worksheet Unlock Your Value and Maximize Your Time clientsfirst

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1 clientsfirst Step 1: Identify yor bsiness goals Step 2: Track yor time-spend Step 3: Identify opportnities for delegation Step 4: Perform a cost analysis Step 5: Assess the vale of adding a new staff member Unlock Yor Vale and Maximize Yor Time Yo can drive bsiness growth by improving office efficiency and concentrating on bsiness development. This worksheet provides a framework for evalating the time yo spend on both bsiness bilding and non-bsiness bilding activities to determine if yo wold benefit from hiring additional staff. worksheet

2 bsiness conslting worksheet If yo are spending a significant amont of yor time on activities that do not spport bsiness growth and provide yor best clients with sperior service, then it may be an opportne time to hire spport staff. By delegating administrative fnctions and activities that do not directly drive revene, yo can concentrate on activities that have a greater impact on meeting yor bsiness goals. Evalation Framework The evalation framework is a five-step approach of assigning cost and vale to each task yo perform over a one-week period. This is followed by performing a cost/benefit analysis of hiring a new employee Clearly Identify Track Yor Identify Estimate Yor Bsiness Time-Spend Major Cost Goals for One Week Opportnities Assess Vale of Hiring a New Employee 2

3 bsiness conslting worksheet Step 1: Clearly Identify Yor Bsiness Goals Write down yor short- and long-term goals. Remember that the point of delegating and hiring staff is to help yo focs yor time on achieving these goals. Inclde both financial and non-financial goals. e.g., increase AUM e.g., increase nmber of meetings with prospects Step 2: Track Yor Time-Spend For one week, track yor schedle and list the activities yo perform. Use the tracking sheet on pages An example is provided below. Determine if yor activity is related to revene generated goals, and complete the third colmn. A + indicates tasks that are directly related to revene generation and bsiness goals. A indicates a task that can potentially be delegated to a staff member. Example Time Task + or Hors 9:00 10:00 Client meeting :00 11:00 Entering trades :00 12:00 Mentoring staff :00 1:00 Client meeting :00 1:30 Lnch :30 2:00 Strategizing for client meeting :00 3:00 Printing statements, reports, binding 1.0 3:00 3:30 Going to Kinkos 0.5 3:30 4:00 Prospect meeting :00 5:00 Meeting with CPA partner Total Hors 2.5 Total Hors 8.0 3

4 bsiness conslting worksheet Step 3: Identify Opportnities for Delegation List the tasks yo spend the most significant amont time doing that do not directly drive revene or spport yor bsiness goals. Determine what hiring opportnities exist and who it may make sense to hire. Step 4: Perform a Cost Analysis There are two parts to performing a cost analysis: First, analyze what yo lose by performing non-revene generating, non-bsiness goal activities. This is achieved by determining yor horly wage based on annal GDC and hors worked, and adding p the total cost on an annal basis. Second, determine the cost of hiring another staff member, which shold inclde the cost of taxes and employee benefits. What is the cost of performing non-revene generating, non-bsiness goal activities? Estimate yor loss below. Data Calclation Vale A Annal GDC Inpt yor annal GDC $ B Nmber of Hors per Work Week Inpt the average nmber of hors worked in one week hrs C Nmber of Work Weeks per Year Inpt the nmber of weeks yo work in one year weeks D Nmber of Work Hors per Year Mltiply B x C E Horly Wage Divide A by D F Nmber Hors Spent on ( ) Tasks Inpt the nmber of hors spent in one week on tasks that cold be done by others ( ) hrs G Loss Mltiply C x E x F G (Loss) is an estimate of the cost of performing non-revene generating, non-bsiness goal activities. 4

5 bsiness conslting worksheet What is the cost of a new employee? Estimate the cost of a new employee below. Data Calclation Vale H Estimated Salary Inpt the estimated base salary of the new employee $ I Estimated Bons Inpt their estimated bons (e.g., 10% of base salary) J Estimated Payroll Tax Inpt estimated payroll tax (e.g., 8% of salary pls bons) K Estimated Benefits Inpt estimated benefits (health insrance, 401(k) match, contining edcation, etc.) L Other Costs Inpt any other costs (technology fee, license fee, etc.) M Total Cost of New Employee Add H throgh L Step 5: Assess the Vale of Hiring a New Employee Perform the final calclation to complete the cost/vale analysis. N represents the vale that hiring a new employee cold bring to yor practice over time. If N is a positive nmber, yo shold strongly consider hiring. Data Calclation Vale N Vale Sbtract M from G $ Also consider that as yor annal prodction and assets nder management grow, so does the vale of yor time. It is good practice to analyze yor time-spend on a reglar basis to gain awareness of the improvements yo are making with yor bsiness, and balancing the hors of yor life. 5

6 bsiness conslting worksheet MONDAY Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 6

7 bsiness conslting worksheet TUESDAY Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 7

8 bsiness conslting worksheet WEDNESDAY Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 8

9 bsiness conslting worksheet THURSDAY Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 9

10 bsiness conslting worksheet FRIDAY Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 10

11 bsiness conslting worksheet WEEKEND Time Task + or # Hors Total Hors Total Hors Note: + indicates tasks directly related to revene generation and bsiness goals. indicates tasks that can potentially be delegated to a staff member 11

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