There are two ingredients that will undoubtedly unlock your earning potential, yet so often we lose sight of these simple factors as we get so caught up in the day to day running of your businesses and our lives that we lose focus.
The first ingredient has an external focus, in that it pertains to creating value for others, whilst the the second ingredient has a more internal focus which is all about squeezing the most of your time in terms of productivity, as we each have 24 hours in a day yet we aren’t always squeezing the most from it in terms of being productive and delivering output.
VALUE
People are compensated based on the value they create; whether you’re an employee or a business owner, the value you create for an external party is commensurate with the amount you will be paid.
An attorney, for instance, can charge $350 an hour to defend against a serious allegation, as they are creating more value to the person receiving the tangible output of that service than the cleaner that is being paid $10 per hour.
It’s not about education, training or being in the right time at the right place – it’s simply about creating value, and all successful entrepreneurs understand that the way to make big money is to help solve big problems… meaning, they provide value.
In simple terms, if you want to unlock your earning potential, you need to create more value in terms of the end result you are providing.
The more value you provide the more you will earn.
PRODUCTIVITY
The second part of this article focuses on productivity, as you can be the most intelligent and gifted person in your field, but if you can’t get things “out there” in the real world, as tangible outcomes, then you’re going to struggle to make ends meet… let alone unlock your earning potential!
The other overriding principle to mention here, is that you don’t need to do everything by yourself. Many entrepreneur’s feel the need to do it all alone, when actually they would be much more productive and therefore profitable if they were to outsource.
Two great examples of this are that of using a virtual assistant if you run an internet business, or to outsource some of your software testing if you are a developer – as in this case, it can be a very arduous task to undertake enough testing to iron out kinks in your code.
With that being said, let’s now take a look at five ways you can boost your own productivity.
1. EAT THAT FROG
World renowned productivity expert, Brian Tracy, encourages people to tackle their most challenging, dreaded and uncomfortable task first – using the metaphor of eating the most ugly and off putting frog first, as this frees you from procrastination and creates momentum that will propel you throughout the rest of your day.
2. BATCH TASKS
The majority of business owners are used to multi-tasking and wearing many different hats. Whilst this can be a vital skill, it can also limit your productivity and effectiveness at any one task, which is why a more sensible approach might be to use the concept of batch-tasking.
Here, the premise is that you can decrease distraction and increase concentration by focusing on a single task at a time. Then, when you batch tasks into groups, (e.g. writing blog posts) you;; find that your effectiveness increases per task, meaning your efficiency will sky rockets and you’ll get a lot more done in less time.
3. WORK IN SHORT BURSTS
There are several apps that utilise the popular time management principle known as the Pomodoro technique. This basically means a person will work for 25 minutes then have a 5 minute break in order to keep focused.
This is similar to physical training in the sense that you can’t keep going for hours and hours – you have to have a break in order to maximise your performance; which is where the science of high intensity interval training comes into play.
Whilst it can feel tempting to go hard for a few hours at your desk, this won’t necessarily mean you produce your best work, as you will fatigue. You need to come at things with fresh eyes from time to time and ensure you have regular breaks throughout the day; in addition to having at least one whole day off where you try not to think about work.
This way you’ll be much more refreshed, and therefore productive, when you do work.
4. PISTOL FOCUS
We often spread ourselves out too thinly across multiple projects. This approach can lead to us running around, chasing our tail, but not really finishing anything and delivering any tangible outcome.
This is akin to a shotgun shell that is made up lots of fragments that spread out, whereas a pistol, on the other hand, is a single focused bullet.
You want to develop a pistol focus where you focus on one task with all your energy until it’s complete, rather than allow yourself to be scattered and pulled in multiple directions like the shotgun shell.
5. OPTIMISE YOUR ENVIRONMENT
Your environment can have a huge impact on your productivity, as it heavily influences your ability to focus, be creative and feel organised.
Many people find themselves working in a train carriage, or at the airport, due to our busy lifestyles and for some people this can be a great place to focus, but for most, they need a private and quiet space where they can work distraction free.
In summary, to unlock your earning potential, there are two core ingredients; the first is to increase the amount of value you provide, and the second is to increase the amount of tangible output you deliver by optimising your efficiency and productivity.
It really is as simple as that, there are many roads that lead to both destinations, but ultimately the underlying principles are incredibly simple – so rather than over complicate your life, strip it back and work out how to increase your value and productivity.
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