hey everybody hope you're doing awesome
this is
Wade Galt, author of Put Your Money Where Your Soul Is
and founder of four day work week
academy where we help entrepreneurs
employees freelancers small business
owners to create an abundant and
sustainable four-day work week lifestyle
today i'm going to talk about something
that's more unique to
business owners and entrepreneurs but
definitely applies to freelancers if
you're looking to understand this
and certainly to employees since you're
very often part of this it's about how
you're going to delegate work
and scale your business in an affordable
way so many people talk about delegation
and there's ways it can be done that are
very profitable for you
and very helpful for you and there are
ways it can be done if you're not
careful where it can be very dangerous
and it can cost you a lot of money
so what i'm going to do is go through
some of those nuances so you can
navigate that
and understand when it's best to fully
do it go
somewhat into it and how to experiment
along the way
so the first thing we want to talk about
is in this conversation
obviously what we're looking to do is
make
use of all the talents that are out
there so there's certain things you're
great at
certain things you're not so great at we
want to enlist help with other people
and of course pay them fairly so we
delegate so that we can make more money
we can work less hours and create more
free time and of course the idea here is
that we're going to do higher dollar per
hour work
and delegate the lower dollar per hour
work
we can have a greater impact as we reach
more people
we can reach and help more people and we
can be the dentist if you think about
the united states business model if you
are or are not familiar with it
of dentists and the idea that there's
kind of three basic levels there's the
administrative person
who greets the clients when they come in
or the patients when they come in
there is the dental hygienist that
person who knows
a lot more than the administrative
person but not as much as the dentist
and so they do the teeth cleanings and
then there's the dentist
and each person for the most part when
things are at their best
does what they do best it optimizes
their talents their times
and the income earning opportunities and
impact of the business
and then also we want to be able to
create jobs as somebody who's been an
entrepreneur for over 20 years and
worked with entrepreneurs over 30 years
being able to create employment for
others and opportunities
is i think a very sacred vocation
mission
something that's very necessary in the
world so we want to be able to do that
as well
as far as what we're going to delegate
we're going to look to delegate
everything that you can profitably
delegate everything that makes sense
everything that you can still afford to
do and still works out for you
it's usually going to be important
activity but low dollar activity
repetitive work after you've blazed the
trail and you've created a process you
might then
create these standard operating
procedures and pass that off to somebody
else to let them do it
administrative work work you don't enjoy
or you don't wish to do
work that can be done by technology
where you can delegate a lot of people
miss this it's right in front of you
it doesn't have to be fancy you can
delegate at work but you can also
delegate it home so you're probably
already
delegating in some way if somebody mows
the lawn or cleans the pool
if you order dinner at a restaurant or
lunch at a restaurant you're delegating
them cooking the food for you so it's
not one of these things where
well you know i'm so cool and i've got
all this money so i'm going to delegate
and if i don't have money i'm not going
to delegate
we do this all the time it's also called
division of labor it's part of a
functioning economy and something that's
done all the time
it's often easier and safer to delegate
at home
simply because it might not be risking
your business reputation
and usually it's micro delegation small
little tasks again
buying something from a restaurant or
smaller commitments getting a haircut
certain things like that
the goal is to free up time in your life
energy in your life
and not invest your time in things
you're not that good at
bottom line it's about playing more and
working less
even if that play means you enjoy your
work more that you get to do the type of
work you enjoy so it's not so much about
getting out of work though sometimes it
is it's about getting to invest and
spend more of your time
doing things you love doing
so one of some important things to
consider when you do this
is that you want to eliminate before you
delegate
wasteful activity shouldn't be done by
anybody you don't want to pay somebody
to do
activity that's unproductive activity
that loses you money should go
and loss leaders should be minimized so
there's this concept of the loss leader
this is a product you know you're going
to lose money on and
it's something that sometimes used by
retail stores where they have a sale on
this one product and you come in
and you buy other products and then
