It’s easy to believe that since you’re working for yourself, or working from home, that you have to be on at all times. I am so guilty of staying up well past my bed time to finish work (or start work), complete a project, or read blogs or articles to gain new digital marketing insights.
Regardless of your reasoning for feeling like you need to work around the clock, I am here to tell you that is not true.
If you’re not currently tracking your time, here’s why you need to start as soon as possible…
Accepting (or Not Accepting) New Business Opportunities
When I first started my business 6 years old, I accepted every opportunity that came my way. I did not have a great vetting process to decide which opportunities were worthwhile, and which were not aligned with my business or business goals. After two years of this, I decided to get more serious about my prices, packages, and how many hours I wanted to spend on my business.
Today, I use project managements tools and time trackers that help me understand where I am putting my energy on a daily basis.
By understanding how much time is being spent on each client, I’ve been able to:
- Ensure I am being properly compensated for my time
- Decide if I have enough hours to bring in new clients
Better understanding of which services bring in the most revenue
Since tracking my time, I now know which of my services bring in the most revenue for my business on a monthly basis. With this information I am able to ensure I am marketing this service through all appropriate channels to bring in new business opportunities.
On the other hand, if this is a service I no longer want to offer, I know that I need to pivot my content strategy to avoid speaking to this service too much.
For your own business, take a look at your top products and services and see which items are in your top three. Once you have this list think about…
How much time it takes to products these products or services?
What is your net profit from this product or service?
**Net profit is the actual profit made on a business transaction, sale, etc., or during a specific period of business activity, after deducting all costs from gross receipts.
If the costs don’t add up, then you need to give your business a complete audit to reassess your goals and create a business strategy to meet them.
Need help with your business strategy? Book your 1-hr business strategy session today! Click here to book today.
Don’t Burn Yourself Out
I recognized I was doing the most when my three year old daughter begins to tell me I need stop working and “give [me] attention.” Talk about a reality check!” The whole point of me pushing for full time entrepreneurship was so that I could have more time with her, not make her feel neglected.
Some weeks I would work so much I would get physically ill from the lack of sleep I was getting.
This is NOT normal.
Whether you work in corporate or if you’re a full time entrepreneur, tracking your time is crucial to ensuring you do not burn yourself out. Decide how many hours you want to spend on projects, keep track of how much time you’re spending with clients, make time for your own business, and turn it off when it’s time to turn it off.
**I recently started turning my email and social media notifications off from 5pm to 9am – best decision of my life!
So, now you do understand why you should track your time? Give it a try this week and let me know how it works out!