I’m currently attending classes at Buffalo State College in NY and they are doing maintenance all throughout the school. Its a million dollar plus operation and they are doing what we all seem to be guilty of. They are constantly starting new projects at different parts of the campus and are forgetting about the other projects throughout the rest of campus. I don’t know about you but I’ve been guilty of this many times before and still am guilty of it every once in a while. Starting a project before another is finished, hoping that I can finish them all.
When you are working on a business project, your ultimate goal is to make money as quickly as possible, right? The sooner your projects are finished, the sooner you make that money! And another thing, the more projects you complete each year, the more you earn each year.
The biggest constraint that we have with starting multiple projects is that we don’t finish the projects we started. So what should you do? Complete each project AND start making money from the project before you begin the next project. This puts you in a different position in your business; it changes you from accepting new projects to getting the revenue flowing as soon as possible. The thing about picking up new projects is that when you accept new projects you are putting off the money that you should be getting from your current projects.
I’d like to share with you some information that I got from Rich Schefren on completing your goals. It is 2 graphs that really get to the bottom of this.
In both of these slides, the letters represent projects and each of the boxes represents one week. The first slide here shows someone who is working on three different projects at once: ABC,ABC, and ABC.
In this example it takes seven weeks to finish the first project (A), eight weeks to get your second project done (B) and nine weeks to get the third project (C) done.
The thing is, you only start to make profits when you finish that first project. And that means that in the nine weeks it takes to complete these three projects you only net three weeks of profits from them.
Now take a look below at the other chart. If you become focused during this time and work on one project at a time, you get a result that will blow your mind! Well, at least it blew mine the first time I realized this. This time, it only takes three weeks to finish project (A), six weeks to complete your second(B) and nine weeks to complete your third (C).
Can you see how much time you’ll save and how much more money you will make? It’s the same time frame, same projects, and the only difference is the sequence you do the projects. The crazy thing about this is that in the second example you can net nine weeks of profits compared to only three weeks that is 300% more profit! Does that sound like a good thing?
A quick question to ask yourself, how many projects are you juggling right now? Is it multiple projects that are causing you to jump from idea to idea? Are you making any money from any of these projects?
How about you try this out… instead of trying to work on multiple projects, pick the one that will yield the most money in the shortest amount of time and focus on that and that only until it’s putting money in the bank for you?
