Business is about freedom, not a job. But why do you still keep on selling your time and stay up late to take care of day-to-day tasks in your business?
In this video, I’ll show you how to get good at building your systems processes and start taking off hats in your business.
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Transcription:
If right now you are charging by the hour, then I’m sorry to say you are doing business wrong. If you’re in for and you want to learn how to get more from your time, and have a business, that works a lot better for you, I think you’re going to like this video. Now if you don’t know who we are, we are it genius. And my name is Peter Moriarty. I’m the founder, we help small and medium sized business owners with technology and productivity. And what we really specialize in is making sure that you get the right things in place. So you can grow and scale your business to be a business that works for you. Now, we do that using our growth roadmap, which is a SET Framework, where different stages of business require different technology strategies along those different stages of business, we help you out with what is important for you to make sure you get right as you progress through your business. So check out our other videos and check out our playlist on our YouTube channel, which have specific videos based on exactly what stage of business you’re at. Now, why do we get into business? And what is the point of being in business? And why is it important to have a successful business? Well, to me, business is about freedom. It’s about not having a job. And many business owners have, I would say a job in their business in that they have to show up every week, they are selling their time, and therefore their income is fixed on the amount of hours that they have every day or every week. Give me a show of hands if that’s you. And so for many business owners, when they go into the you know, era of entrepreneurship, and they decide that they want to step into running their own business, they end up just with another job. And remember that job stands for j ob just over broke. And if you don’t have a business that you can actually step away from or take time away from and still have income coming in, then I’m sorry to say it’s still sounding a little bit like a job for me. So how do we realign ourselves back to the idea of what we got into business for which is freedom and impact and doing things more than just showing up to work and selling our time every day? Well, I want to share a little bit about my journey. And when I got started in business, I just started many businesses. As a teenager, I started what is now my most successful business, which is called it genius. I was really burning the midnight oil. Now I started hiring my first employee when I was around 20 years old. And from there wanting to grow and scale the business. Although I was working way too hard. I was doing 80 hour weeks, and I was you know spending late nights in the office. And sometimes they even went up to 100 hour weeks when things went wrong with customers. And I was running about trying to do it all myself. And what I found was over time, my health started to suffer, my relationship started to suffer. And I just didn’t feel like there was a way out. I wanted to grow and scale and have a successful business. But I actually wasn’t sure how I could make that successful. And so I was in this place of just like complete overwhelm. And it was when I read a book called The E myth by Michael Gerber, that I actually finally found out the journey that I needed to go on to turn what was essentially still a job for me into an actual business. And that was going along the entrepreneurial journey. And the entrepreneurial journey is basically the journey of going from being a technician, to then being a manager, and eventually, where your true nature is being an entrepreneur. And that means you know, running and creating the business rather than actually being a victim to the business. So I’ve got three tips for you on how you can get out of the losing game of selling your time. And what the steps are that you need to think about as an entrepreneur to develop yourself to get through that process. Now number one is that selling time really doesn’t scale because we have a finite resource of the amount of time that we have. So it’s always going to be a losing game. Yes, you can put your prices up. But eventually you’re going to reach the point where you’re at the absolute top of the industry, or maybe you’re even above the rest of the industry, and you’re still running out of time, you’re basically never able to get away from the business as long as it requires your time to be involved there. Now, I’ve been running my business 12 years, we have over 50 employees, it’s a large organization, and I still work in that organization, I still have a job. My job right now is, as the CEO, and my job right now is as the chairman of the group. And so they still have responsibilities. Now I’m very lucky that they have flexibility, I can disappear for a week or a month or even a quarter if I really wanted to, and completely move away from the business. And if I wanted to, I could just sit back and receive the dividends, checks from the business and not do any operational work in the business. If I decided to employ someone else’s the CEO and myself step away, but I love being in the business. And so I choose to do a couple of days a week, which is pretty breezy for me work on projects that excite me. And of course, share videos like this with our audience so that we can help more small business owners reach these levels of success as well. So that’s important to me. And that’s my sense of freedom and how I do things. But I remember the times when I was working late nights not eating well. My health was terrible. If you scroll back to our older videos or YouTube, you’ll see about my health. I remember those days and I had to get out of them. So how do you get out of that? Well that’s step number two is starting to take off some of the hats. Now you’ve heard the phrase that business owners wear many hats. And that’s because we have to do the marketing, we have to do the finance, we have to do the sales, we have to do the delivery of everything in the business. And basically, we’re a one man or a one person band, in that we’ve got to do it all. And I’ll tell you, it doesn’t really disappear. That feeling of having to do it all over time, as the business grows, you’re going to have to learn to do new things. But the great thing is bit by bit, you can start to bring on team. And the number one skill for you to learning how to manage team apart from attracting great talent is for you to be able to delegate and for you to be able to surrender and let go of control