One thing guaranteed to increase your profits is being laser focused on how you spend your time.
We talk about delegating your noise to elevate your time. A lot!
If you make time for revenue generating activities, or on the flip side, reducing your overheads, you’re going to increase profits.
However that can be easier said than done when you’re in full fire fighter mode, and spend your days in the weeds of your business.
This article and the tool provided is inspired by The Impact Filter, a tool created by Strategic Coach. It’s designed to keep you focused on how to spend your time on the tasks impact your business and without further ado we’ll share this with you while showing you how to use it to increase your profits.
How To Increase Your Profits
Step 1: Create Your Profit List
Step 2: Download The Impact Filter
We use this tool to give us clarity and focus on our project because it prompts you to define what you want to achieve, consider potential outcomes, and establish criteria for success.
It takes only minutes to fill out and you can use it across your business but in this application we’re defining our focus and making our profitability a priority.
Step 3: How To Get One Thing Done
If you’re time poor right now the last thing you need is yet another to-do! But, if you don’t make time to be more profitable, it won’t happen.
One thing that works well within our team is to do one thing before you do anything else for the day. And make execution easy.
- Have your ‘profit list’ of actions set up in your project management system … or it can be as simple as a spreadsheet you link to in a recurring calendar item.
- Estimate the time it will take to do each task.
- Prioritise this list so you can sort it either by priority or time estimated.
Now you just need to do the tasks. Start by setting yourself a goal of one action each day.
- If you have a spare 5 minutes while waiting for a zoom to start, chose a task that will take just 5 minutes.
- Before you leave home for the office do one task, so no matter how your day unfolds you’ve worked on improving your profitability. If not before you leave home then make it the first task you do that day, before you open your emails and get distracted. Let your team know you need this time with no interruptions.
Some of the actions you’ve listed will be big projects. For example if you increase prices there will be a number of tasks before you roll out the increase. Break these down and list them in your profit list. So a task may be to create a list of actions needed to increase your pricing.
Your list doesn’t necessarily need to be done by you. Delegate tasks where you can in order to increase your profits even faster.
Keep referring back to your Impact Filter. Adding a calendar reminder at regular intervals linking to the Filter can help keep the priority and motivation high by showing you what success looks like.
And the best of luck. A profitable business gives you freedom to scale, and freedom to live the life you aspire to.