We now know where your firm is wasting time AND how to get it back. Now I want to answer the question – where should you reinvest the time you got back?
First, we’re going to perform an exercise called revenue segmentation.
I want you to create a list of your services and write down how much revenue you generated over the last period for each one.
Based on this information, you should now be able to tell which services are generating the most revenue.
However, we don’t just care about revenue, we care about profit. As such, we need to add more information.
Collect the results of the exercise you completed as part of step 1 (linked here) to determine how much time goes into completing each type of service you offer. This should be correlated with your how expensive it is for your firm to deliver each enabling us to get a better idea around the profitability of each service.
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Now that you have both, sort the results by highest revenue and least amount of time. These should now be your most profitable services.
To make the biggest impact on profitability at your firm, your objective now is to take the time you got back and reinvest it into your most profitable services.
This is how you are going to increase your profits with the team you already have.
Have questions? Just hit reply.
PS. If you missed it, read my article on where your firm is wasting time and my article on how to get it back. Those are the first two steps in this process.