Bob Jablonsky & Associates Blog

Is There Really a 4-Hour Workweek?

by | Nov 23, 2016

Tim Ferriss made the 4-hour workweek a popular concept in his 2007 book.  But is there such a thing, and more importantly, can business owners like you and me cash in on it?  As the last of the Baby Boomers approach retirement, the topic of working less while making the same or more income is popular.

Here are five ideas to help you work fewer hours while making the same or more income.

Active vs. Automatic Revenue

Some business models allow you to generate automatic revenue.  Automatic revenue is revenue you can earn and leverage over time by doing something only once and not over and over again.  Active revenue is earned while doing something over and over again.  Showing up for a teaching job with a live audience is active revenue while producing and selling video recordings of the same teaching is automatic revenue.

A goal of a 4-hour workweek concept is to increase automatic revenue while reducing active revenue.  You may have to think out of the box to do this in your industry, but the payoff can be huge.

Delegation and Outsourcing

One traditional way to move to a 4-hour workweek is to have others do the work.  Hiring staff frees up your time and allows your business to become scalable.  When it runs without you, it’s more salable too.

Time Batching

If you have a lot of distractions in your day, you can easily double your productivity by learning time batching, which is grouping like tasks together in a block or batch of time and getting them done.  For example, if an employee interrupts you with questions multiple times a day, train them to come to you only once a day to get all their questions handled at one time.  Take your calls one after the other in a group, and then stay off the phone the rest of the day.  Do the same with email, social media, running errands, and all of your other tasks.

Automation and Procedures

New apps save an amazing amount of time. List all of your time-consuming chores and then find an app that helps you get them done faster.  For example, a scheduling app can reduce countless emails back and forth when setting meetings and appointments.  To-do list or project management software can cut down on emails among you and your staff.  And apps like Zapier can connect two apps that need to share data, reducing data entry.

Leverage

The key to working less is to embrace the concept of leverage.  How can you leverage the business resources around you to save time, increase staff productivity, and improve profits?  It takes discipline and change, two difficult goals to accomplish.  But when you do, you will be rewarded.

Bob Jablonsky is the founder of Bob Jablonsky & Associates. He has spent his career helping taxpayers resolve tax issues and get back on track with the IRS. In addition to tax resolution his firm also prepares hundreds of tax returns every year for both individuals and small to mid-sized businesses.

Bob is an IRS Enrolled Agent (EA), which is an elite credential issued by the Internal Revenue Service to professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation, and representation matters. An Enrolled Agent license is the highest credential awarded by the IRS and is recognized across all 50 states. Additionally he is a CMA, or Certified Management Accountant, a designation for financial controllers and CFOs (Chief Financial Officers), as well as an Advanced Certified Quickbooks Pro Advisor.

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Bob@jablonskyandassociates.com

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