overall they make a profit now that can
work for retail stores or grocery stores
that might or might not work for you and
that's very
different than when you're giving out a
free report or a free training series or
a free pdf or something
where you're intentionally giving
something that you know demonstrates
your ability to give to people your
expertise or something of that nature
but again anything that's just losing
you money and losing your time
we want to let go of those things
so now what i want to do is i want to
share with you a really simple concept
it's extremely powerful
it's called drop delegate and
double down and as you see there's a
little bit of a d theme here
what we're going to do is look at what
are the strategies
that allow you to do this in a way that
makes sense for you
and is financially feasible and
sustainable because in all of this
as somebody who loves to delegate
there's almost nothing more painful than
starting to delegate something
and loving what you've set up and having
a person who's doing that for you
a freelancer a contractor whatever you
want to call that
and then you can't afford them i've had
that happen a couple times
because i do my best to keep each
project i work on
profitable and at times i have barred
from one project to pay for another
and then quickly realize whoa i'm not
supposed to be doing this each project i
start each little business idea i start
should be making money on its own so
when you're looking at this one of the
first things you want to do
is eliminate those useless and
unproductive tasks
if it's something that's going to not
make money for you
let's not delegate it to somebody and
pay them to do something that's
unproductive
let's save them time and let's save the
money
the second thing is to ignore irrelevant
items
and this is something that just takes
practice it might sound depressing but
you're probably going to die with your
inbox full
or at least have something in it there's
going to be this situation where you
always have work and
to a certain degree thank god otherwise
you might be unemployed
so there's always going to be something
that's not very important
and somebody who's asking for your
attention that is not as important for
you to give to them at that attention
based on your goals your objectives your
business model and so you want to be
able to ignore those things or at least
push them back until later
when possible we want to automate with
technology
and do that of course if we can in a
profitable way
we want to delegate to competent
stewards people who we know can handle
things and definitely we're going to do
that as much as we can
sometimes that starts to get a little
more expensive because you're involving
people and labor so we want to do that
wisely
and then there's going to be a couple
things there's going to be maintained
sorry it didn't fit with the d
so you don't really double down on it
but there's going to be certain things
that you just say wait i have to do this
is part of my business
part of my job i have to do this part i
haven't yet figured out how to have
somebody
do this so i have to do this and then
there's those things that you're going
to scale up
and you're going to invest your time in
things that you are really talented at
that you impact people with it you make
a big difference
and you want to get paid for that and
you want to invest more of your time
there
so in general if you can you want to be
able to delegate work
that's either a quarter of your hourly
income or less
so let's use an example here just to
keep math really simple
let's say you average 40 dollars per
hour
which means and i'm using dollars right
now from the united states so i'm using
that currency it could be whatever
currency
but if you average 40 per hour and let's
say you work a traditional
40 hour work week 50 weeks a year we can
do better but right now that's where a
lot of people are
so you'd say okay to keep math simple
weighed dollars per hour
times two thousand hours that's eighty
thousand dollars of income
well any time you have work that's ten
dollars per hour or less
that you could pay somebody to do that
do that
it might take a while to find the person
that can do that but once you do that
all you need to do is then in the four
hours that you let go of because if you
delegate four hours
times ten bucks is forty dollars you
need to find one hour
where you make up you sell some more
stuff you do some different things
that you cover that and as long as you
do that
then you can stay in the game and then
you can reinvest
you can have that be that you invest
your time in the other three hours it
could be more time you invest in your
work
it could be more time that you invest in
other projects you might take time
outside of work whatever it might be
but think about that and if you know if
you're on the live version of this go
ahead and put in the chat what are some
of the things you'd delegate if you
could what would you let go of
and if you're looking for ideas again
start at home start with simple things
things as simple as like right now in
the united states having your groceries
