Valuing Time

Many don't appreciate how precious and valuable time, particularly their time, is with regard to achieving financial success. Time management and valuation is less about saving time, and more about maximizing the use of time. Remember, time is money.

How much is your time worth?

Have you calculated how much your time is worth? The value of your time has nothing to do with the fee that you charge per session, or the number of clients that you train each day. The value of time has everything to do with the amount of time, which is money, that you waste each day. During an average work day, how much of your time is truly productive? In a normal 8 hour work day, last than half of that time is used productively. Between holding casual conversations with co-workers, phone calls that run too long, web surfing, and using antiquated methods that you should have developed systems for by now (HINT), hours upon hours are squandered that could be used to increase revenue. Here is a simple exercise that will give you better perspective on the value of your time. Following the logic that less than half the hours spent working are productive, decide on what your goal is for annual revenue; take that number and divide it by 1,760 (number of work days, accounting for vacations, holidays, sick leave, etc.); then multiply that number by 4 (what we estimate is productive time each day), and this is what your time is worth per hour. (Divide this number by 60 to find out the value of your time per minute)

Goal: $80,000 / 1,760 = $45 (base hourly rate)
$45 x 4 (productive time) = $180 (actual value of each hour) or ~$20 per minute

By having a better grasp of the value of your time, your mission is to increase productive time and engage in activities that contribute to reaching your financial goals. For more on how to maximize your time checkout Dan Kennedy's "No BS Time Management For Entrepreneurs."

You will receive more tips on how to maximize your time, in order to maximize your profits!

"If it doesn't make dollars, it doesn't make sense!"

Think Big

If you want to become a big company, you must operate like one. If you have not taken the steps to get organized, then the time is NOW! In the next 10 days make it your focus to establish all of the basic yet essential systems.

Payment: Are you currently able to accept credit cards? Check out www.propay.com it is an easy and effective way to collect fees.
BodyWorkz is comprehensive system that includes schedule tools, credit/checking account drafting capabilities, prospect tools, and more! Email fmgmarketing@gmail.com for more info.

Contacts: Have you created client profiles? Organized your contacts? Simply maintaining your contact in your cell phone address book is not enough. Nor is it effective.

Keeping the Books: Create a spreadsheet to track your income and expenses. Detailed expense records are essential for tax purposes as well as cost management.

Planning: Plan your marketing efforts and create a timeline. Its great to have ideas, and to talk about what you want to do. But until you transform intentions into action, your bank account will stay the same.

"If it doesn't make dollars, it doesn't make sense!"

Organization

The fitness industry thrives on the the available technology of today. Yet, many new and experienced personal trainers and fitness pros do not exploit this valuable asset. PDA's, cell phones, and computers allow you to operate more efficiently and effectively. To truly attain your desired level of success you must utilize what is out there to create systems for success. Organize your schedules, payments, and your life by setting up systems. Automation leads to speed, and money is attracted to speed. If you want to become a more effective business person, GET ORGANIZED!

If it doesn't make dollars, it doesn't make sense!