Once you embrace the beauty of outsourcing the non-essential tasks for your small business, you should find yourself with at least a little more time on your hands. Don’t break out the margarita and the hammock just yet though. We have a little advice on how even the most busy and distracted entrepreneur must spend their valuable free time.

Here are the 5 tasks every small business owner must prioritize:

1. SALES

If you are an owner/operator, chances are you handle closing your own sales like every other small business owner. Arguably, generating revenue is the most important of business functions and shouldn’t be outsourced without very good reason. Take the time each week to review your list of prospects, research them, and call them back. Taking the time to follow up on sales leads and closing them is always going to be time well spent.

2. NETWORKING

LinkedIN and G+ are great for business new professional contacts, but you don’t need to sit online all day if you have a social media team in place to generate leads. You, however, are irreplaceable at dinners, conferences, conventions, fundraisers, and luncheons within your industry. Get out there, show your face, and work the room so that your future clients and vendors can put a face to your name.

3. REFLECTION

If hindsight is 20/20, then it is vital that you take the time to sit back and reflect on the history of your business. What were your best ideas? What were your worst ideas? What have you learned about your industry and competitors over the years? What hard lessons have you learned about your customers? Take time to turn your notes into some “Best Practices” documents that you can then share during your next staff meeting. Knowledge is power. Make sure you take the time to convert your past experiences into present knowledge.

“Goals are simply dreams with a timeline.”

4. DREAMING / PLANNING

Once you’ve taken time to look back, you can now let your mind dream about the future. Do you want to expand your product offerings? Open a new branch? Explore a new venture? Don’t be afraid to turn some of your dreams into reality. If one of your dreams seems viable, take some time to flush it out and create a plan. Goals are simply dreams with a timeline.

5. REVIEWING YOUR BOOKS

Your bookkeeper (you have one, right?) sends you regular reports that give you a snapshot of your business’s financial health. Make time to regularly look at those numbers so that you always know where you stand. The financial fitness of your business is always important, even when nothing is wrong. Don’t wait until tax time or until you have a cash flow problem. The financial fitness of your business is always important.

Now that you have your homework, go ahead and grab that margarita and jump in the hammock. Just be sure to bring along a financial report or at least a notebook and pen. Use your newly-found free time wisely, and you will see your business flourish and grow!

Have you mastered these tasks yet? Have any additional ones you think are equally important? Please sound off in the comments section below! And be sure to include a link to your business, because, see point number #2.