Make More Money (Without Cloning Yourself)

Facebooktwittergoogle_plusredditpinterestlinkedinmailby featherBuying onlineAs we’ve discussed previously, a business can’t grow if it relies on the work of the owner alone. (If, however, you find a way to clone yourself, please let us know.) While you don’t want to rely on yourself to keep the business running at top speed, don’t feel that you need to pile on staffers. By using tech tools and a bit of planning, you can save yourself time—and perhaps even make more money with the time you have. Is there a way to automate delivery of your product? Set up recurring memberships and watch your business income grow month after month. While providing professional services might require the help of a new staffer or a qualified contractor, product delivery of digital products or subscriptions can often be made simple with use of subscription and online market services. If you’re thinking of investing in technology to help your business run better, don’t forget about training! One extremely common mistake is under-training. If you’re going to invest money, take the opportunity to invest time in that software or tool. Knowing how to fully leverage the product you’ve invested in will help your company increase revenues—or, in the long run, decrease your costs. Not sure how you’re spending your time? I recommend periodically taking time out to examine how you spend your time on critical tasks for your business. Here are a few steps: 1. Over the course of a month, jot down the percentage of your time spent on marketing/business development, finance, technology, administrative tasks, and management of your business. If you find yourself having a hard time determining percentages, check out Chrometa. I’ve been using this time-tracking tool for years on all of my devices and can’t imagine running my business without it. 2. Next, place a value on your time. This can be difficult to quantify, but is essential to measure the return on the investment of your business. Base this value on what others are are willing to pay you for the products or services you offer. Don’t forget to include a premium for your own sanity and work/life balance. 3. Once you determine this value, use the framework you developed to measure the return for delegating work or creating new projects. Remember to take the long view—some investments will provide a return over the next two-to-five years (say, an accounting system setup), rather than just a few months. Revisit this process once a year and don’t forget to give yourself a raise!Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather