Have you ever asked yourself how many hours a day most people waste? Did you know that most people spend their time with minimum wage activities? And that’s why most people don’t accomplish anything in life. Today I’m going to show you 5 powerful productivity tips that allow you to make more money in minimum time.
I want you to think for a moment of how many hours a day you spend at work? And how much of that time is for actual work-related tasks? If you’re like most people, not all of your hours are equally productive.
As the CEO of a fast-moving, global business, I need every hour of my day to be as productive as possible. That’s why I can’t afford to waste time on tasks that don’t generate money for my organization.
In order to maximize my efficiency, I plan out each hour of my entire day. I also reflect on how quickly and efficiently I get things done, and always look for ways to do things better. Over time, I’ve learned some powerful strategies to stay organized.
Today I’m going to share with you 5 powerful productivity tips for improving your productivity and income as an entrepreneur.
1. Focus On Money Making Activities By Setting DIG Goals
People ask me all the time – Dan, how do you get so much done?
First, I have to say, what you might see on social media is actually just a fraction of what I do. You don’t see all the meetings, the behind the scenes, the decisions, you don’t see any of that.
And you don’t get to this level of super productivity overnight. It is like going to the gym. First, you start out with 5 pounds, then 7 pounds, and you work your way up. After doing it for a few weeks you’ll be shocked at how much you actually get done. But you must have a good strategy to get there…
So what are DIG goals and how do they help you to make more money?
DIG stands for Daily Income Goals.
Every day I set at least 5 money related goals that increase my revenue streams. Most people don’t do that. They don’t set daily goals at all, or they set random goals that do not enhance their financial performance.
But setting goals alone does not mean you are productive. If you want to make more money, your goals have to be aligned. So think about 5 money related goals you want to accomplish today and then go out and accomplish them.
Just one note on that. Don’t compare yourself with me or other top performers. I see this all the time. Most people are not capable of what I accomplish simply because I’ve practiced it for a very long time.
Don’t compete with me, compete with yourself. Measure where you are with your goals and then try to improve them based on your own level. Read this article if you want to learn more on how to set daily goals to make more money.
2. Ask Powerful Productivity Questions To Make More Money In Minimum Time
When you follow my work for a while you know that I’m a big believer in thinking. There is a reason why Napoleon Hill called his famous book “Think And Grow Rich.”
What you think has a direct impact on how you invest your time. Unfortunately, most people have never spent enough time thinking through things and creating a plan where they want to be in 5 or 10 years. Most people get distracted too quickly or operate from a reactive mode, like responding to emails or social media messages.
Have you ever seen someone who is just responding to things instead of pushing his own projects forwards? Do you think that’s how successful people operate? If you don’t have a plan you become part of somebody else’s plan.
That’s why I like to spend at least one hour a week, asking myself powerful questions that guide me to be more productive and make more money.
Now you might ask what kind of questions they are…
Here is just a small sample:
- What can I improve in my business this week?
- What have I learned this week and what can I do better next week?
- What can I do better, faster, or with less effort?
- What can I outsource to someone who is better and likes it more?
- What are the things in my business I can remove?
The last question is very powerful. We humans tend to add more things to our lives and forget to remove what’s no longer needed. Most people think, “what do I need so I can be more successful?” But almost no one asks, “what do I have to remove so I achieve what I want faster and with more ease?”
Have you ever seen people collecting all kinds of gimmicks at home? People are afraid to let go. But sometimes this is exactly what you have to do if you want to be more successful. So what are the questions you have to ask yourself? And what are the things you have to remove from your life and business so you can make more money and be more productive?
If you want to learn more on how to ask yourself powerful questions to increase your income and productivity, read this article.
3. Prioritize Your Tasks With The Productivity Quadrant
In the last section we discussed the importance of eliminating unnecessary activities. Now I want to give you a tool that is usable in practice. This technique is called the productivity quadrant and I learned from Stephen R. Covey, the author of “The 7 Habits of Highly Effective People.”
It is a way to prioritize tasks and eliminate things that are not important. So what are the steps to improve your productivity and make more money with the productivity quadrant?
First, make a list of 4 to 5 activities you do on a regular basis. Now divide all activities into four subcategories.
1. Urgent and important
Most important activities. You have to take care of these tasks immediately and don’t want to procrastinate on them. Especially tasks that generate you revenues fall into this category.
2. Not urgent but important
Some of these activities include meeting clients, building relationships, and focusing on long term success. These activities are important, but not urgent. Schedule time during the week when you want to accomplish them and knock them off one after another.
3. Urgent and not important
We all know such activities. Someone knocks on your door and wants you to do a “favour.” Or you have a friend who sends you a message on social media, asking you for your weekend plans. Usually, these activities don’t generate you any money, so don’t focus on them. But that does not mean you never respond to people. Just focus on the more important tasks first.
