[iframe style=”border:none” src=”//html5-player.libsyn.com/embed/episode/id/22682189/height/100/width//thumbnail/no/render-playlist/no/theme/custom/tdest_id/1211798/custom-color/87A93A” height=”100″ width=”100%” scrolling=”no” allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen]
Time Code/Show Notes
0.35 In Episode 2 of ‘Lockdown to Lift Off’ Up Limits Mastermind, Chris Herbert dives into “trading time for profit”. Highly tactical and highly practical, let’s improve real profitability in 2022!
2.40 Chris summarises the 80-20 Rule and efficiencies in time within your business. He then breaks it down to the 4-64 and splitting energies – 4% of your activities will generate 64% of your revenue.
7.50: Focus on profit, not sales. What is 4% of your 50-hour workweek? TWO HOURS!!
9.10 Look at the habits of the world’s most successful people and mimic their behaviour. Don’t try and create your own models, just follow a successful one already, modify it to your style. Jeff Bezos’ most productive time is between 10am and midday.
Can you hammer through your most important stuff by designating a closed-door policy for 2 hours?
11.50 Richard Branson starts his workday at 10 am, analysing email reports/data, and eats lunch during meetings to save time. He takes calls and answers emails in the afternoon. From 5, he spends time with family. How routine based are your days?
14.10 Melanie Perkins from Canva does a 5 min journal to proactively shape her day ahead. She works on product vision and marketing.
No data entry, no emergency phone calls or checking emails.
Having lunch together is the strongest thing you can do to build a team culture.
17.20 Despite the bread-and-butter duties, you must prioritize what is most important for your business. PROFIT.
So, how can you focus on your profit-making priorities!
18.40 Chris asks the audience what elements of business are profit-making. Quoting generates profit, not sales or invoicing.
Tracking progress through KPIs and expense and supply analysis. Greater efficiencies will generate profit. Ruthless up-selling will also increase profitability! Financial reviews are also vital.
23.31 Learn about the Profit Making Matrix. Drill down your real non-profit-making activities to crystalise where you are spending your time and find your all-important 4% priorities!
30.20 The audience shares their Non Profit Making activities and Chris gives feedback.
36.00 What is a power transfer? Can you move yourself out to focus on higher profitability?
Chris shows how you can sub in a competent partner or employee and build their profile so the client re-distributes trust – and you gain more time in your day.
41.00 Profitability is a long-term game. Working two hours a week on your profitability is 100 hours a year. Start now!
41.50 If you’d like to work on reviewing and achieving your profitability goals, contact ask@upcoach.com.au