Since two months ago, I started putting into practise the maintenance of a time sheet. This is thanks to the need that arose due to my participation in one particular project. However not just limited to maintaining a time sheet for that particular project, I extended the use of this practise to maintain a comprehensive record of all my daily activites.
Each day of my time is divided into 30 minutes slots. Each hour will contain two time slots one ending at the 30minute mark and the other ending at the 60 minute mark. Each slot is dedicated specifically to just one activity and one activity alone. In the event whereby contingencies arise, that contingency is assigned to the next available time slot which is in best case scenario 1 minute away, in worst case scenario 30 minutes away. Such a practise while inflexible at first helped me in maintaining continuity in work hence ensured an acceptable level of productivity. I effectivly avoided the situation of having to tackle all matters while getting none done at the same time.
This evening after clocking a 9 hours working day, I sat down infront of my computer and started examining my time sheet. More specifically I matched the profit (in terms of cash in my bank account) I made over the past two months to specific time slots of specific days.
That which arose clearly before my very eyes was very interesting indeed. I observed a very clear pattern. Two patterns in fact. Profitability in terms of products sold as well as quality of customers.
The 3 businesses below are still by far the more lucrative products of my operations
- Internet market campaigning for SMEs
- Building DIY sites based on wordpress for SMEs
- Building non-DIY sites based on Joomla for SMEs
Lucrativity is measured in terms of the 3 factors below
- length of project turn around time.
- Promptness in terms of client payment.
- Cost in terms of time and effort spent on after sales support.
Having summarized my operations with the use of both matrixs. The images of three men suddenly popped into my head.
- My Dad, veteren hawker who has been in business for years.
- Master Gwee, an aged Feng Shui Master who is one of my existing clients that constantly provides me with clear insight to things in the environment as well as human physcology
- An old Chief Marketing Officer of an IT company, which I once went for interview at, whom along with the CTO was very interested in getting me as an Executive Committee member for their company. (I finally backed out from their offer because I came to realized I wanted more from myself and that giving up the chance to bring forth my fullest potential just so as to provide security for a woman would cause be deep bitterness and hatred in me towards the latter part of my life.)
From my dad, this statement “son do not ever enter into ventures that don’t bring in money but just empty promises. Always ask your customers to show you they have money to spend and are willing to spend it.”
From Master Gwee, “always focus on where your finishing line is and do what you should do to get pass the finishing line. Avoid other side adventures that will only delay your crossing of the finishing line.”
From the CMO “you might die from prolonged starvation but you will definitely die immediately from indigestion. Despite the fact customers always attempt to beckon us to venture in a certain direction, we always politely reject them when that venture will not bring us strategic advantage but only cause the thinning of our valuable resources.”
To make a long story short, I only have a maximum of 14 possible working hours per day hence I should be spending a higher percentage of these hours milking my existing cash cows by concentrating on the sales of my most lucrative products as well as looking for related markets to push these lucrative products to, instead of spending half of them for the creation of new products.
Creating of new products can come when I have automated the delivery process of my lucrative products through a process called leverage and have more funds and capital for RnD.