Thrive! TV Tip ~ What do you cost your business?

Thrive! TV Tip ~ What do you cost your business?

  Have you ever taken a moment to understand what you cost your business? [new_line] Think about it – if you had a revenue goal of 100,000 per year – and you costed your time per hour to get that figure – do you know what it would be? [new_line] There is a long formula that works this out but the essence of it is, to get to 100,000 per year your time is worth 122 per hour …122 dollars, pounds, euros whatever… [new_line] So if your value to the business is 122 per hour, then how much is standing in the queue at the post office costing you? ….. you’re right 122!!! [new_line] Think about what difference it would make if you had a lower cost resource standing in that queue for you – the maybe someone you paid £20 to, then you would have that hour back to be doing higher value activities to really build your business[new_line] Your Action: Think about what your time is costing you – as you start a new task ask yourself – am I really the best person to be doing this?[new_line] Would you like a weekly burst of momentum delivered straight into your in box? Simply click on the button below, we’ll send you the latest tip each week! Sign me up for weekly Thrive!...
How Much Does Doing It All REALLY Cost Your Business?

How Much Does Doing It All REALLY Cost Your Business?

Are you really saving money doing it yourself? My awesome coach Laura West says “just because you can do it doesn’t mean you should do it”. Think back to your days in corporate. Remember when you had an IT guy to fix the paper jam, a finance department to crunch numbers (and your expenses), a marketing department to drive prospects and even a sales team to sell. And now – what does your reality look like? Are you doing all of the tasks above, even though your talents may lie in a completely different direction? Have you been sucked into the myth that doing it yourself will actually save your business money? Let’s examine that myth. I know that doing those tasks is actually costing your business money. At first glance that statement will seem counter intuitive. Here’s my rationale…. Firstly, how do you earn your money? Most likely it will be by selling products or by servicing clients. Using a formula worked out by Dan Sullivan  (a US Entrepreneur guru) if you want to earn £/$ 100,000 revenue per year you need to be bring in £/$ 66 EVERY hour. If an average trip to the Post Office or Bank takes an hour, that is costing your business £/$ 66. It is COSTING your business because in that hour instead of taking the trip to the Post Office you could have been developing your business, creating a new product, calling up clients or finishing off that proposal. Imagine if you had a Personal Assistant that you hired for £/$22 an hour. Even taking into account their costs, each...
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