The time you spend in your business is extremely valuable. We can’t get back even a minute wasted by working on something that didn’t produce more to your company’s bottom line.
Over the past seven years of building a multi-million dollar business I have learned there are four areas in which I and my staff can spend there time. The key is to know which category you are in while in the moment. Also it’s important to remember these categories as you plan projects for you and your staff.
The categories are easy to remember by using the acronym R.I.D.E.
R – Revenue: Focus your time first on what produces revenue for your business. Cash is king. If you focus first on cash you have the ability to do so much more. Once cash in coming in the door, life is a lot easier.
I – Improve the Quality of Your Product/Service: Never let the competition surpass you by not focusing on the quality of your offering. It’s so easy to create a product or service and then go to the marketing, sales and fulfillment without ever looking back at what you can do to improve. Constantly take time to improve what you have developed.
D – Decrease Expenses: Once you have revenue and have looked at the ways to improve what you offer, you need to focus time on lowering your expenses in order to increase your profits. Many business owners never look at the costs of goods sold or what rates they are paying with various companies. If they just take the time to negotiate or shop for better rates they could have more money in their pockets.
E – Everything Else: I classify all other activities in the Everything Else category. It’s not that this category is unimportant. It’s just that activities here should come after the first three.
