Don't Confuse Productivity with ProfitabilityNov 20, 2023
Shannon delves into the mindset shift she had to undergo as an entrepreneur. She shares personal anecdotes and insights on the importance of prioritizing tasks that generate profit, rather than simply keeping busy.
Shannon discusses how many of us come from careers where working more directly correlated with being valued and making more money. However, in the world of entrepreneurship, simply working harder or doing more does not equate to increased profits. It's all about identifying the tasks and projects that truly move the needle and drive real results for your clients.
Procrastination is something we can all relate to. We often find ourselves engaging in "procrastination working," where we focus on smaller, more enjoyable tasks to feel accomplished, while neglecting the larger, more impactful ones. Shannon encourages listeners to stay mindful of this tendency and shift their focus to the activities that will truly make a difference for their businesses.
To evaluate the profitability of your various offers and activities, Shannon suggests looking at the different types of projects that generate the most profit for your business, not just in terms of sales but in terms of the actual profit you get to keep. By understanding the value each activity brings to your bottom line, you can make informed decisions on how to allocate your time and resources effectively.
Additionally, Shannon emphasizes the importance of not shouldering all the work yourself and being willing to outsource or delegate tasks. As entrepreneurs, we often take on too much too soon, hindering our ability to focus on the tasks that truly matter. Learning to trust others and harness their skills can be a game-changer for your business.
So, if you're ready to take a deep dive into the world of productivity versus profitability, I highly recommend giving this episode a listen. You'll gain valuable insights and practical tips on how to optimize your time management strategies to boost your business's profitability.
Remember, being productive does not automatically translate to making money. It's time to prioritize the right tasks, focus on driving results for your clients, and ensure that every minute spent on your business is contributing to your ultimate financial success.
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.