Stop working all the time
You try to spend time with your family, your kids or you’re simply trying to have a social live outside work. But somehow it seems there is always more work. You might feel like you must spend every waking hour working, just to make sure your business survives and starts to grow.
Well, not any longer! From this moment on you’re going to limit your working hours. But why would I do that, you ask? There are several reasons.
If delivering your product or services at the prices your clients are willing to pay requires you to work 50 hrs a week or more your business model is faulty. If that is really required, which I highly doubt, but more on that later, but if that is really required, it would mean that you can never scale your business. Will you ever find an employee that has the same dedication, works the same hours, is just as productive as you are and willing to work for the hourly rate that you’re making? Probably not. If you were to double your clients at your current prices, you won’t be able to afford a new employee. Therefore, setting prices with a good margin from the start is so important. If you can’t raise prices, take a hard look at your business model and at competitors that do have employees. How are they doing that?
Limiting your working hours requires that you focus on those tasks that are the most effective. You can’t do everything that you used to do, which is a good thing. You need to make choices. And they can be hard choices, but they need to be made. Stop doing those tasks that have the lowest ROTI, Return On Time Invested. Start thinking how you can select and find new tasks that have a higher ROTI.
Learn to say no
If you have all the time, then when are you going to say no to a client? Or to anybody for that matter. You need to learn to say no. No to tasks, assignments or even orders that are not worth your time. Limiting your time that you spend on your business will require that you say no on occasion and that’s perfect. Because as you become more successful there will be more and more tasks that are not worth your time.
Can you imagine a multi-millionaire spending time on cleaning his desk and office? Probably not, because that activity is just not worth his time.
Can’t handle the work
As I alluded to in the first paragraph limiting you working hours is a great test of your business model. If you find that you can’t handle the paid work in a normal working week, you can do two things: One, hire help, or two, raise your prices. If you spend the whole week executing work but can’t afford to hire help for that work then you’re not a business owner, you’re an employee. Just with several bosses.
If you can’t afford to hire help, there is only one option left, raise your prices. Some clients will leave, that is great, as it gives you more time to spend on those clients that do appreciate you and are willing to pay your higher prices. And when you have created enough margin in your prices you can then start to hire help to fill all the orders.
Starting today, limit your working hours! Start to make the hard choices of what you spend your time on. Still not convinced? Let me know in the below comments what is stopping you from limiting your hours.