of the delivery that needs to happen in the business so that things can be delivered successfully. And that’s really the key skill for an entrepreneur to really, really, get good at, it’s a muscle and like any muscle that needs work and practice for you to be able to build that muscle. But once you build the muscle of taking off hats and delegating to others, then you’re going to get really, really good at it. And when you’re really really good at it, that means that your business can start to grow and scale quickly. Now, our business has grown on average, about 30% per year, every year compounded. And we’re now a multi million dollar organization. And I’m very proud of the growth that we’ve had in the business and the number of 1000s and even 10s of 1000s of businesses that we’ve supported, and employees across those businesses that we’ve helped to be more productive. Now, that’s been a matter of myself having to learn how to delegate so that I can actually bring on great team members who can do a great job and execute my vision as a business owner. And for me, the very chill role that I’m in right now is as the visionary of the business and kind of think about a role like Richard Branson, who’s got literally hundreds of different companies that he’s a part of, but he’s really the one coming up with the big ideas and steering, the big brand changes and the big culture changes across those businesses. That’s the kind of role that a true entrepreneur really fits into, if you’re the kind of person who is birthing and creating the vision for the business. Now, is that role for everyone? No, not necessarily. For some business owners, they’re interested in actually continuing to do their craft. And they just want to have amazing people around them to do all of the logistical type stuff. So if you think about maybe someone like Steve Jobs, who was really interested in working with the product teams to create amazing products, and he wanted the rest of the business, to be run by others, to allow them to actually do all of the doing work. And so he employed Tim Cook to manage all of the logistics of building a really big business. And so if you’re the kind of person who is an artisan, and you really want to focus on your creation, then it’s about still building these structures and still attracting the right team around you who can actually execute on the vision. Now, the third thing that you need to do to really get away from the time trap of being stuck selling your hours is to start to build systems. Now what I mean by that is documenting how things are done inside the business and how things should be done by your team so that each time you bring on new team members to help you out, whether they’re in your country or outside your country, no matter where those team members are, you have documented processes and systems on how things are done around here. And we call that a standard operating procedures manual. Think about it as a digital version of the big book on how you do things inside your business. And then when you’re building out and documenting those systems, you’ve got the way of your business, all documented so that you can train your team and it makes your delegation a whole lot easier. Now, we’ve got other videos on setting up systems in your business and the technology side of that. So check out our channel for some of those. But right now I want to focus on what’s the mindset of a business owner who’s building systems in a business and moving away from you doing everything, I want you to think about yourself as the architect of the business, you’re the crazy inventor, you’re the one coming up with the big ideas. I mentioned Richard Branson, and he’s someone who is coming up with big ideas, and then he’s got other people around him to execute them. Now, you’re probably not going to be able to be as wild with your ideas as someone like Branson until you’ve got 20 or 30 or 40 more stuff, so that all of the execution of the business is completely handled by others. But when you can start doing is at least designing the systems and then sharing them with your team members, you’re still going to be the one who’s going to delegate them and run the team and do a bit of management doing a bit of leadership. But you should be the one who is architecting the system of the business. And then imagine yourself as a little bit of a consultant or a mechanic to the business in that your job is to step back into the business and tweak the system and get that to run better. Now I use the analogy sometimes of a CEO of a publicly listed company. And if you imagine yourself to be the CEO of a business that is on the public market on the stock exchange, every three to four to five years, those CEOs are typically replaced if they’re not the founder of the business. Now what that means is that you have to be someone who can create a business that even you could step out of your job role and have someone else and come in and take that place. If you’re interested in this video, you might be interested in another video that we’re producing. We Here’s the secrets of delegation for business owners. And we’ll post the link to that below once we’ve got that one published. Now, remember that business is about freedom, not about having a job. And if you’re still selling your time, or if you’re stuck in the loop of selling your time, that sounds pretty job-ish. To me, your role as an entrepreneur is to create a system where you can step outside of selling your time for return on money. And that is true freedom in a business. So if you’re interested in learning more about this and learning more about our journey and how we’ve built a successful business, you can actually get access to our eight week remote work playbook, which covers all the ways that we run our business both strategically and for execution. Now that’s available for free for anyone who’s currently using Google workspace. And you just need to jump onto the offer below to transfer your billing into itGenius. Now you get access to our Google Classroom, which has amazing lesson certifications for your team and training on everything to do with getting the most out of your Google workspace account. And you don’t pay any extra by billing through it genius. We buy it wholesale, and so we sell it at the same price that Google does, and you get access to extra support benefits from our team as well. If you’re not yet working with it, genius, this is a great way to get started to jump in the link below. And you can start today, see the next video and I look forward to your comments below. Let me know what was the number one thing that you got from this video and if you have any questions for me, I’ll do my best to answer in the comments. Cheers!
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