I used to be a member of the entrepreneurial group that included Ron Legrand, one of the best expert real estate world. Ron is a hugely successful entrepreneur. The most important thing he ever said to me was: “The less I do, the more I do.” It sounds like the lazy man’s wealth, is not it? When most people hear it, they imagine someone lying around on the couch stuffing potato chips in front of them.
But Ron actually works quite hard. What he meant by that statement was that fewer types of things he makes, the more money he makes. He focuses on just a few activities valuable only he can do for his company, like marketing, and representatives of the rest. He still works long days, but only a few items. I’m talking all the focus here.
The other option is to do everything yourself, which really can be – but you will be the ones to frazzle do so. I’ve known small business people who did everything in their company, and they often worked 14-18 hours a day. Couples who were great friends of mine kept doing this well their 60s. They hired never any employees, I think a big mistake.
I used to be all the hats in my business too, so I know what I’m talking about. These days I work better and harder on fewer things, and make more money. So despite the “work less, do more” philosophy may sound like on the surface, it’s not about just sitting back and doing nothing. You simply focus on fewer things that bring you the most money, or have the potential to do it. Stop trying to be all the hats. Put all your focus on marketing and new product / service development. As Peter Drucker famously pointed out, marketing and innovation are the only two things in your business that are not expenses (though I would humbly submit to assemble a top-notch team to meet weaknesses third).
Start thinking about better products and services that you can make for your best customers, as well as the people you want to reach. Start building and maintenance of an effective marketing system. Hire people who are smarter and more talented than you are in the area you are weakest in -. And even in some that do fine in it is a sign of intelligent, effectual leader. So you can focus on fewer things, like marketing. Never include your marketing.
Focus thinking bigger, and spend some time every day plan. Get up early every morning, if you are a morning person; 4:30 or 5:00 is about right. If you are a night owl, then stay awake late and then do it. Whenever you do that, what matters is that you are focused, you’re trying to think bigger, you are developing a multimillion-dollar ideas, you’re working on your business, not in it.
My mentor likes to tell a story about one of the more successful gentlemen He knows who was constantly looking to hire people who were better than him. At one point, he said Russ as chief desire was to do fun things, so he had people around him who were better throughout the multinational company of his, but he was. Practical business owners surround themselves often have very intelligent people on purpose; it is a form of business smarts in itself.
The thing about entrepreneurs is that we tend to want to do everything ourselves. But the gift of recognizing very sharp people who can help you in your business – the ability to build a great team – can work wonders. I think it is a very exciting idea to consider, frankly. If you do it (and most of us do not!) You will release an enormous amount of time to do what you want to pursue. Some of the richest and most powerful people in business have found ways to make this work. The key is to find people to help you do what you can not do yourself. It’s just a different kind of strategic leverage.
Consider millionaire athletes you hear about on TV and radio. Some of these guys make tens of millions, sometimes even more, for a brief contract – and their jobs tend to be short. (There is a joke that “NFL” is short for “Not For Long.” How many times have you heard of a former pro athlete who is now broke, the guy who once made more than GNPs of some small states? They blew up in a few short years. The ones you do not hear so much about are those who hired someone to help them invest their money. They end up with enough income after their careers are over to do what they want with their lives. .. but some of his colleagues end up as cooks and janitors.
They find people to help them do what they can not do themselves – or can not do financially. You should do it as much as you can. Again, the only exceptions should be advertising and innovation, most creative, promotional duties devices. Your priority should be to attract new customers and make more money from existing customers, period. If you have time left over, you can see several other projects. But do not think to make their own books when someone else can do it cheaper and better than you.