If you ever hope to make a million dollars or more a year, you need to learn (and master) the concept of “highest and best use.” Let me explain…
You’ve got strengths and weaknesses. Some things you do make more money than others. Some things you do don’t make any money at all.
What you need to figure out is what activities produce the most money in your business. Then, focus only on those activities. This is the highest and best use of your time.
If there are activities you engage in on a regular basis that don’t produce income for you, then figure out a way to outsource those activities. Anything you do that doesn’t fall within the “highest and best use” of your time should be eliminated or outsourced.
For me, I’ve found that public speaking is one of the highest and best uses of my time. For you, it may be the same and it may be different. Only you can determine that.
Take a minute to answer this question: “What is the highest and best use of my time?” Write your answers down.
Then make a list of activities you perform that don’t fall within the first list you created. Start creating a plan for how you will stop doing those things, either by eliminating them from your business altogether or outsourcing them.
Do this, and you will almost certainly experience a sudden increase in income.
-Terri Levine
The Biz Growth GuruSM
{ 9 comments… read them below or add one }
Hi Terri– great blog idea… I appreciate what you do for us and I wish you all the best in this new endeavour!
Great food for thought… maybe all this tweeting is NOT the best use of my time since it doesn’t seem to be resulting in any income. I actually enjoy the tweeting more just from a personal angle, and just now and then. Thanks for giving me something to think about.
Hi Terri,
Wonderful start for a blog, congrats!
I find public speaking to be a very effective tool for me as well. In my last talk, though it was a small group, I managed to convert 30% of them into clients who went for my coaching packages – not bad in my book!
Looking forward to more of your wisdom!
Hi Terri,
I agree that we tend to get caught up in the business without truly measuring what works and where our time can be best spent. Twitter, Facebook, Linked-In, etc. Are they a waste of time and just more information overload? Any thoughts on them, Terri?
Thanks for being there,
Cindy
Hi T,
Great advise as always! This is very timely, as I am currently working through what resources I need to support my business growth. Using the process above will give my decision process another dimension.
Live YOUR Passion
Gina
Gina,
I love that you take action and make things happen.
I celebrate YOU!
Hi Terri,
Great article. For the highest and best good of all concerned is the way that I make most of my decisions. So many of us “major in the minors” as a way to avoid looking at our own brilliant gifts. What an unusual thing that the things we love to do are easy, and yet we focus on “overcoming our weakness. I say play to our strengths and let others focus on theirs. That way everyone does what they love, and everyone is happier!
Thank you Lin. You are an amazing and gifted woman I adore.
Lin,
I am so glad we are connected and on the journey together.
Thanks, Lin. To me if we focus on the highest good then we do what is right and ethical and make money as a result of being a person of integrity.