So much to do… so little time.
You ever feel like that?
Matt Lloyd has done it again – sent me an email that I just have to share with you.
There was a time when I believed that ‘one day’ I’d get on top of all the stuff I had to do in my business.
Now I realize there’s always going to be more things to do.
More importantly, I realize it’s not about getting everything done; it’s about getting the right things done.
Back in 2014, I flew into a seminar in Chicago being held by Perry Marshal and some guy called Richard Koch.
I knew Perry pretty well as a marketing guru and Google Adwords guy… over the years, I’d bought some of his products and always admired his sales copy.
But Richard I didn’t know.
The first I’d heard about him was through Perry, where he explained Richard was worth several hundred million dollars, and that he only worked a couple of hours a day.
Hearing that was enough to get me to pay the $4,000 ticket price and fly to the event; I had to find out how he did it.
How was it humanly possible to be that successful in business, and work so little?
At the time, my own business was doing multiple 7 figures in revenue (we did about 30m in 2014), and was considered ‘successful’ by most people looking in from the outside.
But I was working 7 days a week, and 14 hour days.
I have no problem working long hours because I love what I do.
But if I could take Richard’s productivity secrets and apply them to my own working hours, and still work 14 hour days, I’d be able to rapidly scale my own results and do probably 10 times the volume I was doing.
At least, that was my logic.
Here’s what I found out about Richard:
He made most of his money picking very good investments over the years (he’s now 66 years old, so through compounding returns, he’s been able to make a lot).
He doesn’t have a huge staff. From what I hear, he has only one assistant.
After doing his business work in mornings, he then spends the rest of his time writing books, which doesn’t count as ‘work’ because it’s more of his hobby, and is definitely not a main source of income for him.
And he rides his bike. He loves to take long 2 hour rides every day and just enjoy life.
He’s been able to create this kind of lifestyle by ruthlessly applying the 80/20 principle in all areas of his life.
You’ve heard of the 80/20 principle I’m sure – but probably not to the level Richard applies it at. His famous book dedicated to the topic is called ‘The 80/20 Principle’ which you can see here.
He’s actually wrote a whole bunch of books on it, and has arguably examined it’s implications to business (and life) more than anyone else alive today.
The big takeaway I got from the 3 day event with him and Perry, was that most of the things I was doing in my business belonged in the 80% category.
80% of my time was spent doing things that produced 20% of the revenue for my company.
If I could eliminate even half of those things and refocus on the 20% of activities that produced 80% of my results, my business would grow by leaps and bounds.
I also learned that as a business owner, you’ve got to be constantly asking the question, “does the work I’m doing right now belong in the 20% category that will produce 80% of my business’s revenue?”
For example, does your current work activity bring in customers on a large scale, and can it be leveraged for the long term?
Making a 1-on-1 sales call to an unqualified lead would be in the 80% category – it’s the kind of work which might produce 20% of results, and is largely a waste of time.
Although it’s better than doing nothing, your time would be better spent if you instead hosted a well rehearsed sales webinar which you recorded, and then automated to play every single night for years to come.
You’d then be able to focus on sending leads to this automated webinar, and let the system do the work. No more 1-on-1 phone selling with unqualified leads.
Here’s an example of this kind of ‘high leverage’ work in practice…
3 weeks back, I hosted a training / sales webinar. It went for 2 hours, and I spent about 5 hours putting it together (I was able to use a lot of the slides from a prior webinar to save preparation time).
The webinar was selling my Silver Masterclass program, at a price point of $2,497 (this is a course for new entrepreneurs, about mindset, choosing the right niche and business model, and leveraging your strengths).
I recorded the webinar with Camtasia, and then automated it (which involved about 3 hours of my time delegating this to my tech team, and fixing things).
You can see the automated version at https://mobe.com/webinar-
Here are my stats so far after the 3 weeks of sending traffic:
Unique visitors to registration page: 2,231
Live attendees: 408
Sales from the live webinar: 8
Replay attendees: 217
Sales from the replay: 2
Total sales: 10 units
Total revenue: $24,970
Therefore, each registration has been worth $25.22
And each person I’ve sent to the registration page has been worth at least $11.19
In order to generate this revenue, I only had to do the work of setting up the system one time.
From that point on, the system itself (rather than me) has been making sales on complete autopilot.
Over the next 3 years, I expect this simple little automated webinar process (which I will improve over time) to generate easily $1 million+ in sales (and a lot more in resulting back-end sales).
If it continues to do 25k in revenue every 3 weeks, that’s around 500k a year in sales.
That’s not all profit, because over half of the revenue is paid out to the MOBE Consultant affiliate partners who promote the webinar.
But assuming I spent a grand total of 10 hours setting this whole thing up, including creating the webinar slides, recording the webinar, editing the replay video, and setting up all the automation…
… then each of those 10 hours will potentially be worth over 100k in revenue over the next few years.
They’ve already been worth $2,500 / hour with just three weeks of sales. Their value will only go up from here.
That is what I mean when I tell you to focus on high leverage work, rather than busy work.
It’s better you put in 2 hours of high leveraged work a day, then 12 hours of the usual busy, one-time-payoff kind of work most of us are naturally drawn to.
One of the most dangerous beliefs we’ve all bought into as entrepreneurs is that each unit of our efforts produce proportionate units of output and therefore make a lot more money.
This is dead wrong, and is one of the most damaging beliefs we all have about productivity.
Many entrepreneurs wear their ‘hustle’ as a badge of honor.
I see it all the time – they’re posting on Snapchat about how early they get up, how little they sleep, how they are putting in the ‘grind’ and outworking everyone.
Don’t get me wrong – hard work goes a very long way in this game.
But if I have to make a choice between doing 12 hours of hard work a day and 2 hours of smart, high leveraged work to grow my business, I’ll take the latter.
The funny thing is, I still work similar hours to what I did back in 2010. But I make a lot more money today.
So here’s your homework assignment for the next few days…
Constantly be asking yourself these questions:
“Is what I’m doing now going to pay me once, or pay me again and again in the long term?
“Is what I’m doing right now building my brand, and my company’s equity for a much higher valuation?”
“Can I pay someone else to do this job at an hourly rate that’s less than my own time value, and buy back my time to focus on higher leverage tasks?”
One more tip: after talking to Perry Marshall on the phone a couple weeks back (I bought a 1 hour consulting block) he encouraged me to start the first 30 minutes of my day ‘disconnected,’ and to just journal about what my priorities were in the business.
So I’ve been turning off wifi each morning, and writing out what I think are the high leverage, high pay off activities I should be focused on.
I recommend you start doing the same. This will give you extreme clarity. You’ll see your ‘To-Do’ list is never ending, and that the majority of the items should be put into the category of the ‘80% of inputs that produce 20% of the outputs’ category.
Discard them, or delegate them to someone else.
They are a waste of your valuable time. And will not help you make a lot more money.
Thanks Matt Lloyd for this revealing analysis.
Cheers for now,
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PS If you like stories about Matt Lloyd like this one, don’t miss this one Typical Day Look Like