Saturday, February 26, 2011
Four Rules of Time
By: Brian Tracy
There are four rules of time. The first is that time is perishable. This means that it cannot be saved. In fact, time can only be spent. Because time is perishable, the only thing you can do with it is to spend it differently, to reallocate your time away from activities of low value and toward activities of higher value. But once it is gone, it is gone forever.
Time Is Indispensable
The second rule of time is that time is indispensable. All work requires time. No matter what it is you want to do in life, even looking out a window or sleeping in for a few extra minutes, it requires a certain amount of time. And according to the 10/90 Rule, the 10% of time that you take to plan your activities carefully in advance will save you 90% of the effort involved in achieving your goals later. The very act of thinking through and planning your work in advance will dramatically reduce the amount of time that it takes you to do the actual job.
The Currency of the Future
The third rule of time is that time is irreplaceable. Nothing else will do, especially in relationships. Time is the only currency that means anything in your relationships with the members of your family, your friends, colleagues, customers and coworkers. Truly effective people give a lot of thought to creating blocks of time that they can then spend, without interruption, with the important people in their lives.
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Spell the Word Correctly
There is a question: "How do children spell the word 'Love?'" And the answer is "T-I-M-E." It is the same with your spouse, as well. The important people in your life equate the amount of time that you spend with them, face to face, head to head, knee to knee, with the amount that you actually love them.
Grow Your Relationships
The more time that you spend with another person, especially a member of your family, the deeper grows your understanding and affection for that person. If you get too busy to spend time with your children, you eventually lose contact with them and they go off into their own personal world of school, peers and other activities.
The Key to Goal-Achievement
The fourth rule is that time is essential for accomplishment. Every goal you want to achieve, everything you want to accomplish, requires time. In fact, one of the smartest things you ever do, when you set a goal, is to sit down and allocate the exact amount of time that you are going to have to invest to achieve that goal. The failure to do this almost always leaves the goal unaccomplished.
Here are two things you can do immediately to put these ideas into action:
First, decide today to redirect and reallocate your time away from low-value tasks and toward high-value activities.
Second, make a plan to spend more time face-to-face with the most important people in your life. The more you think about the use of your time, the better you will become.www.briantracy.com
Pump Up Your Profits
By Brian Tracy
There is a truism that 50 percent of advertising is wasted, but no one ever knows for sure which 50 percent it is. As a result, advertising budgets always seem higher than necessary. This problem persists in many areas of business today. Money is being wasted, but no one is exactly sure where and how it is happening.
Low Profits or No Profits
Many companies today are earning low profits or no profits because their costs of doing business are not coordinated with their sales. Many products and services are priced by people who are completely unaware of the real costs involved in bringing these products or services to the market. These mistakes in pricing are then buried in the overall operations and general revenues of the business.
Conduct a Profit Analysis on Every Product
One of the most important parts of the Turbostrategy process is for you to conduct a complete profit analysis on each product or service you sell. Very few companies have ever done this. But when you begin applying profit analysis in your company, you can often increase your profits dramatically.
High-Volume vs. High Profit Customers
As you examine these numbers, you will find that, in many cases, your biggest customers are not your most profitable customers, and your biggest selling products or services are not your most profitable ones either. You may find that your costs of doing business with some customers and with some products are so high that it is hardly worth the investment of people are resources. This can only be determined by taking a hard look at the numbers.
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Focus on Cash Flow
You need to be your own turnaround specialist all the time, and most especially when business slows for any reason. To pump up your profits, you do a complete profit analysis on your business and move immediately to focus the energies of the company on those areas that represent the very best sources of net cash. This process requires that you continually analyze your business so that you know exactly the profitability of every product or service you sell in comparison with every other product or service you sell, right down to the penny.
From Most to Least Profitable
The fact is that with a little effort, every single product or service can be organized on a scale from the most profitable to the least profitable, both on a per item or per hour basis, and in net dollar amounts. There is always one that is more profitable than any other.
You begin your profit analysis by determining the exact gross sales revenues that you receive from a product or service after all subtractions for defects, returns, breakage, loss, wastage, and bad debts. Take every single deduction so that your gross dollar amount is completely accurate, and you are crystal-clear about the exact amount you are netting from sales.
Face the Bitter Truth
You will probably find that fully half of your product and service offerings are generating very little profit or even causing you to lose money with every sale. A turnaround specialist would immediately either raise the prices of the low-profit items or discontinue them altogether. You must do the same.
Do a complete profit analysis on every product and service you offer. Rank them from highest to lowest. http://briantracy.com