Gross sales is an extremely important part of our business but it is not the end all. Many companies break sales or revenue records but see decline in their net profits. I believe that net profit is a critical aspect of our business that may need some investigation.
Let’s make it personal and look at what we do everyday with our own assets in our quest to create a meaningful income while striving to build a practice that will stand the test of time.
First, we must examine the assets that are available to us. Unless things have changed, I view them as:
Time is very finite. We can’t buy more time. So what might the answer be? Delegation is the answer. Utilize, or hire staff that can perform tasks that would free you up to continue marketing and selling. Utilization of $10 - $20 per hour time is a good investment. It makes good business sense as opposed to utilizing you $100, $200, or $500, or greater value per hour.
Prioritizing is also an important part of time management. Let’s look a little deeper. I continue to complete a “to do” list for my next day’s activities. I prioritize them and start crossing off the next morning. Rarely do I complete my tasks on that day. So, there is always a bit of carryover. I strive to take care of those items immediately. Microsoft and other software programs can assist you with reminders and deadlines. I still believe that pen and paper is important. The tasks seem to take on greater meaning when I am writing on
the legal pad.
It’s also very important to know your market. When can they be contacted, when can they be seen and when is a good time to communicate via mail. These are the times when you create revenue. Don’t use revenue time to perform administrative duties. Repeat . . . use your calling and contact times when they are optimal.
What about personal and professional time? Make sure you schedule vacations, time for study, and time for meetings. The interaction with people and resources will prove stimulating and profitable. Time away from the office allows you to step back and analyze what you are doing. Plus, a good personal life with family is a by-product and benefit of our profession. Don’t waste it.
These are but a few items to consider when evaluating time management. Entire books have been dedicated to this subject. It is one of the most important factors that has a direct influence on your net profit or lack thereof. Next week we will explore another asset . . . money.
Until Next Time ... Good Selling!
Raymond J. Ohlson, CLU
President and CEO of The Ohlson Group & SMP International LLC
Let’s make it personal and look at what we do everyday with our own assets in our quest to create a meaningful income while striving to build a practice that will stand the test of time.
First, we must examine the assets that are available to us. Unless things have changed, I view them as:
- Time and Man Power
- Money.
Time is very finite. We can’t buy more time. So what might the answer be? Delegation is the answer. Utilize, or hire staff that can perform tasks that would free you up to continue marketing and selling. Utilization of $10 - $20 per hour time is a good investment. It makes good business sense as opposed to utilizing you $100, $200, or $500, or greater value per hour.
Prioritizing is also an important part of time management. Let’s look a little deeper. I continue to complete a “to do” list for my next day’s activities. I prioritize them and start crossing off the next morning. Rarely do I complete my tasks on that day. So, there is always a bit of carryover. I strive to take care of those items immediately. Microsoft and other software programs can assist you with reminders and deadlines. I still believe that pen and paper is important. The tasks seem to take on greater meaning when I am writing on
the legal pad.
It’s also very important to know your market. When can they be contacted, when can they be seen and when is a good time to communicate via mail. These are the times when you create revenue. Don’t use revenue time to perform administrative duties. Repeat . . . use your calling and contact times when they are optimal.
What about personal and professional time? Make sure you schedule vacations, time for study, and time for meetings. The interaction with people and resources will prove stimulating and profitable. Time away from the office allows you to step back and analyze what you are doing. Plus, a good personal life with family is a by-product and benefit of our profession. Don’t waste it.
These are but a few items to consider when evaluating time management. Entire books have been dedicated to this subject. It is one of the most important factors that has a direct influence on your net profit or lack thereof. Next week we will explore another asset . . . money.
Until Next Time ... Good Selling!
Raymond J. Ohlson, CLU
President and CEO of The Ohlson Group & SMP International LLC
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