Owning a business is a beautiful way to expand our capabilities. But if not done correctly, there can be some pain and hurdles to overcome.
Growing a business often means letting go of control. But how can you do this without worrying about others dropping the ball? The Buyback Principle offers a solution. By learning to build a business you enjoy running, you can confidently delegate tasks and foster a team that thrives.
Today, with the help of our guest, Dan Martell, we’re going to help entrepreneurs do it in a way that doesn’t feel hard.
Million-dollar companies are not built on $10 tasks.
There aren’t enough hours in the week for you to outwork the amount of work that needs to be done to build a business. And if you’re trying to do everything yourself, that’s not business. That’s a low-paid job.
Many entrepreneurs, especially in the early stages, find themselves working alone. But the truth is, that business thrives on collaboration. People offer leverage, expanding your reach and capabilities.
The Three S's of Pain Points in a Business
Imagine being at your breaking point: your schedule is packed, your relationships are suffering, and you're overwhelmed. If a triple-business opportunity arose, would you embrace it? Or would you find ways to sabotage your own growth?
The first thing you may do is stall.
Many entrepreneurs have faced this. The world won't stop growing. Customers will demand more, and competitors will evolve. The key is to have a vision big enough to attract and retain top talent. If you don't, they'll leave. Your company will slowly decline if you choose to stall.
Another defense mechanism could be self-sabotage.
This is difficult to recognize if you're not getting an outside perspective. Self-sabotage involves creating situations that allow you to fail, giving you an excuse to avoid responsibility.
We've all seen this countless times. Knowing he wasn't the best fit, a friend hired his cousin, but it was the easiest option. Predictably, the cousin made a big mistake, leading to the owner's frustration and ultimately losing a major client.
Another example is when an opportunity arises. Instead of immediately responding with enthusiasm, you hesitate, procrastinate, and even avoid the decision. Eventually, you finally act, only to find the opportunity has already been taken.
Lastly, you could consider selling.
Imagine you're an entrepreneur facing a series of setbacks: a key employee quits, a customer is upset, and a venue unexpectedly increases rates. Feeling overwhelmed, you consider selling your business.
This could mean you’ve reached your 'complexity ceiling.' Every entrepreneur has a limit to the amount of complexity they can handle. Whether you start a new business or continue with the current one, the challenges will persist. The grass may seem greener, but it's often just an illusion.
The key is to develop the skills and mindset to overcome these challenges. If you can handle the complexities, you can succeed in any business.
Three Steps to Buying Back Your Time
Don’t hire to grow your business. Hire to buy back your time. Here are three steps on how to do that:
Step 1: Conduct a Time and Energy Audit
-
-
-
Track activities: Log every task for two weeks, noting time spent and energy required. Use a timer and your calendar to make it easier.
-
Identify low-value tasks: Highlight activities that consume a lot of time but don't add significant value.
-
Prioritize tasks: Categorize tasks based on urgency and importance, focusing on high-impact activities.
-
Evaluate costs: Estimate the cost of outsourcing each task, using a scale of $1 to $4.
-
Create a list: Identify tasks that are low-value and low-cost (typically $1 or $2) and add them to a list.
-
-
Step 2: Transfer Tasks Using the "Camcorder Method"
-
-
-
Record tasks: Use a tool like a camcorder to record yourself performing tasks.
-
Analyze recordings: Identify tasks that can be delegated or automated.
-
Delegate effectively: Clearly communicate expectations, provide training, and offer support.
-
Create standard operating procedures (SOPs): Document processes using the recordings, allowing new hires to learn independently.
-
Empower your team: Let your team own the processes and make improvements.
-
-
Step 3: Fill the Time You've Bought Back
-
-
-
Invest in skills: Develop skills that align with your business goals and personal interests.
-
Form positive habits: Break bad habits and replace them with productive ones.
-
Transform beliefs: Challenge limiting beliefs and adopt empowering ones.
-
Maximize your time: Focus on high-value activities that generate the most income or contribute significantly to your goals.
-
Continuously improve: Regularly review your processes and make adjustments as needed.
-
-
To grow, entrepreneurs must break through their limitations and overcome their 'complexity ceilings.' Hiring strategically is key, focusing on buying back time rather than simply increasing capacity.
By using your calendar as a tool, you can identify areas where delegation can help you regain control and avoid burnout. This approach ensures sustainable growth and prevents the resentment that can lead to stalling or self-sabotage.
Let us help you buy back your time by hiring a BELAY Virtual Assistant. Whether you’re an executive, small business, or church leader, we have an expert for you.