Time Is Money: Here’s How To Find That Hidden Time In Your Business – Service Business Academy

Time Is Money: Here’s How To Find That Hidden Time In Your Business

Time is MoneyDo you feel maxed out even though you need to take on more clients to hit your revenue targets?

Theoretically do you feel you should have the time to manage more clients but yet in practice there just aren’t enough hours in the day?

Well the good news is I have a cure!

The key to a successful service business…

…is to understand your capacity.

Let’s do an easy bit of maths. Take last month’s revenue and divide it by your fee per hour. That answer equates to the number of hours you billed last month.

Does it feel lower than the number you actually worked? A lot lower?

The reason for that discrepancy is usually one of these:

  1. You need to improve your productivity so you can deliver the work in the number of hours you allow when you put the proposal together. See my blog on Parkinson’s Law on some great tips on how to do this.
  2. You need to better manage your clients so they don’t increase the scope of their requirements without you increasing the price. See my blog on scope creep for advice on this one.
  3. You need to change how you manage your time so you can increase the number of productive hours you can deliver each week.

How to free up that latent time

Right now it feels like you are using every minute you can. I expect it has happened as a natural evolution as your business has grown rather than a planned, managed, well executed, optimal way to manage your time. Am I right?

When things naturally evolve we tend to develop lots of habits and beliefs that may not be helpful and can hold us back.

I used to have one that said “I can only fit in two 2-hour clients a day” which limited me to 10 client meetings a week with no dedicated time to work on my business or even draw breath.

When I forced myself to review my diary I actually realised I could see nine clients in 3 days each week freeing up 2 whole days. That gave me an additional 40% capacity.

I hadn’t learnt to bend time and space. I hadn’t changed the length of any day that I worked. I hadn’t changed the length of my client meetings. All I did was rearranged how I managed each day.

Will it work for you?

You may well be thinking…“that’s fine but it won’t work for my business”.

Well let’s see if it will…

  • Do you have meetings?
  • Are those meetings spread out across the week?
  • Do you know the optimal times in your diary for you to have meetings so it lessens the impact on your available time?
  • If you managed your diary differently could you cluster types of activity together in one day which frees up another?
  • Do you have dedicated time slots when you can have sales meetings with potential new clients?
  • Do you know the times in the day when you are most productive? Do you keep them free?

I am positive that one of those questions has made you appreciate you could be managing your time better.

Even without knowing you I am positive that you can increase your capacity, without increasing your hours, by making some straight forward adjustments.

Your mission

Grab a blank piece of paper now and redesign how you manage your diary.

How much extra capacity can you free up? How much additional revenue can you now generate as a result?

It’s easier than you think!

If this blog resonated with you then you need to check out my Red Bull For Your Business Productivity Workshop