A very wealthy Australian recently said, “It’s easy to make money. To make money, you just need to do the things that make money.” Simple but right on the money!
What is your plan for doing the things that will make you more money this year?
As fascinating, simple and profound as it is, this quote begs the question –what percentage of your time do you (or your team) spend on the tasks that make money and how well are you doing them?
Here’s a small list of questions to prompt you:
1) Could you be more efficient with your time?
2) Could you shop around to increase your margins?
3) Do all your invoices go out on time?
4) Could you qualify your prospects better?
5) Could you do more marketing to generate better quality enquiries, even if it’s just one more phone call a day?
6) Could you manage your finances better so you build more working capital?
If you stop working on a job, what happens? You lose money. The same applies to working on your business and the things that make you money.
If you wanted to make an extra $100,000 profit this year, what would it take? A few extra jobs? How many more jobs would you need to price and what would you need to do to price those extra jobs?
Let’s say you put in an extra four hours a week focusing on generating that extra $100,000. That’s a total of 192 hours focused on generating more work. If it’s a focused 192 hours, I’d put money on you making the extra $100,000. If we divide $100,000 by 192 hours, that’s $520 a hour. But here’s the clincher! Once you’ve set up the systems you should generate the extra $100,000 for the rest of your career!
The most common objection I hear when I recommend spending four or five hours working on your business is “I don’t have time”. If it’s worth $520 an hour (conservatively) then it’s costing you $520 a hr. So could you find the time?
