Money is great, but when running a business it has a pesky habit of running out! It is only when money is put to work bringing in even more revenue that your business will truly flourish. And when you make better use of your time, the money will flow. Try our steps for how to get more money in less time.
Here’s a dramatic example to drive the point home:
A worker at McDonald’s will make an average of $15,000 a year. In that same year, Donald Trump will make around $50,000,000. They both have the same 365 days available, but they use it in completely different ways. Now obviously, these two different people have likely had very different life experiences, hardships, socio-economic realities, and opportunities, but the fact remains — your time is your ticket to more money.
Here are 4 steps to make More Money in Less Time:
While you may know how to do everything in your business because you put your heart and soul into it and built it from the ground up, that does not mean you should do everything yourself — even if you happen to be able to do it better and faster than anyone else. By giving someone else careful instructions on how to do something, then giving them feedback on how they did the work, you will be freeing up your time to focus on higher value work. What is higher value work? It is being a general, not a foot soldier. It is doing only what you alone can do. Delegation is essential to growing a bigger business. Do you think Sir Richard Branson could possibly run all his 400 operations in his Virgin investment group without delegation?
Batching errands and tasks together
If you make a list of everything you have to do each day, it will be a long list. Simply reordering the list by priorities and then taking diligent steps to follow through on each one is not the best approach. It is much better to batch your various tasks into groups—administration, accounting, marketing and advertising, production, and sales. In this way, when you work on things that have something in common with each other, you can do everything much more quickly. For instance, switching back and forth from accounting tasks to sales work is much more time consuming than simply doing all your accounting jobs before turning your attention to sales chores.
Marking off '90 minute jam sessions' for focusing with no interruptions
According to the work of Dr. Gloria Mark, the average office worker is interrupted about twenty-times an hour, which averages out to an interruption every three minutes. Each jarring interruption will take a few more minutes to get back into the workflow. However, she estimates that a person will also experience major interruptions, and these will take an average of 23 minutes to recover from. The solution to this constant disruption to workflow is to work 90 minutes without getting distracted by anything else—no conversations with visitors, no making or answering telephone calls, and absolutely NO surfing email and Facebook.
Learning to say NO to things that interfere with your goals
This may be the toughest discipline to learn—because we live in a world overflowing with opportunities. In business, when you get good at your work, the word gets around fast. You get constant invites to social events and pitches for new business ventures. All these engagements are huge temptations. Only say yes to those things that are in alignment with your current goals. All it takes is one major distraction to throw your entire business off course.
You Can't Get Lost Time Back
If you waste money, you can always earn it back with hard work to cover up that loss; but if you waste your time, you can’t get it back–it’s gone. By using these five ideas for how to get more money in less time, you will be able to leverage your time better. Since you can’t have more than 24 hours a day, you have to use your time wisely. When you learn the skill of getting the most work done in the time you have available, you will do more in a few months than most people do in a couple of years!
Voice for Business Success
Allison Maslan, CEO of Pinnacle Global Network, The World Leader in Scaling Businesses. She is the Wall Street Journal Best Selling Author of, Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19. Her client list has included Ben & Jerry’s, Supercuts, Charlotte Russe, and Allstate.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success and create a more meaningful life. The Pinnacle Global Network, her private mentoring and mastermind enterprise has guided thousands of business owners over the past 10 years. Allison’s been featured in Inc., Success, Fortune, Fast Company and Forbes Magazines, is a regular contributor to Entrepreneur Magazine and a featured expert on ABC, CBS, NBC, CNN and Fox across the US. Allison has also hosted her own podcast, The Scale or Fail Show, since 2011.