When we see business people pitching on Shark Tank we hear them talk about turnover, gross and net profit, revenue, forecasts, sales and all other manner of financial measures. What we don’t ever hear is: What is your hourly rate?

This is a crucial question that not many people ask and not many people can answer. Whatever business you are in, you need to know the answer to this. If you work in a business then your time has a value. If you don’t know that value then how can you be sure you are using your time effectively?

If you know your hourly rate you can start to calculate what your daily routine is costing your business. Is spending an hour a day doing email admin and calendar appointments worth the $26,000 you are investing in it each year or should you hire a virtual assistant for $50 an hour, have more time and be able to focus on revenue generating actives? When you work out how much you are investing in marketing do you include the hours you spend at networking events? Could you do more remotely to save on travel time? Every hour in the car is costing you a $100.

If you know your hourly rate you have the foundations to work out your value. If you have a good grasp on how long a task takes you as well then you have a pricing model that will help you work out how much you should be charting clients. If you look at your work day and work out where you can outsource to give yourself more time and save money overall you are on the road to success.

Want to talk more about how to get the most value out of your time? Email us on info@theconsultantscommunity.com.au today and we can set up a meeting.

I recently took up golf and quickly realised that taking up golf has a lot in common with starting a business. Don’t believe me? Well maybe this will convince you:

a)    Deciding to take up golf was an easy decision but then I had to make a significant investment based on the assumption I would like it (lessons, clubs, clothing, etc.)

b)    Deciding to start my own business was an easy decision but then I had to make a significant investment based on the assumption it would work (website, business cards, marketing, etc.)

a)    I know the basics of how to play golf. I know the end goal (get the ball in the hole) and I know that I need golf clubs to achieve it.

b)    I know the basics of how to run a business. I know the end goal (to make money) and I know that I need paying clients to achieve it.

a)    I am still confused by various golf terms that others use in such a way that I feel silly asking what they mean. E.g. Mulligan, Ambrose, Shotgun Start

b)    I am still confused by various business terms that others use in such a way that I feel silly asking what they mean. E.g. GDPR, GFC, ICT, TLA

a)    I know that it will be impossible for me to get to the next level in golf without help so I take golf lessons, play with friends and find people who have been doing this for a long time to help me get ahead.

b)    I know that it will be impossible for me to get to the next level in business without help so I attend business education events, talk through ideas with friends and find people who have been doing this for a long time to help me get ahead.

a)    After a round of golf, I don’t focus on the bad shots, but I do try to learn from them. What I remember afterwards are the few good shots I pulled off, where it all went perfectly, then I try to do that again next time. If I have one good hole out of 18 I deem that day a success.

b)    When looking at my business I don’t focus on the bad days, but I do try to learn from them. What I remember are the good days, where it all went perfectly and I closed the deal, then I try to do that again next time. If I have a one good day out of 18 I deem that a success.

Golf can be an all-consuming pass time but it can also teach us a lot about how to run a business. Always focus on the good shots, no matter how few and far between they are, and always ask for help, you will be surprised by how many people will go out of their way for you if you just ask.

Want to hear more about how to improve your business game or do you just fancy nine holes at some point? Either way, get in touch on info@theconsultatscommunity.com.au and we can set something up.

When did you last do any training? In a corporate environment, training is commonplace. You regularly sit in the boardroom while someone knowledgeable stands up the front and tells everyone how to do their job better. As a business owner, we often neglect this and it is not the right move.

We don’t know everything and we are all still learning. When you start your own business it can become all-consuming and we can end up being so busy we have no time to learn new skills. All this means is that we have to make time. We have to learn how to be better at what we do and we need to keep up with what is going on in the wider business community.

Find time to train. It does not need to be expensive and if you jump on Eventbrite or Meetup right now I bet you will find a free business education event somewhere near you. Go along to a few and test them out. You will find SEO workshops, sales training sessions, tips on social media and much more. You will find local business networking groups where you can start to build your own business support network.

You are not too busy to train, it is as simple as that. Find the time to improve your business skills and you will find ways to improve your business.

Want to find out more about how to train yourself to be a better businessperson? Email us on info@theconsultantscommunity.com.au