You only have so much time in a day right?
So wouldn't it make sense to focus as much of your time as possible on the things that produce the highest payoff.
I don't know about you but most small business owners are do-it-yourself types and get sucked into doing the littlest silly work faster than you can say "Oh look, the copier is jammed again."
If you want to achieve any of your goals and finally start making what you are worth then you've got to stop doing $5/hr work. Period.
As you might have guessed by now, I believe that every business owner's highest payoff work, or best use of time, is any amount of time spent creating effective marketing.
Here's a little math quiz that I suggest you play with to help drive home this point. Figure out how much money you make annually or, better yet, how much you want or need to make annually to achieve your dreams and goals.
Now, divide that number by 2080. (That's the number you get if you work 40 hours a week for 52 weeks a year - I know, I know, you work 80 hours a week but just work with me here.)
The answer you get is what I call your "PAY" or Personal Average Yield. (I should probably trademark that it's so clever) The idea here is to pin down what you are worth an hour and realize that if you can hire someone to do any of the things you currently spend your time on for less than that number, you can't afford to do it yourself - did I mention that you could use the spare time to do some marketing.
So let's run some numbers. Let's say that you want to make $150,000 per year. Well, using our little formula, that means that you need to be doing work that is worth a little over $72/hr - 8 hours a day.
But guess what...we haven't even factored in any overhead or costs of doing business. That number might really get big if you've got those as well.
This is the point at which many people finally come to understand that they are undercharging for their services?but that's another issue all together.
So I ask you. Is fiddling with the copier, chatting with the mailman, running to the office supply store, making deliveries, or returning meaningless email paying you $72/hr? For that matter, doesn't mowing your own grass, washing your own car, picking up your dry cleaning, and getting your oil changed take you away from marketing your business? I know, now I'm asking you to consider giving up most of the fun things you like to do everyday but hey, if you can get the neighbor kid to mow your grass for anything less than $100/hr, therefore giving you 3 hours to write a killer sales letter - it's probably a steal
Figure out your PAY number, paint it on the wall in your office, and then go about setting up your business in a way that allows you to focus on the only things that can really pay that kind of money: marketing, innovation, and customer service ? cause everything else is just a cost.
Copyright 2004 John Jantsch
About The Author
John Jantsch is a marketing consultant based in Kansas City, Mo. He writes frequently on real world small business marketing tactics and is the creator of "Duct Tape Marketing" a turn-key small business marketing system. Check out his blog at http://www.ducttapemarketing.com/weblog.php - get these kinds of killer tips weekly by sending an email to http://www.ducttapemarketing.com/weblog.php
green cleaning service Glencoe ..We're birds of a feather, public relations and small business.... Read More
Grow your Professional Organizer business by branching out into related... Read More
Most of us remember going to at least one garage... Read More
You've heard marketing and advertising gurus quip, "Sell the sizzle,... Read More
There have been many great points raised on both sides... Read More
If you own a mobile truck washing, pressure washing or... Read More
In your small business debt collection laws will eventually become... Read More
Don't let your customer satisfaction research initiative collect dust on... Read More
Most small businesses will not even try to advertise on... Read More
Aircraft Interiors of personal and corporate jets have hundreds of... Read More
Each day we hear of companies entering the franchising industry.... Read More
-- The One Pager Shortcut Series --An effective and compelling... Read More
What is Business Valuation? The term business valuation is the... Read More
As you reflect on this year and prepare for next... Read More
Franchising companies often use Business Broker to help attain sales... Read More
For really tough boat hull cleaning you will need to... Read More
The Federal Trade Commission decided to sit down and revamp... Read More
Did you know that satisfaction is the number one emotion... Read More
Now that winter has passed, the annual ritual of spring... Read More
The air in my client's office nearly crackled with her... Read More
Q: I really want to start my own business, but... Read More
Most businesses accept checks as form of payment for goods... Read More
What will your business look like a year from today?If... Read More
Why does research and education play an important part of... Read More
When you go into business for yourself, there are many... Read More
house cleaning company Bannockburn ..You're pretty proud of yourself! After all, only four months... Read More
Is it right for you?If you decide to advertise your... Read More
A few years ago, I visited Beijing for the first... Read More
When you awoke this morning, you found yourself buzzing with... Read More
Motivational author and speaker Jim Rohn says that for a... Read More
Why does consistency in the message have an effect on... Read More
In my previous article, Step 1, your challenge for the... Read More
If you own a mobile truck washing, pressure washing or... Read More
Pet Transportation Services are needed as the number of pets... Read More
As a practitioner and student of Small Business Marketing, I... Read More
Database Problems in MarketingI have been working on a direct... Read More
If you plan to upgrade your workshop into an Authorized... Read More
Do You Really Need a Toll-Free Number for Your Business?... Read More
Buyers want both online and local information about where to... Read More
"Inch by inch, row by row...that's the way my garden... Read More
What could Seinfeld possibly have to do with marketing a... Read More
Cash flow. To stay in business, you've got to keep... Read More
As a teenager I worked for my father's small business.... Read More
CARD SHARK7 Card Tricks That Improve Your Personal Networking PowerThe... Read More
If you are worried about how many different business cards... Read More
You've been meaning to tend to the administration part of... Read More
In the heavy equipment cleaning business you can make good... Read More
Senior citizens are generally not a large marketing segment for... Read More
When we speak of branding most of the time people... Read More
The Federal Trade Commission decided to sit down and revamp... Read More
Small Business |