The Most Important Hour of Your Week – Time Management Tips
The timing is a bit unusual since I spent yesterday traveling after flight delays from an event.
This means TUESDAY is where I’m spending the most important hour of the week in planning with the rest of our team.
So what time management tips can WE share from our hour?
This week, one of the big issues our team is facing us is time management and future pacing.
Finding Your Time
In a consulting business (and pretty much any business), your primary product is actually your time (or your team’s time).
What you choose to do with it determines your revenue and ability to scale.
For example, our business is in the midst of a transition.
We’re bringing more resources to the TRAINING side of our business than the DIRECT SERVICE side.
This means we have to manage activities that currently produce revenue versus those that don’t and won’t for a while.
It’s the ultimate time management challenge…
You can’t let your business go bankrupt while moving into a new vertical or space.
To do this – our team uses a time tracking tool called Harvest.
What’s great about Harvest is that it allows you not only to track billable hours versus non-billable – but also allows you to check which AREAS your time is going to more than anything.
If you’ve followed me over the years, you know that I’ve shared that your scalable revenue is lost in your calendar.
Find Your Scalable Opportunities
Harvest gives us the insight to see where our time is LOST – as well as when we need to add more focus or resources.
It looks like this:
As an area of our day-to-day activity overwhelms the rest of your system, such as web development in our case, we know that we need to make an important decision.
Invest more time, develop another resource, or raise the price so that time is worth more.
If you don’t have a team yet, or you’re just starting out, this is a critical process to start early on in your business.
The metric to do this that I like best is looking at your VALUE PER HOUR (VPH).
You wouldn’t take a job without knowing your exact value per hour (or salary) and so you definitely shouldn’t treat your business that way.
Plus, when you set a goal around raising your value per hour, you’ll notice that you make smarter decisions around where your time is spent, when to bring on resources, and when to STOP doing things that aren’t working for you.
The simplest way to calculate your VPH is:
Total Revenue/Total Time Spent = VPH.
On the Facebook Ads course that teaching right now, the majority of participants shared that their VPH is generally under $20/hr.
For most of you brand new or small businesses reading this, it’s probably similar.
Spending this very important time, especially the most important hour of your week, is the solution to move things in the right direction.
What’s your VPH right now? What’s the most important activity you need to do to move it up?
And of course, if you have questions, leave them right here in the comments.