Recently I made a list of all the mistakes (or lessons) I've had during my time as a business owner.
The one that stands out and in my opinion is the single most reason why I'm not at my "freedom" point is that in the last 15 years I've not spent at least 80% of my time taking action on tasks that create value/profit to the bottom line.
When I opened my computer shop in 2001 it was initially only to buy and sell refurbished models not undertake any repairs. However due to demand I taught myself to fix them and over the next 4/5 years day in and day out I would spend fixing computers and also buying and selling them. Every day was the same. I'd make more or less the same money each week. I was working 'in' my business rather than 'on' my business.
I took on a full time employee and eventually started up my online business selling charges for laptops. I was running two businesses side by side and again fell into the same trap of not looking at the bigger picture.
Fast forward 15 years and having closed the shop two years ago I continue to run my online business. At the start of the month i spent two days adding more listings to eBay and Amazon and have increased sales this month by 26%.
Due to Chinese New Year we've had to order twice as much stock as normal so the past 3 days I've been stocking shelves and helping in the warehouse. Sometimes it's work that has to be done but will those 3 days have created any more profit? NO. Absolutely not.
I've now got a dated spreadsheet which I complete at the end of each day and it has one column with each date and the other column heading is "have I spent at least 80% of my day on activities that will increase profit?". If the answer is no to many times then I know I'm slipping back into old habits.
Be ruthless. Spending days on new logo designs or researching competitors is all well good but if you really want to increase profits pick up the phone, sell, buy new products. Whatever step you need to take for your business that DIRECTLY generates a profit, do it. At least 80% of the time anyway.
Sent from my iPhone using Tapatalk
The one that stands out and in my opinion is the single most reason why I'm not at my "freedom" point is that in the last 15 years I've not spent at least 80% of my time taking action on tasks that create value/profit to the bottom line.
When I opened my computer shop in 2001 it was initially only to buy and sell refurbished models not undertake any repairs. However due to demand I taught myself to fix them and over the next 4/5 years day in and day out I would spend fixing computers and also buying and selling them. Every day was the same. I'd make more or less the same money each week. I was working 'in' my business rather than 'on' my business.
I took on a full time employee and eventually started up my online business selling charges for laptops. I was running two businesses side by side and again fell into the same trap of not looking at the bigger picture.
Fast forward 15 years and having closed the shop two years ago I continue to run my online business. At the start of the month i spent two days adding more listings to eBay and Amazon and have increased sales this month by 26%.
Due to Chinese New Year we've had to order twice as much stock as normal so the past 3 days I've been stocking shelves and helping in the warehouse. Sometimes it's work that has to be done but will those 3 days have created any more profit? NO. Absolutely not.
I've now got a dated spreadsheet which I complete at the end of each day and it has one column with each date and the other column heading is "have I spent at least 80% of my day on activities that will increase profit?". If the answer is no to many times then I know I'm slipping back into old habits.
Be ruthless. Spending days on new logo designs or researching competitors is all well good but if you really want to increase profits pick up the phone, sell, buy new products. Whatever step you need to take for your business that DIRECTLY generates a profit, do it. At least 80% of the time anyway.
Sent from my iPhone using Tapatalk
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
