On today’s show, I’m talking about what I had to do to make the shift from working 80 hours a week (and missing life!) to working 25 to 30 hours a week and not sacrificing my business. I have some actionable steps to tell you that I used to make this shift, and after listening to this episode, you’ll see that you can do this too.
1. Get clear on the cash flow drivers in your business
If you read the book, Profit First by Mike Michalowicz, you’ll find a useful accounting method that we’ve switched to significantly improve our processes. Reading this book will give you the tools to see and true picture and know the health of your business!
2. Focus on less to get further ahead
Doing more doesn’t mean making more! When you are able to focus on less products or ideas then you are able to put more time, energy and assets into what you do choose to do. By being constantly busy you’re not making more money, you’re just being busy; you’ll find by scaling down the number of mini projects you’re doing and putting those efforts into revenue generating projects, you’ll be further ahead in terms of cash (and reduced time and effort on your part).
3. Switch from task-based outsourcing to outcome-based outsourcing
The lesson I learned was that I was able to give my team more responsibilities, and trust that they can take care of certain tasks and give me feedback on an outcome- based level. Stop trusting that the only person that knows and understands the vision is you, and you’ll see that your team is capable of accomplishing amazing things!
4. Find your life again
When I was working those 80-hour weeks, I had my “nose to the grindstone” but was forgetting the most important thing - to live life. After determining the health of my business and being able to utilize outcome-based outsourcing, I was able to make room for spending more time with the people I care for and doing things that made me happy (outside of work).
You have to understand that life doesn’t revolve around business, and although it’s awesome that we can make money like we do online from things that light us up, we have to have passions that aren’t tied to dollar signs.
Profit First by Mike Michalowicz