Monday, 18 January 2016

Time is Money

Time is money. Well, how true is that? Do you think by idly spending, laughting, crying or anything in between can create income? Let examinate.

Adam's Formula
Income = Value × Time

'You must spend more of your time only on activities that create the greatest value... that generate the most profits for your company,' Adam said.

Whether you are an entrepreneur or an employee, you will have a list of things that you must do everyday as part of your responsibility. You will find that not all the things you do, create the same amount of value. There are some activities that create high value while some activities are low in value.

"In fact, I have discovered that most average income earners spend only about 20% of their workday doing truly high value added activities while they spend most of their time, about 80%, on low value activities like checking email, browsing website, reading Facebook newsfeed, attending unproductive meetings, chit chatting, complaining, waiting, finding lost items... stuff that does not generate profits or help clients meet their goals, " Adam added.

"High-income earners are the opposite. They tend to spend 80% of their time on high value added activities like business development, closing sales, innovating new revenue streams, market strategizing, following up with prospects, strategizing on how to improve productivity, managing projects, getting feedback from clients... stuff that lead to high customer satisfaction and higher profits!," Adam explained.

How to Spend 70% of Your Time On High Value Activities... then 100%

You may be wondering to yourself, how I'm just an employee who being delegated to do some sort of stuff.

Start focusing on doing all the high value activities first. Spend at least 70% of your total workday on these activities. Then, use non-work hours to clear most of the 30% low value stuff! Thehours of 9 am - 6 pm are the critical times when your actions must be generating high profits, like developing new businesses, following up with clients, ensuring product quality, strategizing growth in meetings and so on. Doing paperwork, organizing your files, surfing to research materials and checking emails should be done after office hours.

Once you have managed to fully optimize your time, you must then take the next step. You must ask for an assistant so you can delegate all your low value activities to this person and fully concentrate your time on high value activities. Remember, if you do not already have an assistant or one is not provided for you, be proactive!

How Do You Use Your Time Now?

Now that you know the value of time and how to increase time spent on creating high value activities to maximize your total worth and ultimately your income.

Some exercises to do, pick a typical work day in your life. For each of the time periods, fill in the typical activity you would be doing. In the las column, indicate on a scale of 1 (lowest) to 5 (highest), the amount of value that activity creates. This is obviously very subjective so it depends on your judgement. Again, remember that an activity is high in value if it directly or indirectly results in customer satisfaction and /or higher profits.

Now, in the second exercise, I want you to list down all the activities that you must do in your job, what percentage of time you spend on each activity and again, the level of value creation. 

So, what did you discover about yourself through this activity? Are you spending your time optimally? Or is there a lot of unproductive time spent everyday? Is there a lot of room for you to spend more time on activities that will increase your value and income?

Think! How can you massively increase your total worth by focusing on the activity that creates the most value to your employer or business.

"Now, I want you to re-plan the use of your time. Re-plan your daily activities so it will maximize your time value. Take at least twenty minutes to do the next two exercises."

"On the 2nd exercise, I want you to list down all the activites that you must do in your job, what percentage of your time do you intend to spend on each activity and again, the level of value creation. And, more importantly, which activites do you want to delegate to other people eventually?"

What are the activities that you can delegate right now?

What ar ethe activities you will plan to delegate in the near future? What is the deadline for this?

※ Please email/whatsapp your email to get the Number or Excel spreadsheet to or +6016-337-3081. ※ 

excerpt fro book written by Adam Khoo

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