Here’s a success secret that really shouldn’t be a secret: Successful businesses thrive on moneymaking activities—business-building activities that produce immediate, ongoing, or future income … regular activities that have proven themselves to be worthwhile and beneficial to the financial success of the business.

As a business owner, the key to focusing time and effort on moneymaking activities is to truly understand which day-to-day actions produce steady income for your business. In theory it should be simple enough to focus on those activities (the ones that make money) but, truth be told, many business owners have not made time to pinpoint them. Have you?

When I think of moneymaking activities I’m reminded of the Pareto Principle: 20 percent of day-to-day activities produce 80 percent of the revenue.

It may be time to analyze your typical workday to understand the best use of your income-generating time. If so, here are a few suggestions to get you started:

1. Time management is a major factor in identifying moneymaking activities.

No matter the size of your business, how you manage time is going to have a direct impact on the amount of money you generate. Becoming more aware of how you spend your time and energy will help identify which activities are income-producing and which are not.

For one week, track your workdays hour-by-hour. Each hour write down all of your activities for the previous 60 minutes. Yes, every activity! Phone calls made, snacks eaten, computer games played, blog posts written, networking events attended, etc.

At the end of your workweek, divide your activities into the following categories: “Administrative,” “Immediate Income Producing,” “Long-term Goal Achieving,” “Time-wasting,” “Relaxation” and “Distractions.”

Analyze the results. Are there any eye-opening realizations? Can you use your time and energy more efficiently and effectively?

2. Fine-tune your immediate income-producing and long-term goal achieving activities into consistent moneymaking activities.

This is where you begin to examine your consistent income-producing activities.

On a sheet of paper draw two columns. Label one “Immediate Income Producing” and the other “Long-term Goal Achieving.” List each moneymaking activity in one or both of the columns. Next to each activity, write an explanation of how or why that particular activity is a true income producer for your business. Rate each activity on a scale of 1 to 10, with 10 being the most profitable.

Remember, the more worthwhile and productive your activities, the more profitable and financially successful your business. Does this exercise give you a clearer picture of where you should be spending the majority of time and energy?

3. Are there additional moneymaking activities you can add to your lists?

This is a very important question. If you keep working at the same pace and on the same activities, the results will be the same. Are you completely satisfied with your current moneymaking results?

Take an analytical look at your list of workday activities. If you systematically worked your top income-generating activities, would your business become more financially successful?

If you are having difficulty adding moneymaking activities to your list, you may want to gain insight and perspective from a mentor or professional coach.

4. Schedule moneymaking activities during prime moneymaking hours.

How many quality moneymaking activities do you actually complete during your workday? Generally, the answer depends upon how carefully you plan and manage your time. If you want to make more money, shift non-moneymaking activities to less productive parts of the day and reserve prime hours for income-producing activities.

5. Consistently focus on what is most important to growing your business.

Focus is vital to success. Successful business owners have a keen, almost laser-beam ability to focus the greatest time and effort on the most important business-building activities. Focus begins with well thought out professional goals combined with a viable plan of business-building activities and consistent action.

What do you think? Is it time to carefully pinpoint the moneymaking activities that will successfully grow your business? When you commit time, energy and resources to moneymaking activities, you’ll find yourself achieving greater profitability with less stress, in less time and with more satisfaction.

About the Author

Sharon Michaels is a business coach and the author of How to Give Yourself the Power to Succeed (EmPOWERing Publications, 1996). She produces and hosts the weekly radio show, Women Enjoying Success, interviewing and sharing the strategies of self-made successful women. Learn more at: http://www.blogtalkradio.com/Sharon-Michaels . Read Sharon’s blog,  http://www.SharonMichaels.com/powertosucceed , check out her weekly Ezine, Unlimited Success for Women and visit her website at http://www.sharonmichaels.com

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