If you were to write down all of the things you do in a typical day, what might that list look like? You would probably be surprised to realize how much time you spend on tasks that do not make money for you. For example, in a typical day you might spend one hour on email, two hours on client work, one hour on invoicing and bookkeeping, one hour on the telephone, one hour on social networking and other online activities, and the other two hours…who knows where they went.

Based on that list, two hours were spent on actual paying work. The rest was administrative, overhead and wasted time. Although some of those other tasks are necessary (It doesn’t pay to do the work if you do not invoice and get paid for it.) it may be possible to have them done by someone other than you. Or you may be able to set up a more efficient system so you spend less time on those tasks.

Here is the really important part: [Read more…]