How To Choose Between Time And Money Goals
TRANSCRIPT AUTOMATICALLY GENERATED Hey, Hey, so this week I'm going to dive into probably the biggest question. We all ask ourselves as lifestyle entrepreneurs. Am I focusing on time or money? and I know you probably want to say both, but hear me out, stay with me on this one. First of all, I think we have a problem in that we. I tend to think about our goals and think about what we're going to attack based on here's how much money I want to make. And let's divide that by the price of my highest ticket item or a mix of my products, prices to work out how much I need to sell. And then that's how I trot off and do it. We've been talking over the last couple of weeks about thinking further than just monetary goals. There isn't some random annual plan. So I want you to take that product mix that you came up with, because look, we all do this calculation, so I know you've done it. Take that product mix that you've come up with. Maybe it was 10 high tickets. And then go and add in all of the time around those clients. How much time do you have to prep? How much time will it take you to deliver? How much time will it take you to recover from the call? How many sales calls did you need to do to close that client? John's is all the mix of your products that you're thinking about for Q4, what you think you need to sell and deliver. And Q4 is only going to hit your time or your money goal. So I want to walk through how you can make the decision of which your business needs you to focus on so that you can actually make a better choice for Q4. My first question, does your business pay the bills? So if you looked at your entire lifestyle and I don't mean scrimping and saving, I mean your current level of lifestyle, does your business give you enough money in profit or salary to pay those bills? If it doesn't, you need to stop here. Your priority has to be money over time at the moment cash coming in is the last blood of your business. Without it, the business is going to cease to exist. So until you reach that level where your business is paying that baseline of bills for you, you want to focus on more of a revenue sales, profit. If you are at that level and your business is paying those bills for you, then you can move on and ask yourself all you at the current level of time, commitment that you want to be at. For example, if you want to take Friday off to Nunes off all, you able to do that at the moment. If not in Q4, you can look at how you can maintain profit while decreasing your. The idea here is to look, to get more efficient. With your time without simply increasing your costs. Right? So this doesn't mean, oh, I'm going to outsource everything. And now I have Fridays off. It means that your bottom line doesn't change while you remove those inefficiencies, if you are outsourcing, how is that impacting revenue as well as costs so that your bottom line stays the same. Okay. If your business is paying the bills and you are at your current kind of work commitment that makes you feel comfortable, you've got Friday afternoons off, whatever it is, then you can look at each of those categories and you can say to yourself, what's the thing I would like to add into my lifestyle and how much more money, what I need from the business to do. Okay, maybe you want to take an extra vacation a year. What would that take in monetary terms? If you're at your current time goal, you want to think about maybe instead of just Friday afternoons off, you don't want to work Fridays at all. So you need to find an extra half day of efficiency in your business while maintaining that profit. Right. And then here's the kicker you need to choose, which of those is more important to you right now? Priorities come from the word prior, meaning before all else. So they can only be one thing that comes before all the other things. So you need to pick, which of those is your focus. Do you want to increase your lifestyle level or do you want to decrease your time? Commit? And then that becomes what you focus on. Now you can go back and say, this is my focus for Q4. What does that look like in terms of a pricing and capacity mix for my office? Can you see how simply deciding that you're going to make seven figures could just explode your time, commitment to your business without you even realizing it. And on the flip side, deciding, oh, well, I'm just going to work a two day week could destroy your lifestyle because you might not be able to pay for it. Big goals are great when we think about them on a long-term time horizon, but real goals, actual step-by-step goals that keep you focused and motivated and on track are way more powerful and we'll get you to that end result, where you can have the time and money that you want.
For a lifestyle business, time and money both matter so how do you pick which one is a priority?
Simply deciding on 7 figures could explode your time commitment while only working a 2 day week could mean you can’t afford your lifestyle anyway.
In This Episode
- Why your offer mix is a problem
- Step by step prioritization
- Why this matters
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The information contained above is provided for information purposes only. The contents of this podcast episode and article are not intended to amount to advice and you should not rely on any of the contents of this article or episode. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this article. Diane Mayor disclaims all liability and responsibility arising from any reliance placed on any of the contents of this article.