In this video, Matthew shares invaluable insights on how to supercharge your team’s productivity, whether you’re a business owner or an individual looking to maximise your own efficiency. Discover the key strategies to enhance your business’s profitability by optimising task allocation.
Matthew delves into the concept of task valuation, emphasising that not all tasks are equal. By assigning value to each task, you can pinpoint where your efforts should be concentrated for the most significant impact. He introduces a simple matrix to categorise tasks based on their value and skill requirements.
Video Transcript
Hello everybody.
My name is Matthew Atkin and today I want to show you how to enhance the productivity of your team which could include yourself; in order to enhance and maximise the profitability of your growing business.
The first thing to recognise is that there is a variety of tasks that everybody contributes to the business with very varying values. And what we’re seeking to achieve is the highest level of value for the time that’s given to the task.
The first step is to identify on this matrix where each task sits. So, where you are winning new business for example, that is worth a lot of money, it may sit right up here in the top right-hand corner of the highest value and the highest skill. In the bottom corner though low skill, low value stuff. This is where as far as possible automation and or low-cost labour should be doing the task.
So, the first step is to identify all the tasks that are done within the business and drop them into any one of these grids. Winning new business would sit up here, whereas for example, cleaning might sit down the bottom left-hand corner.
The objective is to ensure that the lowest cost competent person or system automated system is doing the task for you. And you can think of it in terms like this, that at the lower end this might cost, let’s say ten pounds an hour to deliver.
The next layer might cost double that and so on. So that you’re ending up with very high value stuff towards the top end, right up here where you could be winning £1000 an hour by for example, winning a £2000 contract that’s going to cost you, that’s going to generate you a 50% margin.
The intention is to, like I say, ensure that the lowest cost competent person is doing the task and you with your unique skill set should be heading up towards this top right-hand corner, delegating all tasks that are of lower value. Because after all, why on earth would you be doing a £10 an hour job when you could alternatively be doing 1000 pounds an hour?
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