How to Prioritize Money-Making Tasks
Everyone in business wants to make money, right? Today, we’re going to talk about prioritizing money-making tasks. Every task is different and we need to figure out how each one will benefit our bottom line.
All tasks are not created equal
There’s no denying that some tasks are simply worth more than others. Your Instagram post for the day will not get you as much money as calling back a client. We need to be deliberate and careful about how we spend our time each day and assign an ROI (return on investment) to the tasks we choose to do. To understand this better, you need to understand the three types of money on which your business operates.
1. Money Now
This is money that is coming in the next 1-30 days. These are generally quick turn around projects that are straight forward and require minimal discovery or research.
2. Maintenance Money
Maintenance money is the recurring money. It’s the retainers or recurring money that we work at to fulfill deliverables. A lot of people (for many reasons) choose to go for maintenance money first. Checking things off a to-do list feels good, but this doesn’t bring in a whole lot of money. Maintenance money should really only occupy about 10 percent of our time.
3. Money Later
This is the money that will come to you at a later date: Sales, marketing, business development, etc. This is the scary one that people love to put off, but it’s very important for the health of our businesses. We should be spending somewhere about 70-80 percent of our time on money later so that we can continue to grow into the future.
“If you really want real money coming into your business, there is a shift that you need to make in your prioritization. It might be hard, especially in the beginning, but I want you to at least have it in your mind and realize where your time is going.”
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- Prioritize your money later tasks. They are the most important and are critical to growing your business and keeping it sustainable.
- Hire a virtual assistant to offload maintenance money tasks. They can take care of little things while you are growing your business.
- Block off time in your week to do nothing but money later tasks so that they don’t slip through the cracks.