WANT TO KNOW A SECRET? The Profit Lies in your Passion
If you want to see growth, you have to realize that you can’t do everything on your own. You can’t be the visionary AND have your hand in the administration, marketing, operations and be the CFO all at the same time.
You can try every productivity trick in the book to get all these things done, but unless you magically become the expert in everything; all you’ll get is a never ending to do list, more overwhelm and eventually complete burnout.
Has anyone ever looked at the dictionary’s definition of hustle and grind?
Hustle- “to be aggressive, especially in business or other financial dealings”
Grind- “Informal . to work or study laboriously”
Now; don’t get me wrong; hustle as in “go out there and get it done” is one thing, but if hustle means burn yourself out; I don’t know about you, but that doesn’t sound like fun. And I’m going to guess you created this business to do what you felt passionate about and have the lifestyle you wanted to live.
But here’s the thing; doing more work, if it’s not the right work, isn’t going to get you what you want. It won’t get you any further ahead and you will end up resenting your business for impeding on your life. Amazing things happen when you focus on what you’re great at and outsource and/or or automate the rest. In fact, not only will this support you in achieving better results and more profit, it will ultimately allow you to fall in love with your business again. How great does that sound?
Question-how much time are you spending on profit driven tasks?
If you’re like most busy leaders, you probably only spend 20% of your time on revenue generating tasks. The rest goes to putting out fires, attending countless meetings and navigating operational issues.
Ever heard of the Pareto Principle or the 80/20 rule? It means that 20% of the work you do drives 80% of your results.
In considering the Pareto Principle, what do you love to do and what are you inherently good at? This is where passion meets skill and this is what will drive your best results. Make a list of all the things you are exceptional at and that you really love to do.
This is your Profit Zone.
Next, make a list of all the things that you also enjoy doing, but aren’t a strength for you. That doesn’t mean that you should stop doing these things; they can often become a contender for the Profit Zone, but they need development support.
This is your Potential Zone.
Now, take stock on the things that you’re really good at, but they don’t float your boat. If we're not careful, we can get stuck here for years, simply because it pays the bills.
This is your Process Zone.
Finally, take a hard look at the things you don’t like to do and you’re also not good at. Not only should you NOT be doing them because these things are not your zone of genius; they will destroy your energy. More than likely you’re procrastinating on these anyways.
This is your Purgatory zone.
Over to you…..
Make the list of tasks in your business, allocate them to the appropriate zones and run it through this model.
1. Profit Zone – this is what you need to increase. Make more time in your schedule for this.
2. Potential Zone– these are the things that you like, you know are important but still require skill. There are two paths to go down; if this is something that is an area of interest, but outside of the role; then allocate time outside of work to develop this skill. The only exception is leadership and strategy. If you are the leader for your business, then this cannot be outsourced, automated or eliminated. But if it’s not a current strength, then get support in the form of a mentor, coach or advisor.
3. Process Zone– This is what you can automate. And once that’s done- delegate it. Delegation in management isn’t simply a way of unloading your responsibilities; it’s how business owners and leaders can benefit from the multiplying effects of trusting others in the organization. As you delegate you not only free yourself from overrated busyness, but you also, in turn develop the kind of employees and leaders that allow you, them and your business to grow.
4. Purgatory Zone– Don’t spend any time here at all. This will drain your energy and waste enormous amounts of time. These tasks need to be eliminated or outsourced. No exceptions. Remember, what’s in your purgatory zone is in someone’s profit zone and when you recognize this; everybody wins.
So now that we have addressed what items go in to each bucket, what do we do now?
Once you’re clear, take your team leaders through this model too. Now you have everyone who touches your business working in their profit zone. You’re setting up your team for future success in providing development opportunities and you have the ability to identify any gaps that exist.
One last thing, that freedom you aspired to have in running your own show will be a natural result as you feel security in stepping away a bit more. And that time off for reflection and relaxation will also get the creative juices flowing which grows your business. Pretty cool right?
So, what’s in your profit zone?
Want the free profit planner template? Click here