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- What about flipping a small business compared to real estate?
- Managing your Business in 2 Hours
- How we buy companies for under $5,000
5 keys to work smarter not harder
Title: Work smarter not harder – 5 mistakes all small business make
5 Reasons small business owners don’t work smart so they end up working way to hard for the money they make.
Have you ever looked up at 3.30 PM and said “Wow, where did the day go? I haven’t done anything I wanted to get done today?”
- We don’t have time to do what’s important because were too busy doing what’s urgent. We get pulled away by one fire alarm after another. The solution: make a list of 3 long term valuable tasks to do today. Do nothing else until those are completed. Then you can run your fire department. Nothing you do will help you work smarter not harder then this ONE critical function.
- Outsource everything your clients don’t know about. If a task like payroll or bookkeeping finds its way to your desk – get rid of it. It cost less to move clerical work out of your life then it does to do it in-house. There are hundreds of little tasks we just can’t get to because we don’t work smart. Why do work that has a value of $10.00 an hour when your time is worth $100 to $500 an hour.
- Charge more. The vast majority of our clients are so afraid of loosing the 10% of the customers who are buying on price only, that we forget that most customers want quality. Do not be afraid to charge what your worth. If you want to be your own boss, hire an accountant to do ‘what if’ scenarios on your pricing. A 10% price increase will double the net profit of most small businesses.
- Delegation is the first step of working smarter not harder. When a job comes onto your desk do not ask yourself ‘How am I going to do this work?” Instead ask “Who is going to do this work?” You will free yourself up to work on things that really count.
- Start acting like a CEO and get paid to think, plan and build relationships. Here are the 3 things that I believe you should do every day if you want to start working smart.
- Buy one really great new client by advertising, personal effort, referral or joint venture. Get a good new client every day. Nothing is more important.
- Build on one existing relationship starting with your staff, then vendors then customers. Explain your vision and what you are hoping to accomplish. It will make the people you know allies.
- Write one system or ‘how we do it here’ flow chart EVERY DAY. Start with the tasks that keep coming to your desk. Then move to the 20% of the work that makes up 80% of your business process.
Summary: If you just stop trying to do everything in order to save money ‘until we get off the ground.’ You will find your business growing by leaps and bounds. To learn more about moving work off your desk be sure to sign up for our weekly video “Becoming a Virtual Business” Its free and you will learn how to remove one task a week out of your life forever. Allowing you the time to buy that one really good new client.