4. Not urgent and not important
What kind of tasks are not important and not urgent? Well, for example watching Netflix and surfing the internet. These activities hold you back from achieving what you want and you have to eliminate them as best as possible.
The last point also includes to say “no” to most activities that don’t make you money. Many years ago when I was still doing copywriting and transitioning into consulting, I was always helping people whenever I could.
One time, I was in my home office when this gentlemen called me up and asked me a million questions. We spent a good hour on the phone and I gave him some of my best ideas and strategies and he said thanks before getting off the phone.
My girlfriend at the time overheard the conversation and couldn’t believe how stupid I was. She pointed out that I paid my mentor for his advice. I paid money to learn at seminars. But why was I giving my advice away for free if my mentors didn’t?
Giving free advice when I was building my business wasn’t the best use of my time.
What she said made a lot of sense, so when the next gentlemen called and asked this questions, I told him about my consulting fee. He said, “Oh, okay, well how much do you charge?” I took my time to reply. Then we agreed on a price and that’s how I got my first official consulting client.
Can you see how powerful this strategy is? Just imagine how productive you would be if you implement this strategy into your business. I created another article where I talk more on the topic of how to be ruthless with your goals and how to remove distractions.
This brings us to our next strategy on how to improve your productivity so you make more money fast.
4. Script Your Day For Maximum Productivity
Did you know that most people are to busy making money? What do I mean by that?
Like I mentioned in the last section, most people spend a lot of time with busy activities like checking emails, responding to coworkers, or organizing paperwork. But busyness is another form of laziness. It holds people back from getting the most important things done. Have you ever seen a very busy person that has not accomplished a lot?
When I talk about scripting your day, I’m not talking about becoming an actor and following a script.
Scripting your day means planning the whole day out the day before.
For every hour of the following day, you decide what you’ll be doing, where, and when.
As the CEO of a global organization, I have to attend meetings, teach programs, and still have personal time. Some days, I have meetings back to back. I have to watch the time because I can be late to another meeting, or not have enough time to prepare for a class.
By scripting your day, you are creating a to-do list. What are your goals for the day, and what absolutely needs to be finished before the day ends? When you think about your day as a finite block of time to complete a set of tasks, then you prioritize what’s most important for your business and your personal time.
If you want to learn more on how rich people structure their day, read this article.
Here is a bonus tip for planning out your day. Think about your vision and goal for your business.
When you script out your day, you want to plan out tasks that get you closer to achieving your mission.
5. Improve Task Efficiency With ROTI
As a leader, my goal is not to do the job but to make sure the job gets done. I delegate tasks to my team, and the most capable team members complete each task as efficiently and quickly as possible.
My role is to look at the big picture. For my team to be as productive as possible, I come up with the strategies and how the process will work. The team implements the plan and puts the pieces together like a puzzle.
Anyone on my team knows I don’t want to be told about the labour pains, I just want the baby. The details and the process don’t matter. I just want to see the result.
One thing I always keep in mind here is ROTI. ROTI stands for return on time investment. Most people have never heard of this term. You always want to ask yourself, what is the return for the time you invested in. In my case I also ask what the ROTI is for my team.
How to Get Return on Time Investment?
But if you don’t have a team yet. start with yourself and ask yourself, what is it you get in return of the time you invested? Time is the most precious resource we have. We can renew other resources like money. But when time is gone, it is gone forever.
Your time, knowledge, and energy are your most valuable commodities. Customers are replaceable, money is replaceable, everything in your business is replaceable, but time is not. In fact, the minute you spent reading this is gone forever.
That’s why I believe it is important that you delegate some of your tasks so you can maximize your ROTI. You only want to focus on the most important tasks only and delegate everything else. That also means you have to let go of the idea to have things perfect.
Most entrepreneurs think they are the only person who can do things best for their business. This holds a lot of business owners back from maximizing their ROTI. As a leader, I have to be comfortable with my people making mistakes.
I don’t take their head off every time they make a mistake. Otherwise, they stop learning and I have to go back to finish the job. I have to let them do the job and if they don’t do it exactly the way I want, it’s okay. When I delegate tasks and let go of the details, my organization becomes more productive.
Are you struggling with being productive and making money?
If you procrastinate with your income goals and don’t get the most important things done, the problem might be somewhere else. Maybe your no longer motivated with what you do? Or maybe you don’t get paid as much as you deserve?
Or maybe you have to work ten hours a day at two or three jobs just to make ends meet?
If this is you, I urge you to develop your high-income skill first before you do anything else. Why? Because a high-income skill can generate you the money you need to pay your bills while freeing up the most valuable asset you have, your time.
A high-income skill can potentially earn you 6-figure income or more. But before you jump on something, you first have to identify what skill fits best to your personality. Otherwise, you might end up again in the wrong position.
If you want to learn more about how to develop your high-income skill, I urge you to visit Dan Lok Shop.
I offer a variety of trainings where you can develop your high-income skills, so you can make more money, free up your time, and increase your productivity.