“Treat your business like a business and it will make you money. Treat your business like a hobby and it will cost you money.”
How do you decide to prioritize your time and activities? Do items that produce income rate higher than ones that don’t? How do you encourage your team to spend more time on activities that will give them the highest return on their investment?
You and your team do want to make money in your businesses, unless you admit it’s a hobby. (And I am quite certain very few do!) Teaching your team to spend the majority of their business time on Income Producing Activities (IPA) is what will create the highest return on their investment. (ROI) Go ahead, start at the beginning; teach IPA and ROI at new consultant training. Use these words as part of your everyday language. Soon everyone will be thinking about how they spend their time in terms of how it impacts their paychecks.
Take it up a notch and keep teaching them what activities produce income. Yes, creating flyers, invitations and elaborate displays may be fun and attract some interest, but it’s sharing them with people that brings in revenue. A good rule, activities that involve people almost always are income producing.
A friend of mine, Cindy Johnson, reviewed her daily task list and put a $ sign beside each item that produced income. She completed these first every day and consistently earned 6 figures +.
What are the top income producing activities in your business? Make a list. Better yet, involve your team in creating the list and challenge each other to complete at least one item every day. What the return on time and money invested grow. Remember, those who make money stay in the business!
This is the fourth in a five part series of leading your team to treat their business like a business.
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