Return on Time Instead of Return on Investment

Accountants will look at the return on investment after taxes to help you determine how much money you actually

take home but do they help you calculate the return on the amount of time that you invest in such activities.  In a world where distraction is  continuous and number of activities to produce the same result increase we must be masters of both the choices of how much time we spend and determine which activities can be outsourced to others.

Questions and actions:

Have you profile your perfect client type?

Those who say, “I work with everyone” on average will be worth less per hour than those who are specialized.  Compare the salary of a doctor who is a general practitioner or brain surgeon.  The clearer you can identify your purpose and client you wish to serve the easier it will be for prospects to locate you among the thousands of others who have a license too.

How much are you worth per hour?

Take your net income after taxes and divide by the average number of hours you work per week.  This activity alone is shocking.  If you are worth $50, $100, 200, or $500 per hour does it make sense to maintain tasks that you could pay someone $25?

What can you outsource that does not require a physical presence?

Anything considered marketing can be outsourced, social media included.  Virtual assistants can cost anywhere between $5-25 per hour.  Establish rules, deadlines, and outcomes that can be implemented, tracked, and revised.

After attending a session at the CRS Sellabration in 2007 I will never forget the “Teams Panel” where top producers shared their success stories and how they effectively managed their teams.  Each member of the team is assigned responsibilities and expected to show results from their actions.  The number one dollar producing activity of the top producers was prospecting, not updating their Facebook account, negotiating contracts, not putting their listings on Postlets, and listing appointments, not producing YouTube videos.

The trouble with social media is that there are so many activities that someone partake that it absorbs time away from what is really important.  My recommendation for top producers is to focus on prospecting and developing relationships using social media but know when to abandon ship when you find yourself going off task.