Use This “Monopoly Strategy” to Make More Money
Cindy Cyr here with a tip on how to use a strategy from the game of MONOPOLY to instantly shift your business into high money-making gear …
The other day, an article on how to win the game of MONOPOLY caught my eye.
In the game, you buy properties and load them up with houses and hotels so you can charge opponents rent every time they land on them.
The object, of course, is to win all the money.
The article laid out a simple strategy showing you which MONOPOLY purchases made the most money and which made the worst investments.
Reading this article, there was a strong underlying theme …
Do the thing that makes you the most money first.
It’s a strategy that freelancers would be well-advised to follow too because they often get caught up in spending too much time on tasks that really aren’t making them money.
Here’s how to make sure you’re applying the “Monopoly Strategy” in your business:
Constantly evaluate what makes you money. What are the money-makers in your business? There are a minimum of three areas you want to look at: lead generation, closing the sale, and types of projects.
For example, how many letters do you send out to get a client? How many follow-ups do you typically need to make to close a client? What types of projects make you the most money?
Asking these types of questions helps you determine where you make the most money and, therefore, where you want to spend the majority of your time.
For instance, if you figure out that writing emails makes you more money per hour than writing articles, you’d want to focus on landing more email projects versus article projects.
Or, if you figure out that you’ve landed the last four out of five clients on the fifth contact, you’d know it’s ineffective to only follow up two times. So, you’d know to make time to follow up at least five times.
Determine how much time you are spending on your low and no money-making activities. Often you don’t realize how much time you are spending on things that make little or no money.
Here are some examples:
- Reading every email as it comes in
- Learning how to do every type of skill you think you might possibly need for your business
- Talking on the phone to clients without an agenda
- Organizing your office
While these certainly have their place, they should never take priority on your list.
Once you’ve discovered where you need to spend less time, flip it with a task that can make you money.
The more aware you are of what doesn’t make you money and what does, along with how much time you are spending on each, the better your plan will be.
For example, say you spend four hours a week on social media and 15 minutes making phone calls. But, you’ve never landed a client through social media, yet making phone calls lands you more clients than anything else. Then, flip the time and spend more time making phone calls instead.
Do the things that make you money FIRST each day. Take the big money items you uncover in your business evaluation and do those, first thing, each day, before you do anything else.
Eliminate anything you can that doesn’t make you money. Or at the very least, bump the things that don’t make you money to the bottom of your to-do list.
Adopt this “Monopoly Strategy” for your business — that is, make your biggest money opportunities the priority each day — and you’ll instantly grow your income, avoid missing out on golden opportunities, and be more profitable, too.
What will you start doing first that will make you the most money? Share your answer below.
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