“When you identify as the CEO, the chief executive officer, instead of the ‘chief of everything’, your business grows. You have to be focused to be effective.”
You can create and sustain hyper-growth in your business and life by eliminating frustration and irritation.
What are the things in your business that frustrate you on a daily, weekly, and monthly basis? Write them out. Once you've done that, figure out how to never do them again.
When you eliminate the parts of your business that frustrate you, you eliminate the things that destroy your energy and drive.
This principle can extend beyond your business and into your personal life. The things that irritate you might include cleaning your house, running errands, or mowing the lawn. But here's the good news: You can outsource everything.
“Anything you can list right now that you hate…you should figure out how to never do that again and how you can get someone else to do it.”
But how do you know what to outsource? It's simple. Outsource whatever is below your pay rate. Here's an easy way to figure out how much each hour of your time is worth:
- Amount of money you want to make per year…divided by 12 months…divided by 160 hours = your hourly rate
If your goal is to earn $400,000 a year. That's approximately $33,000 each month, which is about $208 an hour. Now ask yourself, “Can I find someone to clean my house for less than $208 an hour?”
Did you notice something interesting about this formula? You don't start with the amount of money you're making right now. You start with the amount you want to make in the future.
Make decisions from the future. Base your decisions on where you want to be. This applies to every piece of your decision-making process. Never mow your lawn when you could make more doing your business. It's that simple.
Action Step: Write Down ten things that frustrate you and are below your hourly rate that you're currently doing in your business. Then ask yourself, “Who do I need to get to do these things for me?”
How to Use Leverage to Back Out of Your Business
Getting the hypergrowth you need in your business comes down to eliminating the frustrations at work and in life. Start with the lowest hanging fruit.
What are the easiest things you can offload to someone else or stop doing altogether? Most, if not all, business owners can find things they’re doing that make no sense and are just ineffective and wasteful.
“You can automate it, you can delegate it. Or you can eliminate it. Those are the three things you can do. Twenty percent of what you’re doing should probably be eliminated.”
What are the three things you can do right now to get rid of frustrating tasks in your business and achieve hypergrowth?
Twenty percent of what you're doing should be eliminated. You don’t even need to delegate them. The rest can be automated. This is real leverage. You’re leveraging other people. You’re leveraging their time, resources, finances, and experience for your business.
Look at the core of your business: sales and marketing. Without sales and marketing, you have no business. So you may not want to give up full control of these just yet.
Now look at your operations and fulfillment—the lowest-risk areas where you can begin eliminating the unnecessary. This includes tasks related to finances and the day-to-day stuff that you can easily outsource to someone else.
List and catalog all of the things that need to happen for your business to run. That gives you clarity on what’s really important. You start to see the 20% that you need to focus on…the things that drive the revenue and the freedom. When you adapt to this way of thinking, you’ll grow faster than you ever thought you could.