How To Get More Done Everyday: The $50 Task Theory | Quick Wins With COM Ep 51
On this weeks’ episode of Quick Wins with COM, Richard talks about on how to get more out of your day by effectively managing your tasks and focussing on the tasks that are going to bring you in the most money, instead of the menial $5 tasks..
Categorising your tasks daily can not only affecting your productivity, but also what your business can achieve financially.
Have you ever heard of the “$50 Task Theory”? This theory asks you to think of the tasks you do on a daily basis, whether its cleaning your desk or sitting down with a client, and categorise them as either $5, $50, $500, or $5000. They key is to eliminate the $5 tasks. Because you have to do a lot of $5 tasks compared to doing a few $500 tasks. Your value also lies in the tasks that only you can do and it’s important to identify these kinds of tasks. In order to do this, you need to:
Know your tasks
You should know all the tasks that you do in a daily/weekly basis like the back of your hand. From here you can segment them into your top priority tasks, and the ones that are not as important. This should give you an idea of what to tackle first, smoothen your workload and allow for an effective workday. If you really don’t have any idea of the tasks you do on a daily basis. Take a week, where you write down each hour the tasks that you did. That way ou can look back and review what they were actually worth.
Know what is productive
Think about your list of tasks. Which ones are more productive? Find the tasks that lead to the $50, $500 and $5000 actions and conversations and focus on those over the $5 tasks that are still important, but just don’t lead to the big bucks and ultimate growth within your business. Whenever you can, delegate $5 tasks to your staff or other people who can do those tasks (probably better than you can). This leaves you free to focus on more money generating tasks.
Know your superpower
Think of what you can do that no one else can. The key to finding growth and success in your business is to do these tasks more often and prioritise them so you can have that extra layer of uniqueness and character in your business. It’s also important look at others around you, find their superpowers, and distribute tasks accordingly. Find out what everyone in your business brings to the table and ensure that their abilities are being utilised.
By following these 3 steps, you’ll find yourself being able to work faster and more efficiently than before. From here on out, when executing a task think of the “$50 Task theory” and the effect each task will have on your business. Will these tasks lead to productivity and growth in your business? If yes, then you’re good to go.
Watch the whole video to find out more on how to categorise your tasks for maximium efficiency and success.