A businessman’s greatest asset is time. In this episode, John talks about how you can make the most of this precious asset and reduce your work hours while increasing your income.

CONSIDER TIME AS AN INVESTMENT

Be aware that you need to invest your time rather than just simply spend your time. Invest your time in planning and setting goals to ensure the continuing growth in your business and of yourself. To ensure this growth, every business owner must calculate their productivity as the percentage of the total time spent in their business, then invest more time doing what will result in actually increased income and less time on other demanding and perhaps unimportant task.

LEARN TO DELEGATE

Far too often we meet business owners that is spending time doing tasks in their business that a junior, a student or an intern could do. Business owners find it easier to spend time on things that they know how to do, things they know that they can do well, instead of the things that they actually know that they should do but don’t really want to.

YOUR HOURLY RATE

Calculate the total hours that you work in your business each and every week on average. Write down the amount that you pay yourself from your business each week and divide that by your total hours worked and then you’ll actually arrive at your hourly rate.

Now ask yourself this question: Is it actually legal to pay someone of your experience and your qualifications the hourly rate that you are paying yourself? Unfortunately, far too many people in business today who do this exercise will actually be coming away from it quite dissatisfied. Unless you make the effort to change what you’re doing right now and address issues such as these, you’re going to continue to get what you’ve always got.

Remember, successful people will invest money to save time. Unsuccessful people usually spend time to save money. And let’s face it, we can make more money but we can’t make more time.

RESOURCES MENTIONED

CEO on Demand website – www.ceo-ondemand.com.au

More Profit Less Time website – www.moreprofitlesstime.com

THANKS FOR LISTENING!

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Until next time!

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TRANSCRIPT: PODCAST EPISODE 22

Title: How To Reduce Your Working Hours and Increase Your Income

Date Published: November 2, 2015

Running Time: 07:20 minutes

Hi, this is John Millar I’m the naked business coach stripping business back to the bare basics. Something that I want to talk about today is something that caused half of many business owners, which is how to reduce working hours and actually increase your income.

So we all hope from time to time that our greatest asset is in fact time. And how you’re gonna invest your time is one of the keys to business success. Understanding this, however, have you sufficiently asses how you spend your time and how it could be possibly used more effectively and increase your income. Do you know how to reduce the time you spend in your business while increasing your income at the same time? This is only achieved when you consider your time as an investment. Be aware that you need to invest your time rather than just simply spend your time. Understand that there’s a right to return your time and ensure you’re investing in techniques that will increase the profitability of  your business.

Invest your time in planning and setting goals to ensure the continuing growth in your business and of yourself. To ensure this growth, every business owner must calculate their productivity as the percentage of the total time spend in their business, then invest more time doing what will result in actually increased Income, and less time on other demanding and perhaps unimportant task.

Far too often we meet business owners that is spending time doing tasks in their business that a junior, should or an intern could do. Business owners, like all of us find it easier to spend time on things that they know how to do, things they know that they can do well, instead of the things that they actually know that they should do, but don’t really want to. Consider this, is it better for you to focus 10% of your time on a task or have someone else to give it a 100 % of their focus? Even if they’re only 50% as good as you at doing that task. After all, which is easier to achieve? A 100% improvement in your own productivity or a five percent improvement in each every employee’s productivity.

Are you in a position where you’re spending the majority of your time working on your business, training, coaching, nurturing your team members seems to all to slide by the side. Are you interested in spending your valuable time safe carrying the long term success for your business and securing your freedfree d mypriorities, and develop a team that works with you, without you being there.

And here’s an interesting exercise on the subject of getting paid what you’re your worth. What I want you to do is calculate the total hours that you work in your business each and every week on average. Now ain’t your place of work, not just the time you’ve spent working that you take home as well. Write down the amount that you pay yourself from your business each week and divide that by your total hours worked. And then you’ll actually arrive at your hourly rate. I thought the misfortune of seeing some business owners when we do this exercise, earning as little as $3.21 per hour. Now you can go and work for a fast food joint and a lot more that and a lot of stress. This means you actually really need to focus on preventing your time from being distracted from things that just aren’t worth your effort. Now ask yourself this question, is it actually leave to pay someone of your experience and your qualifications the hourly rate that you are paying yourself?Unfortunately, far too many people in business today who do this exercise, will actually be coming away from it quite dissatisfied.

Let me tell you now. That unless you make the effort to change what you’re doing right now, and address issues such as these. You’re going to continue to get what you’ve always got.

This is John Millar I’m the naked business Coach,I hope this byte size podcast today helps you to think about your time and let me leave you with one of my favorite quotes, and I wish I could  remember where I heard it from. And that is “Generally speaking, successful people will invest money to save time. Unsuccessful people usually spend time to save money” and let’s face it, we can make more money but we can’t make more time. Until next time. Take it easy. Have a good think about this and I look forward to talking to you again soon.

Testimonial:

John Millar, certified business advisor, consultant, professional speaker & elite business trainer, has helped countless business owners achieve long-term success.

One of John’s clients of Nichole Ammerlaan of AQD Realty. Here’s what Nichoole has to say about John:

So I’m Nichole, I’m from AQD Estate Agents and it’s a real estate company, we do copy management and signs. We’ve been running for about 7 or 8 months now, and I initially found John, because he’s actually in a building below me. And I decided I need to learn more about finding a business how to run a business and how to drive it properly and effectively. I first started doing a business essential course which I found to be exhilarating. The amount that I’ve learned so far has been outstanding far about, I could ever been read. I’ve now also employed John as my Business Coach. And What I have been able to implement in my business has been phenomenal, just even social networking, just the ideas he puts into place even making me, make decisions that I, maybe I didn’t wanna make. I have the biggest thing I got out of him is re-energizing myself and getting the business to where I want it to be and also having the goals, setting the goals, now I know where I am going and I know how to be driven to get there. Why should someone say John, because he’s unbelievable. You get more out of John than you do when reading book.

To find out more about John and what he can do for you and your business, go to www.ceo-ondemand.com.au or www.moreprofitlesstime.com

John Millar

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