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IGNORE THIS AND YOU WILL CONSISTENTLY LOSE MILLIONS OF NAIRA

by | Jun 5, 2021 | business, Wealth | 2 comments

Pay attention!

Don’t be too busy and yet the productivity/outcome doesn’t measure up to the time you put in.
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Get a pen and paper, carefully list all your business activities and begin to analyze them. (this is not only for business people)
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Bring out those that will massively yield revenue for your business, focus your energy on them. They are the 4% of activities that produce high margin profits
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Outsource those that take your time and will yield little or no revenue. They are the 96% of activities that will tie you to a place and retard your financial growth.
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The reason you should outsource those that fall under the 96% is this; you need more TIME to focus on the 4%. TIME is one thing that wealthy people don’t joke with and you should also do the same if you don’t want to leave things to LUCK and CHANCE.

The content of this piece is not just for ENTREPRENEURS/BUSINESS OWNERS. It applies to every INDIVIDUAL.

It’s important you know when to outsource things in your life or your business

HOW DO YOU KNOW WHEN TO OUTSOURCE THINGS IN YOUR LIFE OR BUSINESS?
This is dependent on the value of your current time (hourly rate).
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Follow me;
Let’s say you make 45,000 naira per week and you work 30hours per week, your hourly rate is simply (45,000 naira รท 30) which will give you 1,500 naira

This means that the value of your one hour is 1,500 naira and it’s advisable to outsource any service that you will pay less than 1,500 naira to get perfectly done.

The reason you are to outsource is simply to get more time to focus on those 4% activities that will drive in HIGH MARGIN PROFITS.

Now let me explain this further…..

let’s say the service you want to outsource will cost you 600 naira, it means you are simply saving 700 naira for yourself per hour which is a good one BUT
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if you decide to do that work yourself, you will discover that you will be losing 700 naira per hour or even more. This is because if you take up that task for an hour, you are simply earning 600 naira which is not up to your rate of 1,500 naira per hour.
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Hope you get the analysis clear? go back and read it again to digest it properly.

This is not just applicable in business, you can apply it in your home, you can apply it as a student.

N.B. Even if you are not working but you are receiving some stipends or monthly allowance, apply the same principle.
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Make Sure You Don’t Waste Your Time Again
See ya!

2 Comments

  1. Ebong peace

    Very helpful

    Reply

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