Do you
know how to reduce the time you spend in your business while increasing
your income at the same time? This is only achieved when you
consider your time as an investment. Be aware that you need to
invest your time rather than simply spend your time. Understand
there is a rate of return on your time and ensure you're investing
in techniques that will increase the profitability of your business.
Invest your time in planning and setting goals to ensure the continuing
growth of your business and yourself.
To ensure
this growth, every business owner must calculate their productivity
as a percentage of the total time spent in their business. Then,
invest more time doing what will result in increased income, and
less time on other demanding, and unimportant tasks. Far too often
we meet business owners that are spending time doing tasks in their
business a junior or a student could do. Business Owners, like all
of us, find it easier to spend time on things they know how to do,
things they know they can do well, instead of the things they know
they should do but don't really want to.
Consider
this, is it better for you to focus 10% of your time on a task or
have someone else give it their 100% focus … even if they are
only 50% as good at it as you? After all, which is easier to achieve
- a 100% improvement in your own productivity, or a 5% improvement
in each of your employees' productivity? Are you in a position where
you spend the majority of your time working ON your business, by
training, coaching, and nurturing your team members? Or are you
uninterested in spending your valuable time safeguarding the long-term
success of your business, AND securing your freedom?
Understand
this, to get your business to the stage where it provides you with
the lifestyle you desire you have to get paid what you are worth.
This means you'll need to prevent your time from being distracted
by low priorities and develop a team that works without you being
there.
Here's an
interesting exercise on the subject of getting paid what you are
worth; calculate the total hours that you work in your business
each week (at your place of work as well as the time spent with
work that you take home). Write down the amount that you pay yourself
from your business each week and divide that amount by your total
hours worked to arrive at your hourly rate. Now ask yourself this
question, is it actually legal to pay someone of your experience
and qualification that hourly rate? Unfortunately for far too many
people in business today, this exercise causes a high level of dissatisfaction.
Unless you make the effort to change what you are doing now and
address issues such as these, you'll continue to get the results
you've always got.
