Can you make more money by working less?
Tip #1: The 80/20 Rule – Focusing on “high impact” activities
To work less and make more – you must work mostly on the things that make the biggest impact on business results. After working and speaking with hundreds of entrepreneurs, I see too many business owners spending too much time on less important matters instead of focussing on things that make the biggest difference.
When I take a look at the average business – I will usually find The 80/20 rule in affect with 20% of their time accounting for about 80% of what they achieve.
If you focus more time on the things that bring you the biggest results (like Sales and Marketing) and less time on the silly tasks that keep you busy but don’t move you forward (like responding to non-urgent emails and checking your social media accounts all day) – you can cut your work hours down dramatically while improving your results.
You either need to eliminate, automate or delegate the 80% of things that bring you little to no reward. Which bring me on to Tip #2…
Tip #2: Work ON The Business (Not IN The Business)- Delegate Low Impact Daily Tasks
I see too many business owners finding themselves doing the same tasks every day robotically that almost anyone with a few brain cells could do instead. They are essentially working IN the business instead of focussing on high impact tasks and working ON the business.
The internet brings an opportunity to gain instant access to virtual assistants across the world you can easily delegate day to day tasks that keep you busy but don’t necessarily drive the business forward. You can hire highly skilled VA’s for less than the US minimum wage where in their home countries is a lot of money. Not only are you helping yourself free up lots of time– you’re helping people get jobs who desperately need the work to feed their families.
Tip #3: Leverage Technology – Automate everything you can
Technology is just getting better and better and it blows my mind. When we built our first coaching business to 7 figures we did it with more than 20 employees in the UK. This was great because the team did most things – but a growing team with lots of different personalities needs nurturing and time.
When we grew our most recent business to 7 figures – we did it with just 5 people. Not only are there less headaches with less people to manage, but we now make more profit too, as staff can get very expensive. In one area of the business we replaced $150,000 worth of annual wages with a $3,000 per year software program. The software doesn’t make silly human errors either.
Tip #4: Get To Work - Spend Your Time Wisely
When entrepreneurs complain about working too hard with little results, I can guarantee that if I was a fly on the wall in their office I would find them spending most their time not actually working. It comes back to the 80/20 rule and about managing your time properly. When you are working, work. Block out work sessions dedicated to a specific outcome and task and don’t do anything else until it’s completed. If you try and do 2 things at once as well as constantly check emails or scroll through your phone to see if he or she has messaged you back – you will forever be in a state of overwhelm and never get things done on time. Block out your calendar with the daily tasks and be realistic with what you can accomplish in that time.
Tip #5: Plan Tomorrow, TODAY – Start the day with purpose
The secret of how I helped build one of the fastest growing companies in America was by planning what I was going to do tomorrow, TODAY…
This allows me to go to bed more peacefully and wake up in the morning with a clear purpose and direction. If you start the day with no idea what you’re doing– not only are you going to be in a state of anxiety and overwhelm, you’ll waste precious time reacting to incoming messages instead of focussing on what you really should be doing.
Before you go to bed, write down a list of the MAIN tasks you are going to work on the next day – then block out specific times in your calendar to work on them. I can assure you – you will wake up with a spring in your step and attack the day – get ahead and be able to technically work less AND make more money.