Add $20k/mo with My 20/20 Time Management Formula
One of the most popular topics that I’ve been asked to speak on is my 20/20 Time Management Formula™.
Basically, it is how I added an additional $20K/mo income stream as a coach/consultant dedicating only 20 hours a week to it (or 3 days a week).
(You know, so we can spend some free time with our family, having inspiring conversations with friends, going to the gym, reading, doing a Netflix binge without feeling guilty, or getting that weekly massage. 😉)
As a mom who wanted to be available for my three young boys, I developed this formula by fiercely watching where my time was spent.
Here’s a quick intro to the keys to making it work…
1. BLOCKING YOUR TIME PROPERLY:
I’ve found that our businesses will expand to the amount of time that we allow.
It’s like planning a wedding… “How long does it take to plan a wedding?” Answer: As long as you’ve got.
The key is to block off when you are NOT working. Otherwise, as an entrepreneur with the blurred lines of personal and business, it is easy for work to creep into every waking moment.
When you block off your time to just the amount of time you’re willing to work, it requires that you be extremely discerning with your time. You cannot possibly say “yes” to everything.
So what do you say yes to? And what do you say no to?
That brings me to key #2…
2. KNOWING WHERE TO SPEND YOUR TIME SO THAT IT CREATES CLIENTS:
As an entrepreneur, it is challenging to know where to best spend our time.
If we are not careful, we will do a bunch of stuff that makes us feel like we are making progress because we are staying “busy”.
…Worked on my website: check ✅
…Responded to emails: check ✅
…Posted an inspirational quote on social media: check ✅
But none of those things will lead to clients if you don’t prioritize other more important things.
Focusing on the wrong activities as an entrepreneur can keep you in a loop of -0- profitability.
I’ve seen it time and time again: the feast and famine cycles of entrepreneurship.
3. THE 4 QUADRANTS OF TIME MANAGEMENT™ FOR SERVICE PROVIDERS
I created the 4 Quadrants of Time Management™ based on analyzing where my time was best spent to yield clients (not just busy work).
I analyzed my activities and found that they fell into the following categories:
- Service Delivery
I found that the years I struggled to grow my business, my time was heavily spent on Admin and Service Delivery tasks.
But the formula that worked best to fit it all in just 20 hours a week was:
- Admin Just 1 hour and 30 mins a week
- Service Delivery Just 3 hours and 30 mins a week — requires leverage
- Marketing 5 hours a week
- Sales 10 hours a week
If you are not making what you want, or if you are working too many hours for the money you are making, you may want to audit how you’re spending your time against this checklist.
5. WANT HELP?
If you do not have a leveraged service delivery model and you are still spending an immense amount of time doing 1 on 1 work, join me for my next webinar here.
I’ll show you how to be super smart with the way you structure your service delivery to get more clients, more meaning, and more margin.
Can’t wait to see you there!