - even if you happen to be lying on the beach in Mexico. What systems can you set in place to communicate consistently with your audience and build your list of new prospects?

5 - Stop more often to sharpen your saw to create more strategic success. Take a daily mini- break, plan a vacation, or take a class to improve your skills. Taking time away from your business allows your brain to create new and better ideas for building your business and balancing your life.