Ultimately in business you’re looking to get either more time or more money.
The problem: you either have lots of time (and no money) or vice versa.
Fortunately, no matter which side of the fence you’re currently sitting, there’s stuff you can do to even things up.
If you want more money, you need to look at ways to leverage your current resources without spending more.
- What am I spending money on that’s not bringing in more money?
- How can I reduce my expenses?
- What am I focusing on that’s NOT generating more revenue and profit?
If you want more time, you need to be up skilling staff, building systems, leveraging processes... stuff like that consumes more time up front, but it saves you time in the backend.
- Where am I *really*investing my time?
- What activities can I leverage to give me MORE time?
- Which low value tasks can I delegate, outsource or automate?
Get clear on what your outcome is (time or money), and then start questioning everything you’re doing.
‘Is what I’m doing right now going to get me more time or more money... or is it COSTING me time or money?’
If it’s not getting you closer to your ultimate goal – don’t do it.
How to choose projects that give you back time or money:
Every project you work on is going to cost you some form of income or time.
So if you’re in business right now and you haven’t got any time, or you haven’t got any money (or both), you want to implement a project that’s going to cost you the least amount and give you the greatest ROI.
If you’ve got plenty of cash but no time – work on a project that’s going to cost you money... but not much time.
If you’ve got no cash but loads of time – implement a project that’s going to get you an outcome but doesn’t cost much to create.
There’s a number of things you can look at to get back either time or money.
- client retention rate
- lead cost
- sales call closure rate
- upsells + downsells
- invoice terms
In terms of time, you’ve got:
- clients that don’t pay well but take a lot of your time
- low value marketing activities such as updating your social media
- liaising with leads, contractors or suppliers
This stuff doesn’t have to take ages to set up. It even doesn’t have to be set up by you.
Whenever we hire a new staff member or VA who is going to be doing something new, we have a couple of training videos for them to watch that show them how we systemise things.
Then when we do delegate something to them, it’s their responsibility to create a system and process around it, AND document it!