Many people have it in their heads that if you want to make more money, you have to put in more hours. That’s not always the case. In fact, some of the most successful people in the world actually work fewer hours than you would think. They use the “work smarter, not harder” mentality to actually work less and make more.
Once you master this mentality, you will find yourself with more time to spend on things you enjoy. That includes spending extra time with friends and family and even developing talents, passions, and interests. It all comes down to how you manage your time. Start using these few tips to work less and make more instead of working more to earn more.
The Pareto Principle
The first thing you need to understand if you want to work less and make more is the Pareto Principle. The Pareto Principle is simply the 80/20 rule. This can be interpreted in many ways but for financial success it means that 20% of your time produces 80% of your results. Basically if you want to be financially successful, you need to analyze how you spend your time. Discover which business activities are the most important for your continued success and spend more time on those and spend less time on the tasks that are not necessary.
Now that you’ve outlined the most important tasks for your business success, you are probably wondering what to do about all those other tasks. Why not outsource them? Sometimes it can be hard to outsource work because you want to make sure it’s all done the way you want it done. While this isn’t necessarily bad, you don’t have the time to micro manage everything. Outsourcing gives you more time to focus on the things that are the most important for your success.
This is probably the single most important tip if you want to work less and make more. You must use automation systems. In this digital age, there are plenty of options when it comes to choosing automation software and doing so gives you even more time to invest elsewhere.
Figure out what business tasks can be automated and then find systems to do so. Payroll is a great example. Use an online system that calculates taxes and pays employees so you don’t have to. If you run a business and use social media, use automated platforms to save time there as well. Doing so will give you more time to spend on other business pursuits or personal interests.
Create Passive Income
No matter what happens, there are only 24 hours in a day and you can only do so much during that time. A great way to earn more income without working more is to develop a passive income. This simply means finding other ways to make money without too much extra effort. Real Estate is a great example of earning passive income. You can also make money from setting up a website. There are many different options to consider when looking for passive income opportunities. See what fits in with your lifestyle and then go from there.
Don’t fall into the trap of thinking that if you want to be successful, you have to put in more hours. Instead, work less and earn more by being smarter about your time. Start with these 4 tips and principles to give yourself extra time to invest in your work, family, and other interests.
What other tips do you use to work smarter, but not harder in your business?