Richard Branson said it best when he boldly declared that time is the new money. For many years, management has declared that those who work long hours are deemed more productive. But today, it just isn’t so: time is the new standard with which people are judged and the more hours of it spent on working, the worst it is for a person’s well-being and reputation.

For entrepreneurs, even more so. As the captain of their respective ships, they should be the ones at the forefront of espousing work life balance and showing the right way by being out the door by 5pm. Of course, this is easier said than done. With responsibilities ranging from business development to marketing to operations, what is a consummate business owner to do?

Here are some ways to help you fight the workaholism plague and get back your hours:

1. Hire people correctly.
No aspect of a business is affected by the concept of opportunity cost than human resources. As a prized commodity, people in a business can derail or fast track its progress. For the business owner, hiring correctly makes the big difference from sleeping eight hours a day to literally being hospitalized every two months due to exhaustion. It is not just about choosing the right people, but more so, hiring the people and putting them in the right places in the company where they can be most productive and effective. Also, the number of people to hire counts a lot.
In the end, the bucket stops at the top and if the owner cannot hire right, he or she will end up doing all the tasks needed to keep the business going. The best way to mitigate this problem is by opting for outsourcing. This does not place a big strain on the company budget but at the same time, it quickly fills the spots needed. Hiring a virtual assistant allows business owners to focus on conceptualizing strategies and other tasks that require high level decision-making.

2. Stop multitasking and know one’s strengths.
For one, it is not effective, and two, studies have shown that multitasking can successfully do just one thing: shrink one’s brain.
Instead, set a timeline for each task and delegate. This frees up the hands of the entrepreneur to focus on the things they do best. As much as control is the name of the game, it does not do anyone any good.

3. Rest.
It’s easy for people to run on adrenaline, but what good does it make a person? Exhaustion simply leads to bad decisions, which then lead to more wasted time rectifying mistakes whether big or small.
Instead, rest. Sleep the right amount of hours and wake up refreshed and ready to go. Have time for leisure and other pursuits as these will help fuel creativity. The time it took to take a nap or to go for a quick swim may save you from signing a wrong contract.

4. Know what matters and tackle them during peak performance hours.
As Robin Sharma, a leading motivational speaker and consultant for many CEO’s, says: what gets written down gets done. A list that’s filled to the brim is not a good list. Priorities are few or else, they’re not really what it’s supposed to be.

The best way to solve problems is by first knowing what time one is at the most optimum level of productivity. Then, begin with the hardest tasks. Eat thy frogs first and the rest shall be peanuts—with a few minutes to spare after.

In today’s competitive business environment it is essential to find ways to reduce costs and increase revenues while keeping productivity and quality high. One of the best ways to achieve this is through hiring and retention of outstanding employees.

Far too often hiring managers rush through the hiring process due to being reactive rather than proactive when filling positions. With some preplanning in the hiring process and implementation of sound strategies once people join your organization, you will lower the cost of doing business by considerable amounts.

As you prepare to hire consider the following:

• What type of person are you looking for?
• What are the values that drive your company?
• How difficult is the job you are filling?
• Do you have anyone internally who can do the job?
• How long will it take to find the right person for the position?
• What are you willing to negotiate with the potential candidate?

In looking for potential candidates you may want to try more than the traditional employee search. Tap into your network of professional connections. Some of your best candidates may be working for your competitors. Be careful about hiring someone just because they are a friend or family member. Not that friends and family members don’t make good employees – often they can be fantastic. And yet, if you are hiring them only because they are a friend or family member, you are setting yourself up for some big problems. With the wrong choice morale with other employees can go down. With the right choice it is just as likely to go up.

Think through the compensation package. Are the wages fair for the job, industry and market? Make sure your benefit package is competitive for your industry. Find out what other companies are offering as far as compensation and consider matching or beating their offerings.

There are occasions when someone may take a position without thinking through income, benefits or fit. Once they have gotten settled in and are feeling comfortable with the position and the company, they may realize the compensation and the job is not all it could be. That can cause some discontent on their part. To avoid this, do your homework.

Another key to keeping good employees is to make sure they are treated with respect, dignity and appreciation. This may seem like common sense and yet, it often doesn’t happen. I consult with various types of organizations employee retention and how to gain more commitment from the staff. I often will meet individually, in private, with a cross section of the staff. I spend at least an hour with each employee in a confidential meeting to find out their view of the company. Inevitably, the areas that are most lacking for the employee to be fully satisfied are communication and appreciation.

Once the area of discontent has been identified I design programs for the company in which to address the problems. What is amazing is the problem is often on the way to being solved by virtue of the fact the organization has brought me in. A common comment is, “Finally, someone is listening to me.”

Often, a company’s problems can be lessened with some good coaching and training of management. It is amazing how many managers and supervisors were put into their position without any training in interpersonal skills, management and supervisory skills, and how to communicate effectively. Nine times out of ten the people who need the most training are the ones who think they need it the least. And, they are often the biggest obstacle to the success of a company.

In order to stay competitive on all fronts you must keep your entire team on the leading edge. By doing so you will be in business for years to come with a happy, dedicated and productive team. And that will equal profits