Ever been told by your parents if you work hard then everything will fall into place and you will become successful?
If so, bad news for you and it is a load of crap.
Stop Being A Busy Fool – Work Smarter Not Harder
Working smarter is needed because when looking into investing in companies I am finding the same problems over and over again.
This article is going to run through my findings on why so many businesses are struggling online.
The catalyst for nearly every busy fool is they are too cheap.
It is simple maths and if you raise your price and a few clients leave that is fine but you will still make the same profit over the year working less time as a lower quantity of customers to service.
Price is only an issue in the absence of value. If you don’t ask the answer will always be ‘No’
Common wisdom is that if you want to make more money you need to increase the sales. It’s a good theory, but getting more sales can often lead to less profit margin because expenses rise but the majority of businesses do not increase prices through FEAR.
They fear their customers will go somewhere else, somewhere cheaper. They are competing on price and forgetting to add value and give service.
This table astonished me personally because it shows you if you reduced your margins how much extra work you would need to bring in just to get the same amount of gross profit over the year:-
Just take a second look at that again chaps.
Yes, that is right that if you drop your margin for a sale 10% and currently work on 30% profit you would need to make sure this sale brought in 50% more sales just to break back even. You do the maths and understand why pricing is key with working smarter.
Cool to Look Busy?
Ever been asked by friends or family – “How’re Things at Work Going?” And your default reply is “Yes Really Busy Thanks”.
Is it because being busy makes you look hard working, a grafter, valuable or maybe even cool?
I am not sure to be honest but I used to always fall foul of doing it as a default response in my subconscious mind.
“Don’t mistake movement for achievement. It’s easy to get faked out by being busy. The question is: Busy doing what?”
If you find yourself personally saying this as default then read my article on being busy is a lame response and certainly not cool.
Ways to Work Smarter
I see entrepreneurs and business owners being busy and I often wonder if they are really being effective. You see being busy and being effective in business are not the same.
Here are some ways to combat working smarter but not harder:-
- Get used to delegating your work and having systems in place to give yourself thinking time
- Hire staff smarter than you as you don’t know everything and give specific roles to allow them to head up that sector within the company
- Learn how to find your flow state of mind as super important
- Limit your bright shining object syndrome mindset and try to complete existing tasks before moving on
- Prioritise your important tasks and complete the important tasks before the urgent tasks (therefore you never get an important task to become urgent)
- Learn to say NO. Get rid of your Entrepreneur ADD trying to be a jack of all trades and master of none
- Price is only an issue in the absence of value so raise your prices
- Study the power of upsells and make the most of your existing client base instead of always focusing on new
- Don’t work for money, make money work for you by investing wisely so you can be making money while you sleep
It is crazy sometimes to think about declining work. The first couple of times you’ll struggle, always calculating the money you turned down. Find a way to turn that extra time and focus on something more productive.
My Final Thoughts
The reason for this article is to make it really simple for me to share this when I think my friends or potential partners are not working effectively.
I want my friends, family, and partners to enjoy work.
But more importantly, have free time to actually live their life.
When you set yourself up to work more with less income, you’re asking for exhaustion, disillusionment, and unhappiness. You’ll eventually give up on freelance work, or quit and find a “regular” job with a “livable” wage. Be sure that the dream you gave up was because you wanted to, and not because you didn’t charge enough. Underselling yourself poisons dreams and makes them monsters.
For me, wasted time is much worse than wasted money and time is invaluable.
We work to live not live to work so need to understand the working smarter vs working harder model.
All Entrepreneurship Related Posts
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The full list shows the entrepreneurship articles to help you widen your knowledge.