Do You Know Your Worth?
How often do you get that sinking feeling that you haven’t gotten much done during the week?
To take your business to the next level you need to be stingy with your time as its your most valuable asset. As a matter of fact, your income is a direct result of how you choose to spend your time.
A few years ago there was a study done on Fortune 500 CEO’s about thier productivity levels. And what they found was that these high-powered executives were productive only for about 28 to 38 minutes a day.
Now think about how many hours a day you spend working? Yet, only a few of those minutes or hours are truly productive.
I know, you are probably saying, but Yvette, I’m not a fortune 500 CEO. You are correct, and because of that you can be oodles more productive. However, you have to be very focused and disciplined.
So what is productive time?
Productive time is time spent generating income. Period.
Here are some examples of non-productive time:
- Chatting with friends on FB, Twitter
- Web surfing
- Checking and reading email
- Answering your phone
- Checking Web site stats
- Organizing your desk
- Cleaning your office
- Cleaning your house
- Doing laundry
- Fixing your website
- Lack of plan
- No deadlines
- Not being able to say no
- Lack of energy
- Resistance to change etc…
Even studying and learning time is not productive time. It only becomes productive when you actually do the work. Here is the thing, knowledge has zero worth to your business unless you implement and take action!
Now, don’t get me wrong, I’m not suggesting you shouldn’t spend any time on some of these activities. You need to spend time learning, you need to socialize with friends, spend quality time with family and schedule me time. But, these things are not money generating because they are not activities that you can directly tie to revenue they are just things you do as part of your life.
Productive time is time spent creating and marketing your services and products, improving your marketing strategies, planning your launches, managing money making projects, setting up joint venture relationships, and adding leverage in your business.
But there is something even more profitable and strategic than productive time, I call it uber-productive time. Uber-productive time is when you create a system around a money making activity. So, a quick example of an uber-productive activity would be: creating systems that automagically generate ideal clients to your website. Makes sense?
So, do you know how many hours of productive time you have a day? 4 hours? 5 hours? What’s your most conservative estimate at this point?
From speaking to other entrepreneurs and my own experience you probably have 2 to 2 1/2 hours of true productive time a day.
Yup, that’s it. But, remember, we are talking about income generating activities only!
So, how does all this relate to how you manage your time?
Well, this crucial information will allow you to figue out what you need to do to take your business to the next level.
So, let’s assume you want to make 300K a year.
Here is a quick way to determine how much you need to make an hour/day to reach your goals:
What is your income goal for the next 12 months? 300k
How many days a week do you currently work? 5
How many hours a day do you work? 8
How many productive hours a day do you work? 2
How many hours a week do you spend focused on generating income? 10
How many weeks per year do you work? 50
Total hours you have to produce your desired income? 500
How much do you need to make so you can reach your income goals? 600
Eye-opening exercise, right?
If you are asking yourself “what on earth do I need to do to achieve my hourly rate, every single day?” Don’t fret. Here is the thing, the answer to that question is not in any book, seminar, blueprint, home study course etc…. Nope. The answer is simply, you need to add leverage and build a more scalable business.
And how do you accomplish that? By, creating a mix of products and services for your clients to experience your value. As well as systematize, delegate what needs to be done that costs you less than the hourly rate you need to generate and automate the rest!
Now is your turn, what does your hourly rate needs to be worth in order for you to reach your income goals? How much do you need to make each day?
The answer to that question will allow you to take your business to the next level without working more and dramatically improve your ability to get things done with the time and the resources you have available to you.