Episode 482 – How to Work Less and Make More Money
Today we are going to talk about making more money and working less. Maybe you work more and more but don’t make more and more money. Or perhaps your company is growing larger but you aren’t making a larger profit. The problem is, if you don’t know how to leverage your time, you will always be trading your most valuable resource (time), for a less valuable resource (money).
False Belief: If you work harder you will be more successful
It’s tough because there is some truth to this. You do have to do the work. However there is a law of diminishing returns. So more work doesn’t equate to more success. More work is just more work and less time for the other important aspects of your life, like family. Even if you define success by money, more work only makes more money to a certain point and then you need to up your game!
False Belief: I have to work hard for my business to succeed
Let’s look at some examples. The president of the United States, Bill Gates and Steve Jobs all have EXACTLY the same time you have! Everyone has 24 hours in a day. Everyone has the same amount of time as everyone else. What makes the difference is what you DO when you’re working. You have created every single thing around your business. YOU are the problem and you are the solution! Figure out where you are spending your time, and decide what is the most valuable way to spend it.
False Belief: You are the only one who can do certain things in your business
Whether it’s scheduling, or cleaning, or ordering new rags, the reality is that you can find someone to do those tasks for you. Yes, they need to get done, but you aren’t the only one that can do them! Elon Musk doesn’t answer the phones at Tesla. The reality is the more things you “have to” do, the more of a job you have, and the less you’re running your business. Find someone who can do the low value tasks so that you can do the high value tasks of running and growing your business.
False Belief: You are the BEST person to do most things
The more successful you get, the more you will need to find someone to do things for you. This requires you hiring people better than you to do most of the tasks in your business. The only way to grow your business is to continually take on bigger challenges and hire people to do your old challenges. You need to get comfortable saying no to doing lower level tasks so you can say yes to working on your business. Work on your hiring system so that you can find people that can do things BETTER that you were doing it before.
False Belief: If you don’t work hard, your employees won’t work hard
This is absolutely not true. Your employees look to you to lead. If you lead them into always working, then they will always be looking to you for direction so they can do their job. You will continue to create and attract chaos! If you focus on leading them into leading, then they will be able to lead instead of you. The success of your business can’t depend on only you working hard. If it does, then things will fall apart when you aren’t there. Focus on creating systems and a culture within your company so that your employees will work as hard as you do whether you are there or not
False Belief: If I leave, my business will fail
The reality is that if you do everything all of the time, you won’t have anyone trained to do what you do when you’re gone. Your business WILL fail in that situation. However, you shouldn’t be running your business that way. You must build leaders out of your employees. Start with making sure that you are hiring based on Core Values. Make sure that you have people in place that will work hard whether you are there or not. Before you leave, ensure that all of the daily running of the business is being handled. Remember, you aren’t working IN your business, you’re working ON your business. Then, leave! The only way to build leaders is to leave and allow them the opportunity to lead.
Once you unlink ‘time spent’ with ‘the feeling of accomplishment and success’ you are free to build any life you want and grow your business as big as you want! If you enjoyed this and would like to watch this video and others like it, click here. If you are still hungry to learn more and would like to watch our free informative webinar, head over to this link and find the most suitable time for you!