Advice For Starting a Business.

Mission Control Podcast

In this episode, Mike talks about the importance of delegation. When starting a business, you will often want to do everything yourself. Hiring someone will cost you money, and they may not be able to do things as well as you can yourself. There gets to be a point where you are spread thin and rob yourself of time you could be working on other tasks. For this issue, Mike has an exercise where you can evaluate your time and money spent and determine when to bring someone on board.

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00:00:00:06 - 00:00:21:16 Michael Stearns One simple exercise that helped make me significantly more money. So when I started my business, there were a lot of challenges, I'm sure much like you, as you're watching this. Within the first year, one of the things I know is that I struggled the most with was delegation. I wanted to control everything I could do at the best.

00:00:21:18 - 00:00:40:28 Michael Stearns I'm not going to let somebody else fuck it up. I want to make sure that it's done my way the right way. And I quickly found one that was not sustainable. And two, like you can actually find people that are way better at doing the shit that you're doing than you can do yourself. And if that doesn't move the needle for you, I would encourage you to do this exercise.

00:00:40:29 - 00:01:05:04 Michael Stearns So take inventory. Maybe do a week's journal and document what you're doing throughout your day. All of it. Right. Keep a log. Figure out where you're spending your time, what you're doing, how much time you're spending there, etc.. Now, when you get to the end of the week, take a look at and mark down what are things, especially within my business, only I can do.

00:01:05:06 - 00:01:33:13 Michael Stearns And hypothetically, what are the things that somebody else can do? Okay. Take everything that you've done. Figure out how much your time is worth and you know, it doesn't necessarily have to be, you know, go to your W-2, but figure out how much money you made last year, how many hours you worked. You're going to come up with an hourly number of what your time is, work like quantitatively.

00:01:33:16 - 00:01:56:21 Michael Stearns Now you know how much your time is worth. You know how much time you're spending within your business doing things. Now, take the time that or the the your hourly wage like what you're worth an hour each. Each unit of one hour of time is worth and then multiply it by the number of hours that you're doing shit that somebody else could do and figure out what that number is.

00:01:56:23 - 00:02:29:03 Michael Stearns In most instances, you'll find that you're paying far more in like multiples more for some things to be done within your business that somebody else could do. And again, they could probably do it better than you just because if nothing else, for the reason that it's their specific job function. So if you come out with the fact that you spent $100,000 worth of your time last year keeping up on your social media and you know that you could hire somebody within your company for $45,000 to do the same thing, hire somebody.

00:02:29:10 - 00:02:50:00 Michael Stearns It might feel like you're investing too much money. You're spending money because you know what? If the money's not going out because I'm doing it, I'm saving money. You're losing money. Stop thinking that way. Figure out what it would cost to get it done by somebody. Whose specific job are these functions of your business and if it makes sense by going through that exercise, consider doing it.

00:02:50:00 - 00:03:08:02 Michael Stearns If nothing else, at some point you're going to have to let go of the vine. If you want to grow your business. If you're if you never get to that point and you're just happy being where you're at, like that's fine too. But for especially for a scaling or growing company, you definitely want to make sure that you have situational awareness of when the right time to delegate is.

00:03:08:04 - 00:03:13:15 Michael Stearns This exercise should help you do that. And if this has helped you make sure that you save it and share it with somebody else.