Time and money are usually scarce in a growing business
To make the most of both, list all the activities in your business and put each one under the spotlight.
Mark each one as high or low profit generators, or no profit but essential (e.g. admin).
Assume that your time is the most valuable resource in your business. Mark all the things that could be done by someone else.
Decide how each activity can be made more profitable by:
- Increasing prices
- Decreasing costs (materials/ outsourcing to a lower paid person/ streamlining/ automating)
If the activity is non-essential and can’t be made profitable – eliminate it!
If you’d like some feedback on this exercise, send me your list of activities and I’ll help you to decide how to deal with them!