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
same day cleaning service Des Plaines ..The single most important activity you can do in your... Read More
If you plan to do business online, then your website... Read More
As the owner or an employee of a small-to medium-sized... Read More
After over thirty years advising small business it still comes... Read More
"So what?" is a lovely question.It can lead to a... Read More
The current lack of industry leaders represents an exceptional opportunity... Read More
Achieving real success should be the goal of any good... Read More
Paul Leonard's BirthdayCards2Go.com paid greeting card service offers convenience when... Read More
I have a confession to make. My name is Caroline... Read More
Do you own a franchised business? Over 400,000 franchised businesses... Read More
One of the hidden perks of raising six children is... Read More
Company mottos can easily be printed on a business card.Sometimes... Read More
As a franchisor I am always asked by new and... Read More
If you are a small business and qualify to participate... Read More
That sizzling sound you're hearing may be a symptom of... Read More
Where would a business be without a business plan? A... Read More
No matter how small your small business is, it is... Read More
Many self employed professionals find themselves overwhelmed, frustrated, and confused... Read More
Image of your franchise automotive outlet is so important. Some... Read More
My 16 year-old daughter said, "Gee Dad! You look just... Read More
I've got good news and bad news. The good news... Read More
For many small businesses, the "S" corporation is the business... Read More
Debt collection letters--an overview"Debt collection letter" in the singular may... Read More
As a practise gets larger & larger the associated problems... Read More
A Mattress Cleaning Business might be just for you if... Read More
home cleaning services Mundelein ..Whether you operate a chain of restaurants, a mom-and-pop convenience... Read More
How far can you go based on your relationship with... Read More
Small business owners can relieve a lot of their own... Read More
In the book Women and Small Business author gives all... Read More
One major issue not being addressed right now in the... Read More
1. Know Where You're Going ? Coach Herb Brooks had... Read More
The success of your business is critically dependent on how... Read More
Q: I really want to start my own business, but... Read More
Large corporations use employee manuals to both educate employees about... Read More
CONSIDERATIONS FOR YOUR INTERN: Specify the number of hours the... Read More
It's obvious when a small business has accepted the fact... Read More
Sexual Harassment is a disturbing part of employment life in... Read More
Often smart entrepreneurs look for out of the way businesses,... Read More
Setting priorities in your business? Your first job is to... Read More
Would it help you as a real estate investor to... Read More
Every employee would like to earn as high a salary... Read More
As an Investment Representative you've worked hard to build trust... Read More
Grow your Professional Organizer business by branching out into related... Read More
The way you manage your money is one of the... Read More
The home-based business market, sometimes called the SOHO (small-office/home-office) market,... Read More
Canon City, Colorado is known for it's 6 Prisons; State... Read More
Did you know that satisfaction is the number one emotion... Read More
While I was hard at work last week, an everyday... Read More
During the California Recall Election, I was very interested. Without... Read More
Someone new to business ownership recently told me, "Before I... Read More
Small Business |