To Enjoy Free Time, Forget Your Hourly Rate!

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This bit of research will put a lot of business owners in a spin…

We commonly treat time as a commodity. Or at least we have since Benjamin Franklin said that “time is money” (which I totally disagree with by the way…more on that later)…

Researchers Sanford DeVoe and Julian House of the University of Toronto wanted to know what effect ‘time = money’ thinking would have on people when they took ‘time off’…

The researchers gave two groups a short time to listen to music or putter around on the Internet. One of the groups had been asked to calculate their hourly wage at work first…

RESULTS:

The subjects who had been asked to calculate their hourly wage at work, enjoyed their leisure time much less…

IMPLICATIONS:

Thinking of time in terms of money keeps us from sitting back and enjoying it, according to the Journal of Experimental Social Psychology

When we think of time = money, leisure activities fall flat

The researchers concluded that if you start equating time = money, you get itchy about any time not spent earning cash…
Acknowledgement: thank you to Christie Nicholson.

Grow Business Grow® STRATEGY:
First of all: Get away from earning an hourly rate! Customers hate it.

A 12 year old was asked if he would like to earn some cash. He asked how much. The reply was $10 an hour.

He said: “so the longer it takes me to do the work, the more I get paid?”

Now you know why customers don’t love the hourly rate business model. It rewards those who take the longest to get the job done…at least that is the perception the customer is working on…

When you work for results, you will love your free time.

In our system we call free time ‘Green Days’…it’s a 24hour period of NO business thinking or doing. Tough to take at the start, but priceless in its effect on mind and body…

We’ve helped countless businesses who were on hourly rates turn their business into a ‘results’ based model. My own accountant, Christopher Tolevsky, ditched his industries hourly rate system and offered ‘fixed price agreements’…

Business soared…profits along with it…he was featured twice in BRW as one of Australia’s most successful accountants. His decision required a lot of guts…but he had me on his side and along with a good strategy, a great team and new systems he got his business turned around…

Second of all: Time does NOT equal money…

Relationships = Money.

In our trademarked system, Red Day® activities bring in the money…not time!

Our way of doing things is unique and it’s why it produces unique results for our clients…

We would love the opportunity to help you clear your head on what is the right way for you to accelerate your business… 

We highly recommend you watch this step-by-step case study of how we grew Beefy’s Pies into a Famous Aussie Icon from a small stressed out bakery into a family owned chain. Click here to get all the insights into their success…

Or if you have heard enough about how we work with our small business owners, then let’s have an off the record chat about your current situation and see what we can do to immediately guide you…click this link to see what time best suits you.

P.S. Ask if our Boardroom Program intake is open for enrolments…It works best for business owners who see the benefit of having us on as their ‘external partner’ so that they are not alone in the day to day decisions of their business. 

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About the Author:

George Bakrnchev is a business developer, psychology double major and the Founder of The Grow Business Grow Boardroom Program - a unique program dedicated to helping business owners break free from working long hours for very little return. He says that if working hard was the key to success, then those who work the hardest would have the most - look around you: they don't!
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