How Many Money Making Hats Are You Wearing?

It’s inevitable. As an LNC business owner, you will wear many, many money-making hats.

• Marketing manager
• Bookkeeper
• The one who works on cases
• Technical support staff
• Housekeeping

But while this type of task juggling is needed in an LNC business, be aware that not all of your hats are created equal. Marketing outweighs bookkeeping, for example, because without marketing, there will be no cash to manage.

Not only that, but you have to consider how much time you’re spending in each area as well. If you spend all day refining your brochures, what have you gained? You’ve gotten updated marketing material, but have you also gotten behind on invoicing?

In an ideal world, you’d simply put on your CEO hat and delegate the rest, but here in the real world, we don’t always have that option. Instead, we have to work smarter, and take care how we’re spending our time.

Prioritize Your Daily Tasks

We all have different skills and sweet spots when it comes to the tasks we want and need to do. You might love analyzing medical records and hate bookkeeping, while someone else enjoys the marketing and doesn’t like writing blogs for the website.

But regardless of your personal preferences, one thing is certain: money-making tasks should be at the very top of your to-do list.

Your money making hats might mean case work, email marketing, client outreach, following up on overdue invoices or something entirely different. Identify those money-making tasks in your business and be sure to prioritize them every single day.

Know the Difference Between Important and Urgent

In his classic book, The 7 Habits of Highly Effective People, Stephen Covey recommends prioritizing tasks based on a time-management grid. Every task is assigned to a quadrant of the grid, based on whether it is urgent, important, both, or neither.

Once you know where a task falls on the grid, you’ll immediately know what you should be working on. For example, marketing and planning are important but not urgent. A ringing phone is urgent, but not important.

The case report that has a deadline of tomorrow is both urgent AND important.

So before you prioritize your daily to-do list, think about where each of your tasks falls in the quadrant, and schedule them accordingly.

Will you always be working on the best task for right now? Probably not. Nor will you always use your time as wisely as you could. But by making a conscious effort to organize and prioritize your days and acknowledge your money-making hats, you’ll find it’s a lot less stressful and overwhelming to manage your LNC business.

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