Besides taking steps to increase your value, you must also increase the time you spend creating value to boost your income. If you are self-employed, then you are usually paid by the hour or by the job. So obviously, when you work longer hours and more days, your income will increase! Now you may be saying to me, 'I am already working 18 hour days! How much harder can I possibly work?' Or if you are working for somebody else you may be thinking, 'this does not apply to me.' As an employee, my hours of employment are fixed from 9am to 6pm. I do not get paid more for working longer hours.
Well, when I talk about increasing the time you spend creating value, I do not necessarily mean that you must work longer hours. Rather, you must spend more of your time only on activities that create the greatest value that generate the most profits for your company. Whether you are an entrepreneur or an employee, you will have a list of things that you must do daily as part of your role. You will find that not all the things you do create the same amount of the value.
There are some activities that create high value while some activities are low in value. In fact, I have discovered that for most average income earners, they only spend 20% of their workday doing truly high value creation activities while they spend 80% of their time on low value activities like checking email, attending unproductive meetings, chit chatting, complaining, waiting, finding lost items, stuff that does not generate profits or help clients meet their goals. High-income earners are the opposite.
They tend to spend 80% of their time on high value creation activities like business development, closing sales, innovating new revenue streams, marketing strategy, following up with prospects, strategizing on how to improve productivity, managing projects, getting feedback from clients, stuff that lead to high customer satisfaction and higher profits! So start keeping track of how you send your time each day and focus more of your time on high value creation activities and your income will increase. Successful people will always focus on doing the things that create the most value because they understand that they can only have a certain and limited amount of time in a single day and they want to maximise that time as much as they can. Spend your time on high value activities and you will maximize you income, making you a millionaire in no time.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here.