The idea of working less while making more is a daydream that society has been enjoying for decades, if you follow my structure of how life could be, your productivity and bank account will increase and your stress level will decrease. I have developed five power principles to help you generate more money and free time while working less!
The 1st Power Principle: Developing the System
Many entrepreneurs just don’t feel comfortable sharing their personal workload-that is the problem. They either feel guilty or they are too frugal, and they continue to try to do everything themselves. Another habit that can be dangerous is the “I’m the only one who can do this particular task the right way” mentality. These are quite often the biggest hurdles to the issue of creating systems and outsourcing projects to other people. You have to focus on doing the things that you do well, but you need to create a step-by-step guide of how you need to do things in your business.
Take the time to consider the various tasks that keep your business running, and write out a step-by-step system so anyone could walk in and accomplish the end goal with little direction. By having a system, you guarantee the job will continue to be accomplished no matter who shows up for work on any particular day. It will really take a lot of burden off of the business owner.
The 2nd Power Principle: The Importance of Scalability
If you can create a scalable system to assist you in running your business, you will be able to exponentially grow your profits as well. Scalability is the concept of doing the same amount of work while reaping greater rewards. Most people are excited when they hear that.
Let’s use the example of a business coach. If I’m a business coach, I can teach you over the phone, one on one, or I could set up a teleconference where I could teach 1,000 people the same lesson at the same time. Essentially, the main concept of scalability is that it is possible to sell 1,000 people into the conference, and while it may cost you a few extra cents per person, you’re doing the same amount of work while getting paid by 1,000 people versus just one. That’s powerful.
The 3rd Power Principle: Outsourcing
The old way of doing business is to hire a bunch of people, bring them into the office, and make them sit at their desks and do their jobs. Rather than using this method of doing business, we advocate taking advantage of technology. We have access to every communication medium imaginable: teleconferencing, video conferencing, email, instant messaging, online message boards and smart phones.
In today’s market, you can outsource anywhere at any time, whether it’s to a friend or a neighbor looking to make a few extra bucks or someone overseas. The best part is you usually don’t have to pay a fixed monthly fee for their equipment or their overhead; you are only paying for the service they provide to your business when you need it. Another positive side is that this kind of business structure also allows you more freedom because you don’t have to be in your office at the same time every day to make sure your employees are doing what they are supposed to be doing.
The 4th Power Principle: Control Your Communication-Don’t Let It Control You
The biggest lie of the 21st century is that technology will make your life easier. Technology is never going to make your life easier; instead technology will make your life busier. When I say busier, I don’t mean more productive. We’ve all heard someone say during the day, “I’m just so busy all day! I get all these emails and phone calls and that kept me so busy I just couldn’t get anything done.” Before long we’ve waited a day, a week, a month or a year without getting anything accomplished. We often don’t set aside time to complete the projects we need to finish, and these tasks are usually much more important than most of the emails we get caught up in responding to.
We need to set boundaries of when we answer the phone and when we respond to emails. Your clients pay you a fee to do a job for them, and chances are you have more than one client. You need to communicate effectively with each one, but don’t get caught up in bad habits like responding instantly to every single email; this becomes unmanageable. You need to be able to devote your full time and attention to each client’s project. Tell clients how you work up front, so their expectations will be met.
It sounds silly, and we all deny that we fall into this category, but we can’t forget the fact that we also have personal lives that must be balanced with our day-to-day professional responsibilities. The key here is to analyze your communication and make proactive decisions to control it, rather than letting it control you.
The 5th Power Principle: Breakthroughs
We all want as many “breakthroughs” as possible for our businesses because that’s where we make money. So, what you should do is take massive action.
Let’s say you want to start implementing some of these steps; don’t take them one at a time-do them all! You won’t be great at all of them at first, but if you start working on all five of these Power Principles simultaneously, it will come together much faster. That’s how you create breakthroughs while your profit potential begins to grow.
If you own a business, of course, you want it to be profitable. The difference between a great company and a good company can be measured through solid innovative thinking, a positive attitude, and the passion to make a difference in your niche. You have to actively participate to make things happen. Realistically not all of these principles will work in every business, and some things won’t always work the first time you try them. Have backup plans, create a cash reserve, and try to set up something you know is consistent.
However, if you’re up for the challenge, take massive action using the Power Principles for 30 days in a row. I bet you will see an increase in your income, and at the very worst, you will learn a few lessons along the way. Remember, there is risk in everything, but without risk, there is no reward.