Peter Moriarty: We have a question here from Riley. And
that question is, how do I know what tasks to outsource? First?
How do I know? You know what to kind of move off my plate and
sent over to other people? And I love this question because I
like to think of myself as a master delegator. I think
delegation is one of the top skills for entrepreneurs to
learn if you're wanting to grow and scale your business. And for
me, the first things that I like to delegate are the things that
I don't like doing. And so if you've read the book, The Four
Hour Workweek from Tim Ferriss, which is an excellent book, on
creating the lifestyle and creating the business that you
like, what that will help you to do is to identify, Okay, what
are all the tasks that need to happen in the business and
there's plenty of other systemization books as well,
what I tend to do is I'll write down all the things that I'm
doing, and I decide, okay, out of those things, which things do
I like doing? And which things do I not like doing which things
are the best use of my time and which things are maybe not the
best use of my time, and basically, anything that is not
quite the absolute best use of my time, I want to give that
over to someone else. Now, there's another way of looking
at that as well. The other way of looking at it is to look at
what your actual dollar value is per hour inside the business. So
what is the number of hours that you're working in the business?
And how many dollars do you need to generate for every hour that
you're working inside the business. Now, if you're a
service company, and maybe you're selling your time, right
now, then you probably got a little bit of an idea of what
your time is worth, the general rule is to outsource or delegate
anything that is not worth higher than that rate per hour.
And you might think, Oh, wow, there's a lot of things in life.
So maybe if you're charging 100 bucks an hour for your time, or
$200 an hour for your time, well, if you can get someone to
come and clean your house for $40 An hour or $50 an hour, then
that's probably a good move to do, to have someone to do that.
So this can be applied both in the business and and outside the
business. Now, if you want to calculate what your time is
worth, I have a video on this on our channel. So if you search, I
think it's like entrepreneurial time productivity, you can
search that on our YouTube channel, and you'll find out how
to do the calculation, I'll give you the short version of that
calculation. You take your total projected revenue for the year.
So you take your goal revenue for the year. And then with that
goal revenue for the year, what you're going to do is you're
going to divide that by and this is easy to remember 2080. So
2080, it's a reverse of the 8020 rule. Now, 2080 is a special
number, that number is the number of hours that you have
per year of work time. So if you take your revenue, and you
divide it by the number of hours that you have, you now know how
much you need to be generating for your business. Even if it's
not you doing the work. Even if you've got employees, you know
how much you need to be generating for your business,
every hour that you work. And if you're doing things that are
worth less than that amount of value per hour, then you've got
a problem. So they're the best things to start with outsourcing
something that is below your time, or something that you
don't enjoy doing. Now, the challenge is as you grow the
business and as you turn it into an ecosystem and an organism
that will hopefully run itself one day, you need to then start
delegating and outsourcing things that you're actually good
at. And then at the very end, you need to start delegating
outsourcing things that maybe you like doing, but maybe you're
not the best person to be doing them in the business. And that's
where the real challenge starts. Because you know, there's all
kinds of identity crises where you like doing things, but
you're not allowed to do them in the business anymore, and you're
doing them would cause more mess in the business than actually
delegating them or giving them to someone else. And so that's
when you really start to run into challenges as you're
growing and scaling. Because you you need to effectively fire
yourself from the business. And that's, of course, if your life
goal is to have a business that works without you, you know, to
have a business that funds your lifestyle, to have a cash
generating machine, I like to say that, you know, a business
should be an ATM that just shoots out money all day long. I
use a different S word for that usually. And so that's, that's
ideally for me what a business should be, it should be
generating money. And I should be only doing the things that I
really, really, really, really, really love doing. And I'm the
only person that can do them in the business. And so for me, it
genius. I'm the founder. And so right now,
the only thing that I should really really be doing is being
the custodian of culture and the business being the final say on
the strategy of the business and the vision on where the business
should go. And then from time to time, I get my hands a little
bit dirty, and you know, the marketing. I love helping
educate business owners and so that's why I continue to present
on our channels and online. But you know, the business is to
that magical point where I can step away for months at a time
and it'll continue to run and continue to pay for my
lifestyle. And that's basically utopia. And so that's why I
continue to do these shows is to help other business owners get a
little bit closer to that and build a business that works. on
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