When it comes to tracking your time, if you are only tracking the time you spend doing client work…you’re doing it wrong. Tracking your time is crucial to your ability to grow your business. We all know that. But the problem is that most people only account for the time they spend doing client work. They don’t track the amount of time it takes them to do other business-building activities in their business. Without understanding where you are spending time, it’s impossible to scale to the next level.
Tracking your time and being fully booked.
I recently had a client who wasn’t taking into consideration the amount of time he was spending on the admin and marketing/networking side of his business. It’s one thing to look at your schedule, and think about how many hours you have available to take on client work. But it’s another thing to consider the time it takes to do all the business-building activities that move your business forward.
For most of you, all you do is look at the time you have available for client work. For this example, I’ll use 40 hours a week because it’s easier. So you have 40 hours a week that you want to work. Let’s say that you meet with your clients once a week if you’re doing 1:1 work. Technically, that looks like you could take on 10 clients a month if you meet with them for a couple of hours. But that may not actually be the case.
You need to be tracking your time for other activities in your business.
There is more going on in your business than just client work. You spend time on marketing, admin tasks, accounting tasks, and follow-ups. That is on top of client work such as call preparation or notes. You have to schedule that into your calendar as a non-negotiable if you want to see growth.
I schedule a whole day of admin.
Wednesdays are completely admin. So that is 8 hours out of my schedule that is not available. My 40 hours just became 32. If you don’t have somebody else doing all of your admin for you, even if you do, you still have to do the preparation for it. You need to schedule your admin time.
The other thing that you need to schedule is your marketing time.
Marketing time for your coffee chats, networking events, and commitments. If you’re in the Alliance, an example of this would be your biweekly mastermind. You have to think about all of these tasks that you do, put them into your admin or your marketing, and then look at them on your schedule.
How can you effectively start tracking your time?
One of the greatest ways you can do this is by going back through your calendar and looking at how much time you spent on coffee chats, and average it out. Look at how much time you spent meeting people one on one and average it out. Come up with a number so that you have an accurate understanding of where you’re spending your time.
I guarantee you’re spending more time on admin and marketing than you think you are.
This is cutting into your client time, which is where you make your money. You can only take on the number of clients for the number of hours you have available. So if you’re looking from a growth perspective, and you’re really trying to increase your revenue, understand that you have to have a clear understanding of where you’re spending your time.
This is an exercise I want every single one of you to do.
I do it all the time myself. Look at how many hours you spend doing everything in your business. I take two days off at the beginning of the month to schedule out all of my content because I don’t like doing it every single week. So I like knowing that on the first Wednesday and Thursday of the month, I have off, and I just plan for it.
So it’s like 16 hours total that I schedule for marketing and content. I have my coffee chats on one day so I can look at how many of those I do. These are things you have to take into consideration. So if you’re looking at a 30-hour work week, and then you’ve got 8 hours a week in client or admin time and then you’ve got another 7 hours a week in your marketing time, you only have 15 hours a week to do client work.
You have to look at tracking your time from the perspective of revenue and profit.
If you’re not accounting for your time, and you’re only looking at your p&l, there’s probably more money that you could be making if you got a handle on your time. I know this can be confusing and sounds crazy. Look at revenue and profitability, and what your opportunity for growth is.
But in order to do that, you have to have solid data. That’s why you have to start tracking your time. You need to have some level of understanding of where you’re spending your time because that’s going to allow you to realize if and where you are wasting time.
Once you have a handle on your time, you can rearrange your schedule a bit so that you can increase your profits.
But if you don’t have a clear understanding of it, you can’t do that. So take some time, go through your calendar, and look at where you’re spending your time. Come up with some numbers, and then really look at where you can put in these pockets of money-making time. What does that look like? Is it one client, two clients, or maybe a group? This is the beauty of tracking your time. You get to make more informed decisions about your business that leads to your next level.
Connect with Michelle-
- Website – https://michelledenioconsulting.com
- Facebook Profile – https://www.facebook.com/MichelleDeNioBizStrategist/
- Linkedin Profile – https://www.linkedin.com/in/michelledenio/
- Facebook Group- https://www.facebook.com/groups/fullybookedsolopreneur/
Have Questions? Let’s have a Cup of Virtual Coffee!
Want in on the Secret?
Secret Small Doses is an EXCLUSIVE email (you can only access them by being on the list -that’s why it’s a secret!) that goes out every other week with “secret” mini-trainings to help you grow your business, create long-term sustainable success, and grow your business in unique and genuine ways.