Have you heard about the movement to kick hustle culture to the curb? I’m so excited about this, and more and more women are speaking out about it! We get so caught up being busy because we feel like we have to, and often we end up working too much, for too little, and feeling burnt out and horrible about ourselves. Along with the mindset shift (more on this in a later episode), it’s important that we are aware of where our time is being spent when we do “hustle” and what ROI (return on investment) we are actually getting.
Now ROI can be the return on TIME investment or financial investment. Both are equally as important to pay attention to! It is basically the amount you get back vs the amount you put in. Today, we are going to talk about time!! “Knowing your returns on the investment of your time, you can make changes to your business model that allow you to earn greater revenue in less time.”
So there is a standard formula for time or financial investments you can use to get started:
Profit / total investment
Example from thebalancsemb.com
Consider your time as an investment- If you're making $3,000 per month, but working 60 hours a week on your business (240 hours a month), your ROI is 3,000/240 = 12.5. That means for every hour you're working, you're only earning $12.50.
Here is how to audit your time and track your RO(time)I:
Have a goal in mind and a way to measure if you’ve made a profit.
Track your time-Pay attention to where you time is going
Detail every single business activity
What are your income producing tasks
What are your tasks that don’t provide income, but encourage growth and cannot be removed
What tasks can be outsourced - and when you outsource pay attention to if the amount you;re paying is actually leading to an increase in time and income.
What tasks are producing leads
What tasks can be removed from your business
Have you payed attention to ROI on your time? Are you spending too much time doing things that don’t move the needle because “everyone else is doing it”? Get in tune with your business and your audience. What do they need? What’s working? Where are you having most success? Once you start paying attention, you’ll be able to truly make the most out of your business! Let me know at megan@bossladiesandbabies.com
