A major problem most home business entrepreneurs face is wasting too much time on the things that don't really matter. The 80/20 Rule states that 20% of our activity produces 80% of our results.
What part of your business produces 80%of your cashflow? It's the actual business transaction and not setting up or maintaining your funnel. These things have to be done, but you don't have to spend as much time on them as you think you do.
The concept of 80/20 time says you only spend time on things that produce the result for you. Everything else should be outsourced as you get larger. I've come up with a formula to do this.
1. Identify your goals with your time
2. Identify the income producing activity
3. Identify the "must-dos" to keep your business running
4. Find ways to outsource or automate the "must-dos"
5. Put these ideas into action
This strategy will drastically increase your avaialable time which will leave you in the posistion to meet your identified goal in step 1. When you are spending less time on things that don't make you money, and more time on things that actually do, your profits will increase. As I stated before, this stems from having the proper mindset.
You can learn how to shift your mindset to that of a TRUE entrepreneur at http://www.lambstolionsbook.com/ There you can download my free ebook called Lambs to Lions.
Ok, that's it for this Time Management series. Be sure to read my other blogs in the series for more time management techniques. Have a Great Day, because you Deserve it!
Mitchell Graves
P.S. I will write another blog on 80/20 Time showing some more in depth strategies I employ. So be sure to stay tuned!
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1 comment:
really time management is very important, since i did not managed time properly, i can't maintain my earning and websites properly. nice article.
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