Stop doing the 80% of things that are only bringing in 20% of your revenue.
It’s the 80/20 rule you’re familiar with, but let me say it in “letting go” terms.
Let go of the 80% of things you are doing in your business right now that are only bringing in 20% of your revenue.
And if you feel those things are still important to get done, we’ve got a plan for that.
Oh, but you are not sure what those “80%” things are?
They are most likely your “D’s,” D for DRAINING, things from last week.
So you probably have a good idea, but this week in Letting Go to Let In, we will anchor into those things and create the space for powerful decision making to hand off some or ALL of these things to your TEAM.
Or get rid of them altogether.
I will walk you through a time-tested technique that most entrepreneurs and business owners will not sit down to do, BUT it makes such a huge impact. Make a little time to do this exercise, and you will soon find yourself in a place where you don't have to DO more to make more.
Part of scaling your business is leverage. This is really what this series, Letting Go to Let In, is about.
So far, we have talked about listening to your body to give you the wisdom and courage to grow your businesses without busting your butt (see part1: link to part 1 blog). Because without our bodies working with us, we’ve really got nothing.
Then we moved on to leveraging time to allow more revenue, more profitability, and more fulfillment. (See Part 2)
Part 3 today in Letting Go to Let In carries forward from last week and it starts with the 80/20 rule - also known as the Pareto Principle.
In the late 19th century, an Italian economist named Vilfredo Pareto noticed something unusual: Roughly 20% of the peapods in his garden produced nearly 80% of the peas. Fascinating right? Well, maybe for your garden!
AND also your business! It is a powerful concept that has been proven as a way for visionary leaders (like you) to identify and maximize what actions provide the greatest result.
Everything else gets outsourced, automated, or eliminated.
Quickly and easily discover which of your 20% of actions is responsible for 80% of your results so you can let go, and allow more of the high-impact work in.
Step One: Identify your biggest wins in your business to date (eg got my first big client, spoke to a room of 300 people, hit the $100K revenue mark in my business, hit multi 6 figures in revenue in my business. Paid myself a bonus for the first time, launched my group course, launched my first 5 figure course. )
Step Two: Make a list of all the activities you do in your business
Step Three: Which activities supported your biggest wins? Link the top activities that supported the biggest wins. One or two top ones since there could be several factors. If you notice that there is a win that came from an activity you did not write down, you can add it now.
Step Four: Identify the top activities that resulted in your biggest wins and start incorporating them into your weekly, monthly, and annual schedule.
Step Five: Look at the rest of the activities you do in your business that don’t contribute to those big wins. What can you powerfully choose to let go of and hand off to someone else?
I want to elaborate on Step Five here.
This is where leveraging the power of a team creates a massively generative business, where you are working less and making more. Let go to let in. :)
Now that you have identified things that do not bring you most of the results in your business in this exercise, one option is to delegate those other activities that still need to get done, but not necessarily by you.
What things need to get done to run your business but do not bring in the lioness’s share of the revenue?
Some groupings may be:
- Email management
- Social media
- Backend technology (mail delivery system, payment processing, etc)
- Project management
- Content Creation
- Employee/Team Management
- Community manager
What could you pay someone else to do the above that is less than your per hour rate? (if you do not know your hourly rate, guesstimate.)
How much time would that free up for you? And, how would you fill that time?
I’ll give you a hint: You could fill it with more of those 20%, high-impact activities!
This is where it really gets exciting with many side benefits!
- You give someone else an economy by giving them a job
- You get clearer on your processes
- You will save time and money in the near term
- You can practice boundaries and expectations
- You will practice receptivity: receiving help.
- IT’S MORE FUN! Working together with others in our business is more fun.
You can grow a team, be supported, and grow your income, without creating more headaches. #mythbreaker
Start with the 80/20 rule and expand your capacity for more pleasure, profit and growth to come in by letting go of what is not working for you and empowering your team to support you.
Until next week,
Check out the previous posts in the Letting Go to Let In Series below.
Part 1 - The Single Most Important Exercise To Allow More Money In
Part 2 - Find two hours this week you didn’t know you had (and not at midnight)