“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs” – Peter Drucker
In chasing your vision, goals, and desired result; you must closely monitor how you choose to allocate your time.
Many of the business owners and professionals we speak to report that they’re often going days or even weeks getting stuck in the weeds rather than executing on action items that drive desired results.
We look at “Money Making Talents”; those actions that produce superior results for your business and career. In breaking down daily activities, or reviewing time management journals of clients, we’ve found that folks are spending the vast majority of their time on minor tasks that may be necessary; but are not productive, effective, or result producing.
The first step in choosing to allocate time differently is to determine how you’re currently spending your precious hours. After conducting exercises with thousands of Business Owners and Professionals we’ve found that most are unable to account for the hours in their day. While many can develop a “rough” outline of time management for the same day, or prior day; two days prior or last week are a mystery, Track your time. Keep a journal, spreadsheet, or use an app like Office Time, You must learn – in great detail – how you’re currently using the hours in your day.
Identify your “Money Making Talents”
Those activities that have produced a huge, measurable result. Maybe you built a relationship with a certain type of professional that now refers you a substantial amount of new business each year. Or you conducted an educational seminar to a group of people after which you obtained significant inquiries from qualified prospects. You get the idea. What works? Identify those things and do more of them,
Experiment and innovate
In addition to what you’ve identified that works well; what might produce major results that you’ve not attempted? Get creative, brain storm, collaborate with your team, peers, or a Mastermind group to get some help. Develop strategies that you believe will produce significant results towards your vision and test them. Measure the actual results as compared to your expectations. Measuring is critical to success.
How you choose to allocate your time is one of the most important factors to achieving your vision, dreams, and goals. Are you choosing wisely? If not, make some course corrections. Work smarter and include money making action items into your daily “to do” list. Delay or delegate items that are urgent but are of little value to your results.