Work Smarter – The Importance of Run Rate for an Entrepreneur
In the financial world, this term refers to the financial performance of a company based on analyzing current financial information to predict future performance. However, for the purposes of this article, Run Rate is a concept related to the speed at which a person is able to work and accomplish tasks
throughout the day.
A Note from Roy Murad to Canadian Entrepreneurs:
The concept of work-life balance for most entrepreneurs I speak with is a myth. I hear it all the time… “I don’t have enough time to coach my son’s soccer team,” or “I can never make it to the gym. An entrepreneur works 24/7.”
While I couldn’t agree more that an entrepreneur is on the clock 24/7, I do disagree that it leaves little or no time for anything else. It’s all about prioritizing and planning your day, the right way. On any given day I was responsible for 15 or 16 main clients. Today, the average project manager would be responsible for 3 or 4. What is the difference?
I’d say the difference is in a person’s ability to work smarter and set the day up for success from the moment you wake up; in other words, the ability to have a high run rate.
The idea of run rate is something I’ve spoken with my kids about and is the basis of how I accomplish what I need to accomplish on any given day. Run rate is how fast and efficiently you get things accomplished throughout the day.
Go into any workplace and you’ll witness various run rate speeds in action. There are those who get into work, have a coffee, read through their emails, talk with their co-workers and then get into their day. While that is a typically accepted start to the day, it is not the run rate of an entrepreneur.
With a little planning and foresight, you can work smarter, not harder.
Mindset of an Entrepreneur
The first thing I tell any new entrepreneurs to do every single day is to wake up and plan what the day will look like. Make a list of everything you have to accomplish that day and ask yourself, “What do I have to do to earn money today.”
By starting off each and every day with these two questions, you are starting your day with the right mindset for success. And then it’s a matter of executing your plan.
If you work smarter, not harder, you’l be amazed at how much time you have for the other things in life that matter… like coaching that soccer team or taking an hour for yourself at the gym. Whatever your balance is, it is possible to achieve it with a little foresight and increasing your run rate.