Want to make more money? Look at how you spend your time.

By the OneCoach Team

Do you know what activities in your work days are producing the highest income for you? It’s not the smartest among us who make the most money, it’s the ones who do the smartest things consistently who win big!

Many business owners don’t give much thought to the activities that consume their days and how they impact revenues. Having a handle on how your time is spent in the context of income production is important; knowing how to spend your time to best advantage will focus your efforts and help you find other ways to take care of low-earning tasks.

To get a sense of how much your time is earning you, compute the number of income-earning days you have in a year. For example, start with 365 days in a year and subtract:

Weekends (104 days)
Major national holidays (a minimum of five in the U.S.)
Vacation time (10 weekdays)
Religious holidays (three)

Using these numbers, this leaves you with 243 days in order to earn income. If you assume that your working day averages 10 hours, multiplying available days times working hours per day, you have 2,430 hours of actual work time for the year.

Now let’s translate this into earnings. If you want to earn $50,000 in revenues, for example, each hour of your work must bring in an average of $20.50. If you want more income, the rate goes up as follows:

$100,000 in revenue = $41 per hour
$250,000 in revenue = $103 per hour
$1 million in revenue = $412 per hour
$5 million in revenue = $2,060 per hour
$10 million in revenue = $4,115 per hour

This means that in order to earn your targeted annual income, you must be spending every hour on activities that will produce the right amount of revenue.

What are you spending your time doing? Are you focused on the money-makers or the time-wasters? Are you doing the right things to be a high-income earner or are you doing things that can be done by someone whose income goal or ability may be less than yours? When you look at each hour in terms of required average revenue, you’ll stop doing the small stuff that can be hired out and you’ll start doing the high-producing stuff that yields big results.

Look at your most recent five workdays and count the number of hours you spent making the big bucks versus all the stuff that you’ve done that creeps up on all of us. If you are doing things that aren’t your absolute highest-producing income activity, you are making it much harder to achieve your desired financial goals.