Supply Chain Hang-Ups 4 Reasons You Run Out Of Stock Not Making Money? Start Tracking Your Time Like a Lawyer

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Not Making Money? Start Tracking Your Time Like a Lawyer

Non-Billable Time is Holding You Back

As an entrepreneur or someone moving from wage slave to wage creator, what is the biggest thing holding you back from earning what you deserve? If you are like most entrepreneurs, then I am assuming that the one thing that is holding you back is wasting your time on activities that are not generating revenue. That is why you need to start tracking you time like a lawyer.

Why Lawyers are so Successful and How You Can Emulate them

If you spend any time around a Lawyer, you will find that they focus on one thing, billable hours. Whether they are in private practice or a large firm, the focus is always on how many billable hours can be squeezed into a day. Though many people dislike lawyers, this principle can be modified to help you become more successful.

How to Track Your Day

Before you begin, think about the time you have available to work on “billable” work. Here is what a typical weekday and weekend breakdown would look like for me:

On weekdays I have four hours available outside of my day job for “billable” tasks. For me, these tasks are: time spent writing blog posts, speeches, articles, and white papers. Now use a simple time tracking tool (spreadsheet or free time keeping application) to track these as “billable” tasks.

Now spend some time figuring out what your “non-billable” tasks are. Examples from my life are: Twittering, watching TV, surfing the web, reading, window shopping, and hanging out with friends. Now don’t get me wrong, the point is not to stop doing any of these things. The point of this exercise is to help you track what time is spent on revenue versus non-revenue activities and develop the habit of working on revenue generating habits. As you move from wage slave to wage creator, having this habit will help you keep focus on generating revenue for yourself.

The next step in the process is to just track what you are doing and what time is spent doing it. Then at the end of the week, month, quarter and year, you can use this data to determine what amount of time was spent on billable versus non-billable tasks. I find that this can be immensely helpful to figuring out why I am not getting ahead in my dream career of public speaking, writing, and coaching.

Last Piece of Advice

One final piece of advice, make sure that you are assigning an appropriate amount of billable hours to the task before you start. For example, if you are going to write a blog post, assign forty-five minutes of billable hours to that post. If it takes an hour and thirty minutes to research and write, bill forty-five minutes.

Establishing standard billable time is another secret of lawyers that keep them on task and generating revenue. Establishing maximum time for completion on your tasks allows you to be more focused and realize that you can only generate so much revenue out of each assignment. To record in your time management system, take the blog post example. If I have forty-five minutes assigned to the post, but it takes me one hour. I assign forty five minutes as billable and fifteen minutes as non-billable “task slack” time.

Setting up a system to get you moving forward on generating revenue is the best thing you can do to generate more income in the coming months.

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