How Low Productivity Tanks Your Revenue and Profit
Positive cashflow is crucial to a healthy business as well as achieving financial and time freedom. After all if your business doesn’t have a profit, then it’s costing you money.
So how does productivity majorly affect your revenue and profit?
Productivity measures the amount of time, energy, and resources you put in to get a result. Using less of these to get the same result is higher productivity.
Notice these are all finite things. You only have a certain amount of time to work on your business and in the day.
You only have so much energy before you need to rest. Once resources are used, they are gone and must be replenished.
Profit is revenue i.e. money remaining after paying all expenses and taxes.
When you increase productivity then you can increase profit. If you spend less time, energy, and resources to produce and distribute your product or service, then you make more profit. You also free up time that can be spent on revenue-generating activities.
Being organized with your marketing campaign allows you to increase marketing efficiency and optimize for reach, leads, and progressing people through your funnel.
Getting clear and increasing the efficiency of your sales funnel increases the percent of people who become customers.
Having all project tasks organized and being able to efficiently and consistently move through them keeps projects moving and money flowing.
Three important tools for my productivity are:
1) A Planner
I use the Business Goals Planner. Use a planner to write down daily and weekly tasks. Write at least three crucial tasks each day. One is a revenue-generating activity. The other two are key tasks to progress projects.
2) Project management software
I use Asana. There is an awesome free tier too. Organize projects and overall tasks in a project management tool. Others are Trello and Monday.com. Pick from the overall task list when using the planner daily.
3) Task timer
I use Harvest. Keep track of the amount of time spent on each task. This will help you assess how to become more efficient.
Bonus: Declutter your workspace. Wherever you’re working, try to keep your line of vision clear of clutter.
Working from home can make it hard to remove clutter. If you’re working from the living, bedroom, kitchen, etc. there is only so much you can move.
However, make sure any clutter is out of sight and you’ll be more productive. Put it behind you.
What’s your favorite productivity hack?