Expert Time Management Tips
Your hourly value is quite simply the amount of money you make each hour. For example, if you’re spending your time networking and emailing, your hourly value is quite low. If you are speaking with clients or selling products, then your hourly value is higher; however, hourly value is best utilized when it’s calculated as an average.
Calculate your hourly value by dividing your monthly income or net profits by the number of hours you worked. Yes, this means you need to track how many hours you actually spend on your business.
For example, if you have 5,000 in net profits this month (gross income less expenses) and you worked 100 hours this month then your equation is 5000/100 or $50/hour.
This information is important because it’ll help you make some critical business decisions. For example, if you’re outsourcing a task you can assess whether it’s a sound financial decision.
#2 Prioritizing and Task Lists
If you’ve ever taken a Franklin Covey course on time management, they have a very elaborate system of prioritizing tasks. While the system may not be right for your time management style they do have a valid point. Prioritizing tasks makes very good sense. Ideally, you want to make sure you accomplish something that builds and grows your business or contributes to your income each day. In order to do that it’s important to focus on that task first.
For example, imagine your daily task list looks like this:
1. Answer client emails
2. Post to blog
3. Publish ezine
4. Write content for next week
5. Invoice clients
6. Record next video how to series/product
Now looking at these six tasks there is hopefully one that stands out as the priority task - #6.
In fact, if you were to apply a priority system to these tasks, the list might instead look like this.
1. Record next video how to series/product
2. Write content for next week
3. Answer client emails
4. Publish ezine
5. Invoice clients
6. Post to blog
Often tasks that are high priority are tasks that:
· Result in a direct profit.
· You’re skilled at.
· You enjoy.
· Are too expensive at this time to outsource or automate
· Are essential for the growth of your business.
This example leads directly into our next expert tip…
There are two truths – there are only so many hours in the day, and there is always work to be done.
Don’t risk your health, your sanity, your business, and your happiness by experiencing burnout and/or becoming overworked and over-stressed.
In the previous example, all but one of the tasks can be outsourced.
1. Write content for next week - ghostwriter
2. Answer client emails – virtual assistant
3. Publish ezine – virtual assistant
4. Invoice clients – bookkeeper/virtual assistant
5. Post to blog- virtual assistant
There are many benefits to outsourcing including:
· Access to potential contractors from around the world – making it possible to find highly skilled contractors that fit your budget.
· You don’t have to pay employment taxes or benefits.
· Increase your hourly value – you can focus on your more profitable tasks.
· Save your valuable time - focus on the tasks that you do best and enjoy the most.
What do you Outsource?
There are three categories of tasks that are generally outsourced. They include:
1. Administrative tasks - answering your email, updating your website, scheduling, shipping, and so forth. These are generally time-consuming tasks that can easily be outsourced to qualified assistants readily available and at competitive prices.
2· Technical tasks - search engine optimization or web design.
3· Professional tasks – copy-writing, graphic design, or learning a new scripting language to generate a feature for your website.
#4 Ask for Help
Entrepreneurs wear many hats; however, you’re not expected or required to do everything yourself. Instead, ask for help when you need it or when it makes sense. Focus on what you enjoy and what you do well. Let others handle the rest.
#5 Remember It’s Okay To Say No.
You don’t have to say yes to everything. Evaluate the offer or request. If it makes sense for you and your business then great. If not, “No” is a wonderful word. No excuses, no explanations. A simple “No thank you. That’s not going to work for me,” should suffice.
Finally, Remember To Take Care Of Yourself.
A balanced life isn’t complete without regular attention toward your health and happiness. If you’re too sick, or too tired, or too stressed to work then you’re too tired, stressed, or sick to have fun and enjoy your life.
Time management is about creating the life you want to live and living it the best way possible. It’s not about conforming to a system created by someone else – unless it fits your personality and work style.
Create systems that support your goals and vision. Automate and outsource when it makes sense, and build the best business possible.
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