Posts tagged Pockets
You Can Work Less and Make More Money
Jan 24th
These days it seems we work longer and harder and still end up with less money in our pockets at the end of the Month. Wouldn’t it be great if you could work less hours and still have more money in your pocket? Well you can if you reduce your current debt and spend more work hours on tasks that produce more income.
Realistically there are only few ways available to us to make money. As an employee, investor, by marriage or inheritance or as a business owner. Of all these being a business owner will give you the best opportunity to control the amount of money you can make.
Let’s take a look at some ways to make more money in business. 1. have more customers, 2. sell more products 3. increase the price, 4. reduce your costs, 5. build up a strong business that you cans sell for a profit.
The best way to make more money in your business is to spend your time getting more new customers which will lead to more sales. Everyone is very busy in their business but if you look at what you spend most of your time on in your business you will realize that it is on doing things that are important but do not make you money. You need to work smarter not harder.
A good way of doing this is to Leverage your time, in other words getting others to do a range of tasks to help you get things done. You need to able to delegate some of the other tasks to other people in your business. If you create systems in your business there are 2 benefits. Your business can run without you doing the work which frees you up to focus on getting more customers and also your business is consistent in quality and standard because everyone follows the same procedures.
If you hire an assistant they will be able to process a lot of administration and organizational tasks which will free up your time.
Customer Service is very important to your business, You need to keep in contact with your customers and develop a good relationship. There are easy and relatively cheap ways to communicate with customers via the internet nowadays such as email, newsletters, telemarketing and EzineArticles. This will have numerous benefits. Firstly repeat business, good work of mouth referrals and even selling of other related products.
To get an idea of what to charge for your product you need to look at the market to see what prices are currently being charged and whether you are able in increase the price of your product. You may also be able to reduce your overheads and costs by simply taking control of your expenses and asking yourself if this is required to make your business more profitable. Also look for ways to make your business more efficient and a really good way to do this is to enlist your employees feedback and help.
Some people like to build up a business and then sell it for a profit. If you are looking to do this you must first assess the type of business to make sure it is saleable or does it require your specific expertise to be profitable. If not make sure good business structure and systems are implemented.
So just to recap we see that you can have more money with less time spent working if you implement some important strategies. Firstly work smarter not longer. Look at your current debt to see if you can get rid or at least reduce it. Then look at your current methods of making money and try to focus more on task that actually make you money. Hopefully this should lead to more money in your pocket and more time away from work to enjoy yourself!
Big Rocks – Sequence Matters
Sep 30th
A noted expert was invited to speak to a group of 3rd year business students. To drive home a point, the speaker used an illustration he felt they would understand and more importantly, remember.
The visitor stood in front of the enthusiastic group “It’s time for a quiz!” He then pulled out a one-gallon, wide-mouthed mason jar and set it on the table in front of him. From his pockets he produced about a dozen fist-sized rocks and carefully placed them, one at a time, into the jar.
When the jar was filled to the top and no more rocks would fit inside, he asked, “Is the jar full?” The class responded, “Yes.” Then he added, “Really?” as he reached under the table and pulled out a bag of pebbles. He dumped some in the jar and shook it causing the smaller pebbles to work themselves down into the spaces between the big rocks. He continued pouring and shaking until the pebbles had reached the top.
He smiled and asked again, “Is the jar full?” By this time, the class was on to him. “Probably not,” one student answered. “Right!” he replied. And he reached under the table and brought out a pail of sand. He poured the sand, shaking the jar gently as the sand sifted down and filled the spaces left between the rocks and pebbles. Again he asked, “Is this jar full?”
“No!” the class shouted, curious about what else he could add. Once again the speaker agreed, “Right!” He grabbed a pitcher of water and began to pour until the jar was filled to the brim. Then he looked up at the class and asked, “What is the point of this illustration?”
One pupil offered, “No matter how full your schedule, if you try, you can always fit more into it!” The speaker laughed, “We sometimes think that, don’t we? But, no! That’s not the point.” He continued, “What if we filled the jar in the reverse order?” “You wouldn’t get any big rocks in.” the class replied.
“That’s it, no room for the big rocks. It’s too late to fit them in?”
The speaker urged the students to ponder this lesson and it’s implications for their future. He had learned this lesson the hard way wanted to spare them some grief.
“Repeat after me;” he said, “BIG ROCKS FIRST!” The class applauded.
In business and life the big rocks form a foundation for you to build on.
What are your big rocks? What are the important things you need to focus on in your business or your life? What have you been putting off that’s critical to your long-range success? Repeat after me, “BIG ROCKS FIRST!”
