Spoiler alert: You might have already guess that the answer is no. Busyness is not the same thing as Business, especially when it comes to running a small one, maybe even a sole proprietorship or a single member LLC. Even more so when you don’t contract out your administrative tasks, accounting, marketing, or other tasks that a specialist might take care of, the to-do lists can seem never ending and at times quite daunting. When one person carries all of the responsibilities of the business, there might not even be time to think about why all of this busy work is actually not as productive as it is perceived to be. After all, if there is work to be done, then things are going well, right?
While it’s true that more work usually means more income, this doesn’t take into account the efficiency of the business or the profitability of individual products and services that the business offers. Take for example a photography business that offers both weddings and portraits – a wedding is a higher dollar figure booking, but comes with a higher cost of acquisition, greater overhead, and more time investment, whereas a portrait session brings in less dollars in revenue, but has relatively less overhead and less time investment after the fact. If you were to calculate and factor in the cost of acquisition and the time cost of these two types of bookings, your pricing structure might look extremely disparate (well, at least mine does!) Finding and correcting inefficiencies in your pricing structure is a way to make your business more financially efficient.