8 Myths Costing You Time & Money Series: Part 1 of 4
Once you’ve reached a certain level in your business, you must go from the “doing everything yourself” phase to the “spending your time more wisely” phase and engage only in work that is your special sauce.
Because, there is only one of you to go around and as your business continues to grow, you will inevitably have less time. As the leader of your empire you want to be spending more time and effort on what actually brings in more clients and cash and less on administrative tasks.
However, most of you claim “not enough cash” is the reason why you are not leveraging other people’s talents. But, when I dig in a little deeper with my clients very often I uncover other culprits. One of those culprits is an ongoing three way battle between feelings of losing control, perfectionism and trust.
And yet, deep down, you know that figuring out how to delegate effectively, comfortably and profitably is one of the best ways for you to liberate yourself from the daily grind of your business.
So what gives?
Well, in speaking to the entrepreneurs that took my last The More Money Equation boot camp and other business owners there seems to be a lot of myths out there with regards to delegation. I call those myths – “The Untruths of Delegation”.
These untruths are not uncommon excuses among us entrepreneurs and can all be mitigated.
For the next few weeks I’ll be debunking those myths for you so you can delegate with confidence, break away from the daily grind and get back to focusing on the long-term game plan for your business.
Here we go –
The Lament of the “Too Busy”
I don’t have time to find help. I don’t have time to manage all I have to do let alone manage what someone else has to do.
Let me give you some straight talk.
Here’s the deal. If you continue to “work” on your business instead of “in” it (wouldn’t want to miss out on an opportunity to hit you with an old cliché) you will be a slave to your business forever.
You have to extricate yourself from the day-to-day routine of running your business. Stop working so hard. Stop trading hours for dollars, and stop working on tasks that are not bringing in the cash.
You will be less likely to reach the next level of wealth if you continue doing everything yourself. How you choose to run your business is up to you, after all you are a big girl, but an obsession with control and wanting everything to be perfect are not assets. They are liabilities!
Remember as a leader, your idea of “imperfect” is most likely somebody else’s 9 on a scale of 10! We tend to be our own worst critics and often all it really takes is to get out of our own dang way.
If you’ve been following me for any length of time you know that I’m all about being strategic with everything you do in your business.
Regardless, of where you are in your business you want to put into place Magic Money Multipliers™. MMM’s are about getting the necessary tools (people, systems, automation and delegation) to free up your time so you can focus on the strategic level work and what’s profitable (client work, marketing, business development, etc.).
This is the only way to go from business owner to empire builder and get the cash, freedom, fulfillment, meaning and impact you want out of your entrepreneurial journey.
When you say – you are too busy to hire help, I’m hearing you are too busy to make more money. Doesn’t that sound silly?
Make the time to hire help or bring on new team members to handle the details of running a business. Once you do you’ll open the door to grow, bring in the cash and scale your business up as big as you can wrap your brain around.
A Damnable Financial Disposition
How can I afford to delegate? What if the person I hire ends up just being a money drain? What if I can’t increase my revenue to offset the cost? Ugh, I just can’t afford to hire anyone!
Yes, you can!
Get closer, let’s have a heart to heart talk just you and I shall we. You are making money, granted not as much as you would like, but, money is coming in right? If so, then you can delegate or at the very least sit down and strategically think how you can do so within the next three months.
Here’s is a simple formula for you:
1: List all the resources for increasing your monthly income: new clients, upselling, creating an info product, a new workshop, increasing your current client value, etc…
2: Calculate how much income you could bring in and how long it will take you to increase your monthly profits if you had an extra 10-20 hours per week to do nothing but – marketing and sales.
3. Make a list of your time-sucking tasks and separate them into buckets such as administrative, production, sales & marketing, household/personal. For a more in-depth way on how to do this easily checkout my article How To Get More Value Out OF Your 24
4. Determine the hourly wage you need for getting off your plate your most time sucking tasks. From experience, I’ll tell you that you have enough admin work to take off of your plate and shave off at least 15-20 hours per week! So, for example, let’s say you could hire a virtual assistant for $15 per hour. That’s $300 a week for 20 hours, or $1200 per month.
Now, here’s where you put on the “strategic hat” and think – how long would it take you to increase your income by $1200 per month, if you had 20 hours a week to focus on doing just that?
I bet not that long. Most of the people I work with can do that with one email or in one to two months.
See, I knew you could start delegating and start building your dream team. It just takes a little creative thinking. And I bet that if you and I were to have a 15 minute chat would help you discover hidden areas of profits in your business right now. It would be like finding money in the couch!
Other creative ways to start building your team, if cash is a concern is by asking family, parents and sibs for help. If that is not an option, think of hiring an intern. I know many of you are a bit leery of hiring interns. But, it’s doable, the key is to interview them effectively, communicate with them well, and you will be surprised how much of a positive impact to your bottom line an intern can make in your business.
For today, I’m going to stop demystifying the myths that are costing you time & money. Come back next week for another episode on debunking the untruths of delegation.
In the meantime, tell me –
What’s holding you back from letting go?