If you’re an entrepreneur and you feel busy, buried, and overwhelmed, this blog article is for you!
Today, I’m going to tell you the three BIGGEST concepts that will change your life.
1. How to Multiply Your Time
The first one is the ultimate premise of how to multiply your time. This is exactly what I talk about in my viral Ted Talk, and you can watch that for free!
If you don’t understand this concept, you’re going to struggle and always keep working faster and longer because you’re buying into this lie that if you work harder, somehow it will create more time.
The way that you multiply time is by giving yourself the emotional permission to spend time on things today that create more time tomorrow. You have to shift to what we call the Significance Calculation.
Urgency is, “How soon does something matter?”
But significance is “How long does it matter?”
So, you have to start thinking in terms of significance, not just what fire needs to be put out today. You need to evaluate how you spend your time based upon the criteria of significance. In other words, how will this use of my time affect tomorrow and the next day? You can do it today, but if you do, then you’ll have to do it again tomorrow. However, if you forgo doing it today, and build a system that can do it automatically, then you won’t have to do it ever again.
2. Time Arbitrage
The second big concept you need to understand is the concept of time arbitrage.
Normal arbitrage is buying something X and selling it at Y and the difference is your profit.
In order to conduct time, arbitrage you need to calculate your Money Value of Time (M.V.O.T).
Your Total Yearly Income ÷ 2080 (Number of working hours per year)
Let’s say your M.V.O.T is $40. If you can hire someone to do your menial task for less than $40/hour, then hire them and use your time doing more profitable activities.
What holds entrepreneurs back is they go, “Rory, I can’t afford to pay someone $20 an hour to do those things.”
The reality is you already are affording it. You are already paying someone because you’re either paying them at their rate or you’re paying yourself at your rate.
So if you’re doing that task, you’re paying yourself $40 an hour instead of paying $20 an hour for someone else to do the task.
3. The 10/80/10 Rule
The third concept that is huge for multiplying time is the 10/80/10 Rule.
The way that this works is when there’s a new project, you can’t just hire someone and go, “Okay, I hired them, they’re going to do it and it’s just going to be perfect and fine.”
That’s going to end up as a train wreck!
What you’re supposed to do is you spend the first 10% with them and map out the project.
The middle 80% is what they do for you.
And then the last 10% is you come back in and give them feedback, tie together the loose ends, and polish it up.
Where people experience frustration with delegation is they try to delegate and then abdicate.
They go, “Well, I paid this person to just solve this problem and it wasn’t perfect. So, delegation doesn’t work.”
People need coaching because you have a specific vision of what you want to do.
Some people will say, “Well, that’s frustrating because I’m paying someone to do a job that I am still doing.”
Yes, you’re still doing part of it, but 80% of it you’re not doing. The thing you must realize is that 80% done right by someone else, is always better than 100% done right by you.
Because even if they only get it 80% right, you must do 20% instead of 100%.
Those are the 3 concepts you need to implement to start multiplying your time.
If you need help tailoring these concepts to your own personal brand or business, book a Free Brand Call with one of our Personal Brand Strategists today!
And if you want more of the world’s ultra-performers’ tips and tricks, come back here every week!