In case you missed my last post: The lunch dilemma. Face-to-face meetings like lunches can be effective practice development pump primers. But the problem with lunches is fewer and fewer people want to have them because more and more people want to protect their time. What are the alternatives to doing lunch?
On to this post: The title says it all. Because if you are spending valuable time on the administrative tasks that keep you busy, that means less time or, more likely, a longer workday to perform the business activities that create your revenue stream. How do you avoid that?
And if you’re new here, welcome aboard. This is what we do!
Join me this Friday at 1pm ET on Practice Development INSIDER for my interview with Gary Trugman. Why Gary? So much of the valuation information we consume is geared towards appraising very large companies. But Gary has made a name for himself by valuing small and medium-sized businesses. Isn’t that what you spend most of your time doing?
And valuing small and medium-sized BUSINESSES requires a different practice development effort to attract small and medium-sized BUSINESS OWNERS. Would you like to know how Gary does it? Here’s your chance to find out.
Wow! The month of January flew by. But in terms of the repetitive daily, weekly, or monthly tasks you must do, is your 2020 already starting to feel like a repeat of your 2019? Are those tasks keeping you from activities that make you money … or time that you could be spending with friends and family? How do you avoid that?
Here’s a valuable lesson I’ve learned in my practice. If you don’t have an assistant, guess what? You are the assistant!
That means that you spend valuable time on the administrative tasks that keep you busy. And less time or, more likely, longer workdays to perform the operating activities that create your revenue.
You can fix this by getting a physical or virtual assistant.
But, let me guess … you don’t think you can afford one. You can’t afford not to have one! So let’s hurdle that objection because I used to feel that way, so I get it.
Here was my rationale. I was not “that” busy. So I had the time to do those admin tasks. Thus, I could “save” money by not hiring an assistant. Typical old-school accountant mentality, right? And the reality is that it kept me less profitable because the time I spent “saving” money was keeping me from doing more valuation work. And I did this for years.
What changed my mind? Well, I started calculating the money I wasn’t making because I didn’t have an assistant. I realized I was being penny wise and pound foolish. Does that sound anything like you? If it does, then you need to delegate or outsource those expense-saving tasks so you can focus on money-making activities!
So what tasks can you delegate or outsource to get the ball rolling? Well, it can be life stuff or work stuff.
Here is an example of some life stuff I delegated.
When Amy and I had our practice in Philadelphia, we hired an assistant.
She started out cleaning our home.
Then she was doing our laundry.
Then she was shopping for our groceries.
Then she was getting our car serviced.
Eventually, we got to a level of trust where she was paying our bills.You can imagine the ton of time all of that saved us. Time that we put back into performing valuations during the week and recharging our batteries on weekends.
Here is an example of some work stuff I outsourced.
I script and record these videos.
But the intro and outro and the music are all added in post-production by Max, a virtual assistant who lives in San Diego that I found on Fiverr.
I could have learned to do this, but I didn’t want to take the time to perform the magic that Max can do so much better … because that is his job.
And I can focus on creating relevant and useful content … because that is my job.
And then there is my INSIDER webinar series.
I found Danielle, a virtual assistant who lives in Phoenix, again on Fiverr.
She completed my NASBA application and shepherded it through the approval process.
She runs the front office to create the webinars.
She runs the actual webinars.
And she runs the back office to wrap up the webinars.
You would be amazed at the volume of tasks all of this requires.
Again, I could do these tasks, but I don’t want to afford the time. And Danielle is so much better at these tasks than I will ever be … because that is her job. Which allows me to focus on conducting the interviews … because that is my job.
When the people I coach say to me, “Rod, I can’t do it all.” I say, “You’re right!” And that’s why one of the favorite modules in my program is leveraging talent, where I show people how to go from “lift-ING” to being “lift-ED.”
If you feel like you can’t do it all, you’re right, too!
So what can you delegate or outsource? I want you to focus mono-maniacally on the activities that generate your revenue. And forsake the tasks that don’t. Because your opportunity cost is your hourly rate or time you could be spending with friends and family.
Hopefully, this message has been helpful and you can put it to good use. Let me know your thoughts by taking a few seconds to like, comment on, or share this post/video.
And if you are looking to grow your BVFLS practice faster and smarter so you can get more time, money, and freedom from it – subscribe to my YouTube channel.
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Don’t be good. Be great.
PS – Whenever you are ready, here are 4 ways I can help you build/grow your BVFLS practice:
1. Join Practice Development ROUNDTABLE
It’s a new Facebook community for BVFLS professionals who are collaborating on how to turn the practices they have into the practices they want.
2. Download this Find Your Niche infographic
The riches are in the niches, as they say. But what’s missing is a process that can help you identify your niche. This infographic is the missing process.
3. Take a free Practice Self-Assessment
I have 10 quick questions, and your answers will help you get a sense of how well your practice is working for you.