Thought I would share a blog post from our book “7 Things Our Clients Are Doing To Double Their Income”.
If you haven’t read it yet, I recommend you pick up a copy by clicking HERE!
This book will definitely have some great insight on how to double and triple your business while working less over the course of the next few months. One of the major topics of the book is learning to automate and outsource for more productivity in your life.
So you’re starting to get everything rocking and rolling in your business, sales are going up, conversions are getting better, and people are happy. Now the issue is you start having to work 60 and 80 hour weeks and there’s not enough time with your family. It’s time to fix this process to get more efficient (wouldn’t you know it; it’s one of the secrets to growing a massive company as well).
We’ve got to get you out of this jam, so we’ll go to Pareto’s law:
You get 80% of the results with 20% of the work. It holds true for many things we do. The top 20% of our customers create 80% of our revenue; 20% of our work causes 80% of our headaches; and 20% of what we do gets 80% of our results.
Thank about that for a second. If 20% of what you do gets you 80% of the results, you need to find a way to do more of the 20% and then automate and outsource the other 80% and your headaches.
Here’s an activity you can do to identify what to start with:
Make a list with two columns. Put on one side “wealth creation activities”, and put on the other side “maintenance activities.” What do you start to notice? That there are only a few activities you do every day that make you money. The rest is reactive or maintenance tasks that suck energy and keep you from doing wealth creation activities. You will see that most of your headaches are in the “maintenance activities” and not in the money-making activities.
You need to put together a plan to automate or outsource your maintenance activities as soon as possible.
I copied a picture list of money-making activities vs. maintenance activities below on a note pad:
When it gets down to it, there’s only a few things I do on a daily basis that help our company make money. The more time I spend on them, the better our bottom line is.
You need to spend at least 3 hours a day in “wealth creation activities”. If it’s a creative function (writing, email sequences, etc., 3 hours is sufficient). We’ve done quite a bit of research on millionaires and how they perform, and this is always one of the key traits. They know what makes them money and they spend 5-15 hours a week of doing this. That’s all it takes!
Don’t be like most entrepreneurs and get a false illusion of “wealth creation activities” and then spend time doing things that won’t contribute to the growth of the company. Choose to be in the top 5%.
Now you have those areas identified, you can go about automating and/or outsourcing other tasks to become more effective.
Now I know you are probably thinking, “I don’t have enough money to outsource!”
Here’s a simple solution:
Figure out how much per hour your wealth creation activities are worth. If the activity is worth $500 per hour and you know that automating all of your headaches (that take up 15 hours of your time a week) would cost you $2000 to outsource and automate, all you would need to do is spend 1 hour more per week in that wealth creation activities to pay for this. You would be saving 14 hours a week as well! Literally you could work 2 days less and be in the same spot financially.
One more personal note: I usually spend 15-20 hours a week in wealth creation activities, though due the need to research constantly and learn to write ad copy, I set aside 10 hours a week for learning. Make sure you have that time set aside for yourself.
Now that we have you thinking like a millionaire, we can move on to leveraging your wealth creation activities to make that per hour number higher.