Time is the most important asset you have—and unlike money, once you’ve spent it, you can’t earn any more. That’s why it’s so important to make the most of your 24 hours, especially as a business owner.
So, how can you become more productive and profitable, without working insane hours and sacrificing your personal life? Read on for a few steps on how to start managing your time like a successful entrepreneur…
STEP 1: Discover how much your time is worth
The first step to maximizing your time is to understand what yours is really worth. Here’s a simple formula to help you calculate how much each working hour is worth:
Income ÷ Hours worked = Hourly Rate
For example, let’s say your income last month was $16,000 and you worked eight hours a day for 20 days. That’s a total of 160 hours. So, your hourly rate would be calculated like this:
$16,000 ÷ 160 = $100 Per Hour
Based on this example, your hours are WORTH $100. Now, let’s find out if you’re spending every hour of every day on $100 activities …
STEP 2: Take an honest assessment of the TYPE of work you do
Now, think about the tasks you do for your business. Are they core business tasks, or business-related tasks? (Core business tasks are those directly related to growing the business and driving it forward, like networking for new clients, creating a new product line, etc. Business-related tasks are those that support your core activities, like invoicing, organizing, etc.)
You want to work ON your business by focusing on core business tasks—not IN it (by overwhelming yourself with business-related tasks).
Think about it: If your business doesn’t run unless you’re managing it all, all you’ve done is swapped a job with an employer by employing yourself as a file clerk, administrative assistant, bookkeeper, etc. And the truth is, it will be very hard to run a successful business this way. Quite a wake-up call isn’t it?
STEP 3: Delegate your tasks
You are the boss—so let someone else do the “$10/hour jobs” (those business-related tasks), so you can concentrate on developing the strategies that will make you more money and take your business in the direction you want to go. The more you learn to let go and delegate to other people, the more you can focus on your REAL job: those core business activities.
Here are some of the duties and responsibilities you can easily hand to someone else:
* Customer Support
* Home/Office Cleaning
* Technical Support
* Logistics and Distribution
* Public Relations
* Search Engine Optimization
* Website Development
Although you’ll have to spend a little money up front, outsourcing will help you get ahead in the long run. Let’s go back to that hourly worth example we calculated earlier…
If your hourly worth is $100 per hour and you pay someone $25 per hour, and use that hour instead to generate revenues for your business, you’ve just made a leap in your business—and much faster than if you had tried to handle everything by yourself.
So, what kind of skilled professionals can you hire to help? For starters, consider a Virtual Assistant (VA). They can handle a slew of jobs, from scheduling appointments, paying bills, and even managing your projects and supplier/vendor relationships.
There are also thousands of talented professionals looking for contract work on sites like www.elance.com and www.guru.com. In many cases, you can browse the portfolios of providers and invite them to bid for the work you want done. You can also see feedback scores and testimonials from previous clients. If you’re weary of those online sites, ask business owners and friends you know if they can recommend someone to you.
I share even more juicy tips on time and productivity in my brand new FREE report, “Turning Time into Money: Productivity Secrets for Successful Entrepreneurs”. If you’d like to learn even more strategies for managing your time for maximum profit and more fun, then don’t miss out on this information!