HOW MUCH IS YOUR TIME WORTH

Time is a fixed income and, as with any income, the real problem facing most of us is how to live successfully within our daily allotment. - Margaret B. Johnstone

We all know the old familiar phrase that "Time is money." Think about that for a minute (the time it will take you to read this) and consider how much money that minute may make you.

Whether you are a business owner, company manager, or entrepreneur, every minute of your day is spent performing either revenue producing activities or non-revenue producing activities.

A revenue producing activity is an activity that generates revenue from a fee charged for the sale of goods or services. A non-revenue producing activity is an activity that would be considered general and administrative.

Take an inventory of your day and you may be shocked to find how much potential income you are letting slip through the hourglass. There are many things you can do to leverage revenue producing activities and streamline non-revenue generating ones.

The first step is to identify all your daily activities, and assign them a degree of importance. There are many non-revenue producing activities that are essential, but that doesn't necessarily mean you need to be the one to do them. Or, that they can't be streamlined in some way.

Next, think outside the box. Brainstorm ways to increase your profitability by increasing the time spent on revenue producing activities in your day. Get perspective from your employees and a fresh set of eyes.

Third, implement a plan! To quote Henry Ford, "It has been my observation that most people get ahead during the time that others waste time."

By the way, this doesn't apply to just business. Take the same inventory of your personal life and determine which activities are profiting you and your family and which ones are not. After all, no one at the end of his life, has ever wished they spent more time at work!

Wishing you an exponential return on your time in 2010!