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Is the Way You’re Spending Your Time Costing You Money?

moneyGeoffrey Moore, in his book Living on the Fault Line, discussed the “Core versus Context Model” for businesses. Core activities are things which set you apart from your competition and context is everything else. For many businesses, this may include administrative activities, marketing activities, and the like.

As we discussed his model, we realized that this works in our personal lives as well. You want to do more of the things you’re really good at and less of everything else. Usually, we really like to do what we’re good at so by focusing on just those tasks, we can advance in our careers.

Like for us, our strength is working on content for Bigg Success. At least we’d like to think so … or more importantly, we hope you think so!

For us, the contextual activities would be everything else. So for a couple of examples, we outsource our house cleaning and the yard work. Instead of spending time on these things, we can work on our business.

You’re getting a glimpse into how integrated our personal and professional lives are. Since we often work from home, all of these decisions are floating around together. We don’t think we’re alone on this – a lot of people are finding it pays to integrate their work life and their professional life.

By outsourcing your contextual activities, you save time and you open up the opportunity to make more money. It comes back to the time vs. money conundrum …

If you don’t have money, you have to invest more time.

.
georgeFor example, if you start a business that is well-capitalized, you will be able to spend your time differently than if you start on a shoestring. With limited capital, you may have to take care of the janitorial work – a lot of business owners have done that. I’ve done that!

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At first, you may have to do it yourself because there’s no money. But you want to contract it out as soon as you can because it’s definitely a contextual activity, unless you happen to be the owner of a janitorial service.

Thinking about core vs. context helps you focus on where you want to spend your time and where you want to spend your money. You think twice about spending money because there’s something else that will let you spend more time on your core.

You may find that you spend your money on things that save you time, rather than cost you time.
.

marylynnI want a bigg screen TV, but we would rather spend that money on a web person. Right now, I handle our web site. So when there are changes that need to be made, I get to work. But there are better uses of my time.

.
Because we know that’s not in our core. Bigg Success is still in its early stages, so as soon as we can we’ll outsource this activity. Another example is publicity – right now, we do it ourselves. We want to contract with someone who is better at it than we are and can accomplish more than we can on our own.

So although we don’t have HDTV, we do have goals for that money!

It boils down to thinking about how much your time is worth. You may find that by contracting out certain activities, it costs you less than what you can make by spending your time working in your core.

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BIGG Success Logo boxed

Is the Way You're Spending Your Time Costing You Money?

moneyGeoffrey Moore, in his book Living on the Fault Line, discussed the “Core versus Context Model” for businesses. Core activities are things which set you apart from your competition and context is everything else. For many businesses, this may include administrative activities, marketing activities, and the like.

As we discussed his model, we realized that this works in our personal lives as well. You want to do more of the things you’re really good at and less of everything else. Usually, we really like to do what we’re good at so by focusing on just those tasks, we can advance in our careers.

Like for us, our strength is working on content for Bigg Success. At least we’d like to think so … or more importantly, we hope you think so!

For us, the contextual activities would be everything else. So for a couple of examples, we outsource our house cleaning and the yard work. Instead of spending time on these things, we can work on our business.

You’re getting a glimpse into how integrated our personal and professional lives are. Since we often work from home, all of these decisions are floating around together. We don’t think we’re alone on this – a lot of people are finding it pays to integrate their work life and their professional life.

By outsourcing your contextual activities, you save time and you open up the opportunity to make more money. It comes back to the time vs. money conundrum …

If you don’t have money, you have to invest more time.

.
georgeFor example, if you start a business that is well-capitalized, you will be able to spend your time differently than if you start on a shoestring. With limited capital, you may have to take care of the janitorial work – a lot of business owners have done that. I’ve done that!

.
At first, you may have to do it yourself because there’s no money. But you want to contract it out as soon as you can because it’s definitely a contextual activity, unless you happen to be the owner of a janitorial service.

Thinking about core vs. context helps you focus on where you want to spend your time and where you want to spend your money. You think twice about spending money because there’s something else that will let you spend more time on your core.

You may find that you spend your money on things that save you time, rather than cost you time.
.

marylynnI want a bigg screen TV, but we would rather spend that money on a web person. Right now, I handle our web site. So when there are changes that need to be made, I get to work. But there are better uses of my time.

.
Because we know that’s not in our core. Bigg Success is still in its early stages, so as soon as we can we’ll outsource this activity. Another example is publicity – right now, we do it ourselves. We want to contract with someone who is better at it than we are and can accomplish more than we can on our own.

So although we don’t have HDTV, we do have goals for that money!

It boils down to thinking about how much your time is worth. You may find that by contracting out certain activities, it costs you less than what you can make by spending your time working in your core.

Subscribe to the Bigg Success

Related posts

123]

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(Image by penywise)

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How to Reach an Agreement with Your Spouse on the Family Finances

By Bigg Success Staff
06-25-08

Bigg Success with Money

couple

Opposites attract. Unfortunately that can create some problems when it comes to the family’s finances.

Money is one of the biggest sources of disagreement between spouses. It’s often the case that one spouse is a “saver”, while the other is a “spender”.

