When it comes to working ON your business, every hour you invest moves you closer to FREEDOM. Every hour you spend working ON your business is typically worth about $10,000. Yet, many of us are confused about what it really means to work ON our businesses. Even worse, many of us waste time working on the wrong areas of our businesses.
Creating and documenting systems and procedures is one of the most valuable uses of your ON the business time. Some of the key systems you need are:
As business owners we can easily get overwhelmed because there are so many systems to create, it’s hard to know where to start. In fact, many of us invest a lot of time creating systems that have minimal impact on serving the our best customers and very little impact on our business’ overall profitability. In these instances, the time invested in creating systems turns out to be wasted time.
You can reduce the overwhelm and save yourself a lot of valuable time by quickly zeroing-in on the most important systems to work on—the systems that attract and serve your Top Clients and Customers, while maximizing profitability. Working on those systems is $10,000/hour time! Clarifying your Business Sweet Spot is key ensuring you are working on the RIGHT systems in your business. In fact, your Business Sweet Spot should be driving all strategic decisions in your business.
Here’s an example to illustrate the value of your “ON the Business” time when you are working from your Business Sweet Spot. Let’s say you generate a quick sale from a new customer . When you do that, you are acting as a Sales Associate IN your business. Although you have generated immediate revenue for the business, there is no guaranteed long-term, recurring revenue. This counts as “IN the Business” time because the value of that hour that you spent generating that sale is less than $100/hour.
In contrast, let’s say you spend an hour creating a system that generates repeat sales for one of your most profitable products from your top customers. This system can be executed by someone besides you (HINT: you are freeing up your time!). The system is highly valuable because the system will generate repeat sales from your TOP CUSTOMERS (who likely spend the most with you already). They will be purchasing your most profitable product. Over the course of doing business in the next year and years to come, that system can generate thousands upon thousands of dollars in revenue. This makes that 1 hour worth $10,000 or more. This is a system that not only serves your best customers, but also drives profitability. It is a system tied to your Business Sweet Spot.
Zeroing in on your Business Sweet Spot is key to turning your time into $10,000/hour time ON your business.
To get started identifying your Business Sweet Spot, I am sharing our Sweet Spot Finder Tool with you. Just click the image below.
By the way, I should also tell you that when you work from your Business Sweet Spot, you will likely fall back in love with your business. Business gets to be fun again! Cheers!
Dr. Sabrina Starling, The Business Psychologist™ and author of How to Hire the Best specializes in transforming time-, energy- and cash-sucking small businesses into highly profitable, Great Places to Work!
Employee problems can be one of the biggest stumbling blocks for any business owner. With her background in psychology, and years of coaching small business owners to extraordinary results, Dr. Starling knows what it takes to find, keep and get exceptional performance out of your biggest investment-your employees. Access her comprehensive video training 5 Secrets to Exceptional Employee Performance (her gift to you!) at www.tapthepotential.com
WANT TO REPRINT THIS ARTICLE IN YOUR EZINE, BLOG OR WEBSITE? You’re welcome to, just please include the authors’ bio with the reprint.