How To Prioritize A List Of Income Generating Activities?

Get our list of income generating activities then become more efficient with these 3 time-saving tips. By blocking off two hours a day for income generating activities you’ll have a pipeline full of new customers.  

3 Steps To Prioritize Your List Of Income Generating Activities:

  1. Braindump All Your Ideas
  2. Sort Into These 3 Categories 
  3. Block Off 2 Hours A Day

 

Most local business owners are the main salesperson also. It’s common to get so busy delivering your service that you don’t take the time to do the activities that will consistently attract new customers. Or maybe you are the marketing manager who is also the salesperson. Whatever your role, you will become more efficient with your time after reading this blog. 

 

In the free PDF we mention below (free download) we mention that you first must audit where you spend your time. This makes sense, right? Before you know how to prioritize anything you must first know where you’re already spending your time and being distracted. This way you can adjust accordingly. Don’t be afraid to do this. Knowledge and self-awareness is power. 

I’m not very proud to admit this but, I spend an exorbitant amount of time watching television and movies. I happen to have an interest in the entertainment industry and have created and developed a television series, so you better believe that I use this as an excuse. However, while ‘market research’ (that’s what I call it), is important and has its place, much of that time could be used in a more productive way.  

Time management does not come easily or naturally to me. I’ve had to train myself over years and I have to admit, I’m still no authority. But, I have found it very helpful to track my time so I know where it’s going.

Track Your Time

Take the next 7 days and track the time you’re spending throughout the 24 hours you have. It’s the same 24 hours we all have, right? Track it. Here are the basics in no particular order:

  • Sleep
  • Exercise
  • Meal #1
  • Getting ready for work (personal hygeine)
  • Work Day (don’t forget the specifics: sales calls/consults, meetings, gossip, emails)
  • Meal #2
  • Grocery shopping
  • Other errands
  • Cooking (meal prep)
  • Meal #3
  • Reading
  • Updating Finances

There are many ‘time tracker’ forms out there which you can easily google or you can create your own. 

Be as specific as possible so that you know exactly where your time leaks are. It seems tedious, but I promise it’s one of the most helpful things you can do for yourself. Time leaks like money leaks if we don’t pay attention. A little can go a long way toward your investments. 

Now that you know how you’ve been spending your time and identified your biggest distractions, you can move onto some of these helpful steps. 

Step 1: Braindump All Your Ideas

This is one of my all-time favorite activities. Some ideas just won’t leave you alone until you do something about them. Here’s a hint. Those are usually the ‘golden’ ones! But, even more important to get down on paper (or to add to the notes app in your phone), many times are the ideas that come and go. They come fast and don’t have a long shelf life so once they’re gone, that’s it. Even the smallest details and actions can have consequences to your bottom line so train yourself to do this regularly. 

I’ve been familiar with this concept for a while now although I’m not entirely sure where I learned it, so I thought I’d look it up to see how the web explains the concept.

Websters Dictionary defines a braindump in the following way. Braindump: the act or an instance of comprehensively and uncritically expressing and recording one’s thoughts and ideas (as on a particular topic). 

I’m an idea hoarder. Plain and simple. So, if I don’t get the ideas out of my head, onto paper, thereby freeing up mental space to think clearly, I inevitably disappear under piles of proverbial boxes that waste away with time. 

If you’re a newbie to the act of brain-dumping, here’s a tip you may have missed from Webster. The braindump is NOT the time to be critical of yourself or your ideas. Write and list all items without your editing mind. This can be hard for some personality types but try as hard as you can. You’ll thank yourself. 

Step 2: Sort Into These 3 Categories 

Download our free PDF, “You’re Losing Money By Not Doing These 3 Daily Activities” to get more ideas for each of these 3 categories https://lizcortes.com/daily-activites/

But here are a few to get you started:

Direct Relationship To Revenue

The clearest characteristic of this type of activity would be that you are speaking to another human being. You are either in a sales meeting or consultation, you are having a conversation that has the potential to lead to a sale. 

Examples of activities that have a direct relationship to revenue would include the following: 

  • Sales call
  • Consultation
  • Hosting a workshop

Here’s an important tip to remember. The above activities must be accompanied by a pitch or offer. This is what will ultimately lead to a sale. 

Indirect Relationship To Revenue

Examples of activities that have a direct relationship to revenue would include the following: 

  • Revamping your website
  • Writing social media posts
  • Flyering cars (in Real Estate, this is called ‘farming’)

In case you’re still wondering what the difference between direct vs. indirect revenue generating activities is, I found a fantastic explanation from Barbaragrassey. Their website defines it this way: Indirect activities find prospects for you while direct activities turn these prospects into clients. That’s the most straightforward explanation I found that I believe is helpful to categorize your activities and better manage your time. 

No Relationship To Revenue

These activities can sometimes be time suckers so you have to learn to limit the time you spend on them. I think the defining characteristic of this category is further training and education. These can be fun but remember, if you’re not speaking directly to another person, you’re not selling anything. 

Examples of activities that have a direct relationship to revenue would include the following: 

  • Reading this PDF (sorry to be the bearer of bad news here)
  • Reading a sales, finance, or business book
  • Strategic thinking about marketing & sales

It’s not that these activities aren’t important, because they are.

Here are a few informative statistics on time management from Techjury:

  • Business owners waste up to a third of their week through low-value activities.
  • Up to 80% of the average working day is spent on activities with little or no value
  • 87% of students could achieve better grades if they possessed better organization and time management skills.

I realize the last stat I listed has to do with students, but I included it because I happen to believe we don’t necessarily get better at organization and time management unless we learn strategies and tactics to improve in that area.

ALL time is valuable and has the potential to make you more money.

 

list of income generating activities

 

Step 3: Block Off 2 Hours A Day

While the above items are important, the next action step will get you well on your way to crushing your list of income generating activities. 

Spending 2 hours a day engaging with ideal customers keep you focused on sales. 

Identify Your Ideal Customer

Of course, you first must identify who your ideal customer. Forbes offers some great insight into how to do this. Follow the link for more detailed information. Here’s the list of steps.

  • Examine your current customer base.
  • What are their current habits?
  • What are their goals?
  • What are their fears?
  • How do they make their buying decisions?
  • Ask yourself who you would like to work with. 
  • What do they need?

 

It can be very difficult to get yourself disciplined enough to do this regularly if you’re not accustomed to spending this kind of time on regular engagement. It can also be difficult to put this time in when you’ve got so many other things to do on a daily basis just to keep up. 

 

Does having a pipeline full of new customers appeal to you? We’re here to help you accomplish this! 

 

In March, we are doing a free 5-Day Attract More Customers Challenge. Like our Facebook Page and follow us on Instagram so you don’t miss it! In the meantime, download the PDF so you can stop worrying about how to increase sales and instead have consistent sales to expand your local business.

Follow the link to schedule a call today and we’ll get you set up for success https://lizcortes.com/

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