I often see this challenge with smart people. Typically, these are people who can figure out how to do almost anything…but the real question is just because they can, does it mean they should? More often than not, the answer is no, they shouldn’t do it. An easy way to determine this is to ask yourself if the task you are doing is the highest and best use of your time and energy. If the answer is no, it is a good idea to take a little time to determine how you can either contract it out or delegate it. Remember, the only three things we can leverage are our time, treasure, and talents. How well you leverage your skills will be reflective of how successful you are in business and in life.
Warren Buffet is famous for saying, “The difference between successful people and really successful people is that really successful people say no to almost everything.” The challenge with this quote is that for most of us, it can be difficult to define where we should invest our time and talents, and to learn just how to embrace our highest and best use of that time and talent.
It is for this reason that I created the Delegation Matrix. Click this link to access the Delegation Matrix and related video: https://aspiringsolopreneur.com/tools-welcome/
This tool is specially designed to assist you with defining your strengths and weaknesses, the value of your time, and help you create a step-by-step plan for how best to maximize your time. Start by listing the activities you do each week. Be as specific as you can. Then, insert them into the Delegation Matrix in the areas of interest and accompanying skill level. For the next step, roughly identify and write down what it would cost you to have someone else complete that task if you were to contract it out or delegate it. These two areas will allow you to see what you can let go of and where you could invest more time.
To determine the rough value of your time, define your current income, add the value of any benefits and bonus packages then total it up. Take this total and divide it by 2,000 hours (there are 50 work weeks in a year, with 40 hours per week). This will give you a rough value of your time. For example, if you make $80K a year and have benefits and bonuses that adds an additional $30K, your total is $110K, or $55 per hour. Using this number, you can see the things that you currently do that you could let go of, as you can invest that time in other areas that would be higher and better use of your time.
As you shift to engaging in higher and better usage of your time, it will allow you to focus on your strengths. Usually, this results in more enjoyment of what you do…and often making more money. For me, a prime example of this is bookkeeping. I am not great at it, I don’t really like it that much, but my bookkeepers seem to love it. They can do it faster and better than me. As a result, they excel at what they are doing, and I can do other things that are a better use of my time and talents.
Regardless of whether you are a Solopreneur or in a managerial position, defining how you manage your time, treasure, and talent is a key to success.
What tasks should you be letting go of? Which ones can you delegate? Where can you invest more time for your highest and best use? Reach out to us today to find out more!
Let us know what you discover! This and other topics are discussed in my new book, The Aspiring Solopreneur.