Time Management means applying strategic productivity planning to your tasks or functions, but how do you master it?
Dr. Oz explains it like this:
“Every endeavour that you do has a important few tasks or functions, but you have to figure out what those vital few tasks or functions are and then become a master of doing them and be prepared and ready to deliver.”
The easiest way to find out what your most important tasks or functions are, is to what your time is actually worth.
Hourly Rate Formula
The formula goes like this: your income goal divided by 2’000 hours
- $100’000 = $50/hour
- $250’000 = $125/hour
- $1million = $500/hour
Calculate your hourly rate: your income goal $_________ /2’000 = $_____/hour
Now that you know your hourly rate it is time to figure out your most important functions that only you can do that make your business successful?
Your Master Tasks or Functions
- Make a list of all the things you are currently doing.
- What is the cost of doing each item? If it is below your hourly rate, pass it on to somebody else to do.
- Become a master of delegation and outsource at a lower rate.
- After you have gone through your list, which tasks/functions are you now left with? Select 3 that you are a master of. You don’t want to be mediocre at many things and a master of none.
- Aim to work only on the tasks that bring in your hourly rate or more.
“You cannot afford to do low value work to make the income goal you have set.” ~Darren Hardy
If you are just starting out as an entrepreneur, you will be the one who does everything. At this point your main goal is to start making income fast, so that you can then outsource everything below your hourly rate and concentrate on what makes your business successful.
Once you have enough cash flow to outsource the work, you can focus on the tasks that you are best at and that will make your business flourish.
“Your business can only grow as much as your calendar can handle”. ~Darren Hardy
Do you know that multitasking is not effective. Always focus and work on just one thing at a time. Make becoming successful a routine by being disciplined and sticking to it becomes a habit.
I would like to hear your opinions. Please leave a comment below.