This is more than a rhetorical question.
As a big fan of Michael Gerber, author of The E-myth Revisited, the whole premise of working more effectively and INCREASING your earning power is based on LEVERAGING your time. The basic premise is to establish how much your time is worth and then hire others to do the work for less. This is commonly referred to as “working ON your business and not IN your business.”
For employees, you would divide your salary by the number of hours a day/week/year that you work, arriving at an hourly dollar amount.
But for business owners and entrepreneurs it’s very different. Start by figuring how much an hour you want to make. Because it is, after all, entirely up to you. For the purposes of this exercise let’s pick a reasonable and round number and say it’s $100 per hour.
So if your time is worth $100 an hour and you worked an average of 40 hours a week you would top out at $192,000. Not bad. But that means you’re billing AND getting paid your hourly rate for every single hour you’re working. Highly unlikely. You could, of course, work more hours, which as an entrepreneur and business owner you probably already laughed at my 40 hour estimate, but even then, there are only 24 hours in the day and it would be impossible to work and earn for all of them.
IT’S ALL ABOUT LEVERAGE
So if you can hire someone to work IN your business for $25 an hour while billing $100 you can use the time you saved to bring in additional business and think more strategically about opportunities that can bring in additional income.
I’m writing this article because many of our clients are small and medium-sized businesses who struggle with this concept every day. We see it very acutely with the email marketing programs that we set up and the blogs we build, all meant to generate leads and new business which is why clients buy them in the first place. But just like the “abdominizer” that collects dust in the basement after the New Year resolutions fade, none of these tools will do any good if they’re not deployed and actually used!
So what to do?
Late last year Samson Media introduced a maintenance program that offers to do the necessary tasks that business owners know they need to do but don’t seem to have the time for. For a nominal monthly fee as low as $150 we’ll send out that email newsletter, post content to your Facebook page, update your blog, add products to your shopping cart and more. Suddenly, you’re not thinking about the grind of having to do these important tasks but thinking STRATEGICALLY about what offers to make, and what messages you want to get out and orchestrating your business like a conductor. Not playing the third violin.
So if this is the year you’re really going to “do it” and be more productive while working not just harder but smarter, give our maintenance program a look. And make this your best year ever!