If you're like most entrepreneurs, you started your businesses because you didn't want to work for someone else. At some point, reality sunk in. Your new boss works you to the bone and makes you feel guilty if you're not working 24/7. You suddenly realize that your new boss is even worse than your old one. To add insult to injury, this terrible new boss is you.
Short of simply working fewer hours -- and running the risk of tanking your business -- how do entrepreneurs achieve a better work-life balance while increasing their bottom-line?
In a word: Focus.
The late Steve Jobs said focus isn't deciding what to do, it is deciding what not to do. People rarely disagree that narrowing one's focus can be helpful, but few actually do it. That's because it's often unclear how to focus at a practical level.
Here are six simple steps to help you strategically focus on what's most critical in your business life so that you can earn more while working less:
1. Monetize your to-do list. Determine the financial value of completing every task on your list, then write those dollar amounts next to the corresponding items.
For example, if the task is to prepare a proposal to land a $150,000 contract, write "Finish Proposal ($150,000)." If the task is to return a phone call from your number-one customer, who generates $1 million in annual sales, write: "Return Mary's phone call ($1 million)."
2. Sort your list in descending order. Start with the highest dollar amount at the top and the lowest dollar amount at the bottom.
3. Draw a line through the middle of your list. Split your list in half with the top most important tasks at the top and the least important 50 percent on the bottom.
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