How to Increase Your Income (1)

August 27, 2018362 views0

How to Increase Your Income (1)

2018-08-27T14:30:21+01:00

By CNP

The assumption that the only way one can increase one’s income is by increasing the amount of work they do or the number of hours they work is no more valid in this age and time.We have moved from the age of manpower to mind power. In this new age, you are no longer rewarded for the hours you put in but for what you put into those hours.Today, you are paid for accomplishments, not activities. You are paid for outcomes rather than for inputs or the number of hours you work. Your rewards are determined by the quality of results you achieve in your area of responsibility.5 WAYS TO INCREASE YOUR INCOMEDouble Your ValueFirst, identify the things you do that contribute the greatest value to you and your company. Then apply the 80/20% rule.The 80/20% rule says 20% of your tasks contribute 80% or more of the value of the things you do.Begin to spend more of your time doing more of the tasks that contribute the greatest value and enable you achieve the most important results possible for you.Second, identify the activities in the bottom 80%, the lower value, time-consuming tasks that contribute very little to your results. Then resolve to downsize, delegate, and eliminate as many of them as possible, as quickly as you can.Be Responsible For YourselfOne of the most important choices you can ever make is to accept complete responsibility for everything you are and everything you will ever be.The acceptance of personal responsibility is what separates the superior person from the average person.Personal responsibility is the pre-eminent trait of leadership and the wellspring of high performance in every person in every situation.See Yourself as Self-EmployedWhen you accept complete responsibility for your life, you begin to view yourself as self-employed, no matter who signs your pay-check.You see yourself as the president of your own personal service corporation.You see yourself as an entrepreneur heading a company with one employee: you.You see yourself as responsible for selling one product– your personal services- in a competitive market.You see yourself as completely responsible for every element of your work, for production, quality control, training, development, communication, strategy, productivity improvement, and finances. You refuse to make excuses. Instead, you make progress.ConcentrateWhatever you concentrate on grows. Where your attention goes, your heart goes also.Your ability to divert your attention from activities of lower value to activities of higher value is central to everything you accomplish in life.You have to identify the few things you can do that are more valuable and important than all others. You then discipline yourself to focus all your energy and attention on those specific tasks. You say “No” to any activity or demand on your time that is not consistent with the most valuable work you can possibly be doing at that time.Develop EfficiencyWhen you begin work on a new job or activity, usually you have to invest a good deal of time and effort to accomplish any result at all. This is the learning phase.But if you persist, you will get better and better at that particular task. As you get better, you begin to move forward, taking less and less time to get the same quality and quantity of results. Eventually, you will reach the point where you can produce in one hour what a new person might take several hours to produce. Meanwhile, the quality of your work is equal to or greater than that of the less experienced person who is spending many hours to do the same thing.