Efficiency - How To Make More Money In Half The Time
Efficiency - How To Make More Money In Half The Time
What is efficiency? Efficiency is the ability to leverage your time, effort, resources and money (TERM) in a way that brings your small business the greatest results. How do you get the greatest return for all your efforts? Prioritizing, plain and simple. The ability for you to leverage yourself in terms of time, effort, resources and money is only possible by prioritizing all of the tasks in your business into their appropriate levels of value. We would all agree that out of the thousands of things that you have to do, each one of those tasks have different levels of value. Think about it, half an hour spent at Staples buying paperclips has a different level of value than spending half an hour with a potential high value customer. Simply put, some tasks create a greater return than others. You will make your business more efficient by focusing your time and effort only on the tasks that bring the greatest return, - an idea made popular by the Pareto principle, a.k.a. the 80/20 rule. The 80/20 Rule The 80/20 rule says that out of all of things that you do, 80% of those tasks tend to bring only 20% of the needed results. On the contrary, 20% of the tasks bring 80% of the results. This means that we generally get a 25% return on most of our efforts. No wonder we feel we are working twice as hard and making half as much money! You must spend the vast majority of your time fulfilling the tasks that fall into the 20% category. By doing this you drive the most valuable results. How much time? About 80% of your time needs to be spent on the 20% of high valued tasks. The key to doing this is to: 1.Identify your highest value tasks - Value is determined by the amount of revenue and profit a task brings you. You need to ask yourself, "Is what I am doing making me money?" If the answer is no, then there is a good chance you should not be doing it. 2.Scale them up, to get even more value from them. - Scaling means to find another way of accomplishing the task that results in greater results with the use of less resources. Sometimes it could be as simple as doing it at a different time, or doing it a different way, or with different people. But the goal is to spend less (TERM), and make more profit. 3.Consistently get them done. - This is the hardest part, yet the most effective. The key is to find a routine that you feel comfortable with - that helps you get the highest value tasks done weekly. For example, you could do 2-3 high value tasks every day, and get them done before 10:30am. Or you can pick a day to focus on doing as many high value tasks as possible on that day. But the key is to get the highest value tasks done first, so that whatever else you spend your time on won't really matter. In conclusion, greatness can be achieved when we focus on doing the activities that bring the greatest returns, meaning the activities that fall into the 20% category, that bring 80% of the results. The question we need to ask ourselves is, "When do we want to start building a great business?" If you want to do it now, then now is the time to focus on what is most important - and live a life and build a business that demonstrates this.
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