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
cleaning service near Bannockburn ..Disclosure laws in franchising are suppose to help the consumer.... Read More
How to identify future solutions and opportunities?Your power page, if... Read More
As a practitioner and student of Small Business Marketing, I... Read More
WHEN you are operating or planning a small business that... Read More
If you're looking for start-up capital for your business, but... Read More
You're a small business owner with a hot new product... Read More
Would it help you as a real estate investor to... Read More
Multimedia is everywhere on the Internet, whether in the form... Read More
When starting a business, you have to determine the method... Read More
As you may already know, asphalt paved parking lots do... Read More
You know your prospects need what you sell. You know... Read More
While driving through Pennsylvania farmland, you have probably noticed an... Read More
After over thirty years advising small business it still comes... Read More
What are the best methods for keeping a good business... Read More
When deciding to host a fundraiser for your company or... Read More
Here's why 'WHY' is such a profit-making marketing trigger."Stop taking... Read More
Researching information for a recent business plan, I came across... Read More
When a regulator finds a target to go after to... Read More
Sacred cows take a long time to die. We get... Read More
Until the day I learned to play chess I loved... Read More
One of the primary concerns all small businesses have is... Read More
Small businesses need Public Relations, possibly more than large corporations,... Read More
Writing a business plan is a fundamental step to ensuring... Read More
In franchising an individual desirous of their own business will... Read More
Never underestimate the power of perception! Perception plays a major... Read More
pet-friendly home cleaners Mundelein ..Obtaining a business credit card enables the small business owner... Read More
We were more than excited. Our women's doubles tennis team... Read More
The following tips have come from a wide variety of... Read More
Why? Because they have access to world class public relations... Read More
At first glance, this topic may seem a little repetitive,... Read More
Consistency is a huge word when operating your business. I... Read More
A tongue-in-cheek look at the skills required to operate a... Read More
Here are some useful tips on how to select a... Read More
Imagine that you have operated a successful franchise business for... Read More
If you own a small business, you should know that... Read More
In these days of insecurity and uncertain futures, the tendency... Read More
Your business is only as good as the number of... Read More
You know your prospects need what you sell. You know... Read More
We have all seen the mobile washing units cruising our... Read More
What is in an information plan?Before you even meet with... Read More
The restaurant industry in the United States employs an estimated... Read More
Are you a motivational speaker who consistently gets rave reviews... Read More
As a business owner, you already know how important it... Read More
Do you promote yourself as offering prompt, reliable and quality... Read More
I was floored! I couldn't believe what they were saying!... Read More
If you have ever had your antique shop or mall... Read More
Cleaning the trailers towed by big trucks is not easy,... Read More
Incredible as it sounds, you have a goldmine of free... Read More
Security Professionals provide the products and services necessary to create... Read More
The Dynamics of Daylight Savings Time changes the way we... Read More
Small Business |