How to reduce working hours and Increase income
We’ve all heard time is our greatest asset, and how you invest your time is one of the keys to business success. Understanding this, have you sufficiently assessed how you spend your time and how it could possibly be used more effectively and increase income?
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.
More Profit Less Time Pty Ltd
Profit facilitator, Author, Business and Executive Coach, Trainer, Professional Speaker
Certified Business Coach, Certified NLP Practitioner, Certified Guerrilla Marketing Practitioner
Diploma of Management, Diploma of Human Resources Management
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