If you’re the saver …

You may feel like you’re beating your head against the wall. Your spouse doesn’t seem to understand that you’re trying to save for the future. So, just when you think you’re getting a little ahead, your spouse goes out and spends the money. Now you’re back to little, or no, money in the bank!

If you’re the spender …
You may want to “live a little”. Your spouse doesn’t seem to understand that you can’t put off all the fun. You can’t worry about every single dollar you spend. Life’s too short to not live it. Your spouse just wants to save money for when you’ll be too old to enjoy it. You want to live now!

So how do you come to an agreement on the family’s finances?

By having a conversation with your spouse.

Values
Talk about your respective values. To one of you, being debt free may be important. Perhaps you don’t like to use credit cards at all. Or perhaps it’s important to one spouse to buy certain things. It may be as simple as eating lunch out every day.

Understand what’s important to each of you individually before you try to proceed collectively. Something may be very important to your spouse and not important at all to you. That’s okay. You don’t have to agree with each other. You just need to understand to each other.

Goals
Now that you understand each other, you can proceed to your mutual goals. Certain items should be somewhat sacrosanct. An example would be funding your retirement. If you would like to have the option of not working at some point, you have to set money aside while you are working.

As you establish your goals, keep each other’s values in mind. Instead of trying to find ways to pay for what’s important to you, look for ways to get what’s important to your spouse. Ask him or her to do the same thing for you. This role reversal will make the conversation more productive because you’re not fighting for what you want; you’re fighting for what your spouse wants.

Strategies
With your goals established, you know what you need to do. Now you just have to do it. Sounds easy, doesn’t it?

It’s not!

This is the hard part because it’s involves the daily decisions that make or break the budget.

There are a number of strategies you may employ. You may each take an allowance for all of your incidental expenses. You may set a limit and agree to call each other before spending that amount. You may maintain a joint account or separate accounts. You may even do both.

Find what works for you and your spouse through trial and error. Then go for your goals. As you see your accounts grow and grow, following your plan will get easier and easier!

Hear today's lesson and laugh on The Bigg Success Show. 

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Why Work Life Balance Doesn’t Work

An increasing number of people have given up on the balancing act. They have found that it’s impossible to draw a line in the sand and divide their lives into two parts.

We only have one life to live, so why complicate it by trying to reach our goals in two separate worlds as if one doesn’t have anything to do with the other one?


You might find that it pays to NOT try to balance your life!

Thus the emerging trend of work life integration. This concept is still in its early stages, but more and more people are finding that it works better for them than trying to keep things in balance.

Work life integration is all about flowing seamlessly from one area to the other. Your spouse may say something that helps you at work. Your co-workers may give you insight for things at home.

Pay attention to all the important people and priorities in your life all the time, rather than thinking that you need to segment them.

A paradigm shift

That’s the essence of work life integration. It requires a paradigm shift … thinking about your life a different way. Instead of putting pressure on yourself to be great in two separate areas of your life, focus on doing your best in your single life. Remove the limitations that you’ve placed on yourself.

Limitation #1 – Place
Work only occurs at the office; personal only occurs at home. We shouldn’t mix the two. It’s how we’ve been trained to think. The problem is … it doesn’t work!

Limitation #2 – Time
Many people think they of work as the activities they do during certain times of the day (e.g. 9 to 5). Then they live their personal lives. It may make sense for you to adjust your schedule, depending upon the flexibility your employer allows.

A recent study by Hudson, a leading international recruiting firm, showed that nearly one-third of the people surveyed ranked flexibility as their #1 priority in considering a new job offer.

Limitation #3 – Daily reconciliation

We think that we need to achieve balance every day. In reality, sometimes work demands more of us; at other times, our personal life needs the most attention. Give yourself permission to focus on what’s most important. Don’t worry about whether everything is balanced every day.

If you think about it, work – life balance is sort of an unnatural expectation. Work – life integration is more congruent with how most of us actually live. It’s just more natural.
How we use work – life integration

Here at Bigg Success, we understand this concept very well because we live it. We work together, often at home. We play together. We often get to travel together, combining some pleasure with the primary purpose of the trip. We also find that a lot of personal conversations lead to ideas like the one you’re reading now.

Of course, not all spouses can (or should) work together. Do what works for you. The good news is that, according to the Chartered Management Institute, there will be a blurring of boundaries between work and family because more and more of us will be working virtually.

Our bigg quote today comes from Karl Weick.

“Simply pushing harder within the old boundaries will not do.”

So pull yourself together … integrate your lives.

Next time, we’ll discuss four things to pay attention to that pay off. Until then, here’s to your bigg success!

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Believe and the Sky is Your Limit

By Bigg Success Staff
05-28-08

Timeless Principles

Do you believe you will succeed?

Really, truly believe it?

Beyond a shadow of a doubt believe it?

You must believe that you can succeed in order to succeed.

You have to believe that you can accomplish something in order to accomplish it.

You must believe that you can reach your goals in order to reach your goals.

You have to believe in yourself.

You must believe that you are in full control of your own destiny.

You have to believe that you, and you alone, determine your ultimate destination.

You must believe that you will persevere in order to persevere.

You have to believe that you will overcome so that you overcome.

You must believe that you can reach the sky in order for the sky to be your limit.

Believe!

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