Are You Leaving Money On The Table?
None of us work for free. Every dollar we make is important to living the entrepreneurial lifestyle we want, so it’s important to know if we’re maximizing the amount of income we could be making.
Today, we’re going to look at how you might be leaving money on the table, as well as some strategies for how you can re-capture some of that wealth.
Drop low-value tasks
Many of us spend too much time on low-value tasks. Small tasks need to be batched, automated, or hired out so you can spend more time creating valuable services or products.
Streamlining your systems will allow you to use your time more efficiently on higher-value tasks, and pend time thinking about improving processes and solving for larger business cases versus one-off solutions.
Hire some kind of help. Even if you’re just starting out, hiring help will free up some of your important time and allow you to make more money. The best place for this person to start is with those low-value tasks.
Payment reminder emails
Payment reminder emails are a great way to make sure that you get paid. Batching your invoice emails at the beginning of the week will make sure that you’re sending out reminders without spending time chasing down individual clients or payments.
Have your VA scrape your inbox
Having your virtual assistant go through your inbox once a day and look for client-related feedback is the perfect way to consolidate all your notes and tasks without spending a ton of time on email.
Track your time
Use a time tracking app like Toggl to find out how much time you’re spending (or wasting) on any given project. This will help you prioritize, and increase efficiency and ROI.
Have a qualifying call with potential clients
Just because someone wants to hire you doesn’t mean that you should take their business. Do a qualifying call so you can determine if they would be a worthwhile investment of your time and energy.
“The fact that you’re not doing this is keeping you from thousands of dollars in your business because you’re not investing time in order to streamline your processes.”
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- Time is money. The best way to stop leaving money on the table is to optimize your time.
- Batching, automating, and hiring are great ways to reclaim your time for high-value tasks.
- Tracking time and pre-qualifying clients is a simple way to make sure you’re not wasting time.