Dollar Productive Behavior
In my last post we looked at Living a Life that You Design. It is now time to look at Dollar Productive Behavior and funding your lifestyle.
This post is part of a series I am writing as I revisit a course I did some years ago with Dr Fred Grosse. In the earlier posts I discussed:
If you have not read the earlier posts I suggest you do that first to put this one into context.
If you have done the exercises in the earlier posts you will know we are designing our life and now we are going to look at how we fund it.
Dollar Productive Behavior
Dr Fred had us keep a time log of the time we worked broken into 15 minute intervals. I spent the early years of my working life in a public accountancy practice where I followed the discipline of completing “time sheets”. If you are not familiar with time sheets, basically they are a daily record of how you spend your time – what sort of work you are doing and for which clients. The reason for them is simply to keep track of the time which will be charged to each client.
I remember when I left the accounting profession I was sort of lost without the discipline as it does keep you on track and being aware of how you are spending your time.
Dr Fred asked us at the end of each day to go through the summary and highlight the hours we were attempting to make money. Basically dollar productive business should produce income.
He then asked us to do the following:
- Put a dollar value against every hour you spent working
- List the activities that earned you the most $’s per hour and write the $ amount next to each activity
- List the activities that could have been performed by an assistant for $15 an hour (in our online world we can translate that to “outsourced”)
- List all the “chatter” going on in your head about having an assistant and delegating
- What does it cost you each time you continue to perform these $15 tasks
- List the activities that you perform in your business that earn you the most income. Start with the most dollar productive.
- Make your office the ideal office – list ways you can enhance your office to help you be more productive.
- Thinks I will no longer do – ah that is an important one!
The Online World
I did this course before I started my home based business. I had plenty of people to delegate to then but now I know there are many things I allow myself to become bogged down with that would be better outsourced.
I am going to do these exercises again now and I encourage you to do the same. The last one is really important. “things I will no longer do”. Often it is the things we should not be doing that we waste our time on.
Of course the online world has so many traps and it is easy to lose hours on social media if we are not disciplined. Our email in boxes are also traps and of course there are all of those bright shiny objects.
How are you spending your time?
There is only one way to really know how you are spending your time and that is to log it. I suggest you keep an activity log for at least two weeks and write down everything you do. At the end of each day go back and work out how much of your day was “dollar productive”. You may be surprised at the result.
Once you have become clear on how you are spending your time you will know what activities you need to add and which you need to drop or outsources.
I would love to hear your comments on Dollar Productive Behavior. Do you log your time or have you ever done it? Are you doing work you know you should outsource?
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