Make more money AND work less

You can make more money and work less if you work on THE most profitable services or products you offer (see short video below).  If you’re not sure what areas are most profitable in your business, here’s a short guide.   Don’t get bogged down in detail.

Review your 2019 numbers at high level.

Review your 2019 income / turnover by service or product type (if you can get this easily from your bookkeeping records).

If you can’t see this from accounting records, summarise your sales by type on excel from your records per month.  Then, review your expenses to see what income type requires more of the expenses.  Look at rough percentages and high-level numbers.

The important item to consider is YOUR time.  Where would you allocate it to? What portion is taking most of your time?

You should have high level numbers now for the profit per income stream at this stage.  Can you see how profitable each area of your business is?

We all do low and high value work every day but the key to growing your profit is to focus on the higher value items before you do the lower value work.

Always think, which task is highest value and start with that work?

It’s hard at first, but gets easier with practice.

Have a wonderful week

Wendy

[24 February 2020]