HOW TO DOUBLE YOUR SALARY
by James Delrojo |
How would you like to double your income in the next 12 months? What if I told you that you can do this whether you are an employee or in your own business? What if I also told you that you don't have to work any more hours than you currently work? Does that sound attractive to you? Then read on.
Some people find it hard to believe that they can double their income in just 1 year. After all most people are lucky to get a 5 to 10% annual increase in their income. In the last year that I worked as an employee I earned almost 5 times my best previous year and I did it by applying 5 simple strategies. In this article I'm going to share one of those strategies with you.
Have you heard of the 80/20 rule? It states that you get 80% of your desired results from only 20% of the time you put in. That of course means that the other 80% of your time only produces a mere 20% of your desired results.
The interesting thing is that the 80/20 rule seems to apply to just about everything you do and that includes the money you earn.
Many people have heard of the 80/20 rule but they have never stopped to think how to apply it to their own advantage. The secret to doing this is being able to identify which of the things you do fall into the 20% category and which fall into the 80% category, and then do more of the 20% type activities and less of the 80%. By shifting this balance you can greatly increase your positive results, and in this case that means your income.
Step 1 in this strategy is to keep good records.
If you know exactly what you do and exactly what the results of those actions are then you have all the raw data you need to get this strategy up and running. Be very honest with your record keeping and be prepared to put your ego to one side because you will discover that even though you think you are busy and productive you are actually wasting an enormous amount of your day on non productive activities.
Step 2 is to analysis those records regularly.
Once you have the records of what you are doing and what results those specific activities are producing, then you will need to sort your activities into three categories. Firstly, the activities that produce high yield (the 20%), then the categories that produce low yield (the 80%) and then the final category, time wasting. Yes the 80/20 rule is a division of activities that actually produce results, but most people find that they waste the majority of their time on activities that produce no result at all. These activities include coffee breaks, idle conversation, and daydreaming, just to name a few.
Step 3 is to stay focused on the 20%, high yield activities.
Now your task is to increase the percentage of your time that you spend on the high yield activities. Initially this is very easy as all you have to do is stop the time wasting activities and replace them with high yield activities. If you can do this then you should be able to more than double your current income.
Step 4 is to have the courage to not do the 80%, low yield activities, even though that means losing some business.
Replacing time wasting activities with high yield activities is a great results enhancer, but adding this fourth step can further increase your positive results. This can be achieved either by delegating this low yield work to a lower paid assistant or by simply not doing it at all. You may be shocked at the idea stopping the low yield work that results in 20% of your income, but the truth is that if you are spending a large amount of time on a clients who spend only small amounts of money with you then perhaps you are better to lose those clients altogether and spent the time replacing them with high yield clients.
So now you have it. Those are the four steps that make up this income increasing strategy. If you are in your own business then this strategy will directly increase your net profit. If you are an employee who earns commissions then this strategy will directly increase those commissions. And finally, if you are an employee on salary then this strategy will increase your value to an employer which, in turn, will allow you to negotiate a higher salary, either with your current employer or with a new one. You have the strategy, now all you have to do now is put it into action.
| | About the author: James Delrojo would like to help you by giving you his ebook "Unleash the Success Power of Your Mind" (valued at $27)completely FREE. Go to http://www.YourSuccessMind.com. Please visit the author's site if interested in more information. |