delivered
years ago i remember when we did that my
wife and i one of the
grocery stores by us named publix
started doing that and i was
all over it and my wife said me wade are
you sure you want to do this
you don't understand hourly this has
saved me so much time i get really
excited about delegation
and so she said well make sure you can
pay for it sure okay i'll make sure i
make that money
and there's nothing wrong with grocery
shopping i just prefer
at least some of the times to have the
stuff come to me
and it's again it's not that i'm better
than this person there's none of that
it's just about can i do this in a way
that is more financially uh feasible for
me
and in that case if i'm billing a client
and doing something
but i need the groceries to come home
well of course that's something i could
do and again that's really simple
it's easy to do it's not a huge risk
so if you think about this for a second
i did a video earlier called
80 20 business and podcast growth
and this is of that same framework if
you think about the idea
that different types of income make
different amounts and
one of the people that really inspired
me there's a few mentors i really want
to give credit to have helped me with
this
dan sullivan and his work at the
strategic coaches helped me with this
and definitely perry marshall with his
work in his book
80 20 sales and marketing helped me
drill this down even further
and it's just the idea that of course
some of the work we do is low dollar
work some of it's high dollar work some
of it's huge dollar work and you might
say wait that's kind of obvious okay
well most people if you look at their
work and i had heard this from different
coaches and some of the ones i just
mentioned
and i looked back at my work because i
actually i have a tool where i track my
time i'm one of those guys
and i track where i invest my time to
make sure that i
jump out of projects if i'm losing my
shirt and i've lost my shirt before but
at least
knew it was time to get out well when
you look at this
what you want to be able to do if
possible is get really clear about what
are those things
there is that low dollar work what's
that high dollar work
and what's that huge dollar per hour
work because if you can do that and
invest more time of course in the purple
area the huge
dollar per hour work that's going to
help you and so
when you go deeper into this if you were
to look at this as a
50 that's five zero hour work week just
again make the math simple
that would mean a person who's earning
like this this would be kind of what
their schedule would look like
and if we really categorize that we'd
say look a lot of that time is on low
impact low income work
some of it's in the green work that's
high impact some of it's in the huge
impact work
and so if we put a dollar amount on it
in eighty percent of the time
this person made four hundred dollars
and sixteen percent of the time they
made three hundred twenty dollars
and in four percent of the time they
made 320
so what we'd want to do is come up with
a strategy that builds upon what's
working
but doesn't prevent us from going to
higher levels so we'd say we're going to
keep what works here and we're going to
carve that out
and let's say we can find five hours a
week of work
that really just doesn't need to be done
and this might sound
a little ridiculous you might say wait
i'm not doing work i can't be done
i invite you really to take this on as a
challenge
as somebody who prides myself in being
productive and does my best to be
productive
it's so often i might find myself either
fatigued at the end of the day
and i might spend another half hour just
sort of scrolling through emails but not
really doing anything
i might sometimes get caught up in
reading emails by
other coaches or online marketers i'm in
that space and i find myself and it's
been 30 minutes and i'm reading some of
their content
and there's nothing wrong with that if
that's what i dedicated for that time
for
learning but if i'm just kind of tired
because it's been a long day it's
probably better if i just take my time
off and get my rest
so i want to let's say eliminate some of
this time
and then some of it i realize well these
are tasks that aren't important right
now i'm going to push them to the back
of my list
i'm going to communicate to people so
gonna be really clear this is not the
same as ghosting somebody
as it's sometimes called where you just
ignore somebody
and don't respond to them i mean you
ignore the work if it's somebody who you
have a relationship with a client or
whatnot
you might say hey i'm gonna be caught up
in something it looks like it's going to
be another 30 days or 60 days or 90 days
before i can get to you
or whatever the time commitment is so
i'm going to communicate very clearly
i will sometimes respond to people that
are
reaching out to me to market stuff i'm
somebody that markets too so i try to be
sensitive and gentle with that
at the same time if i think the person's
way off i might just kind of ignore it
and choose not to respond to that
you could certainly spend your whole day
responding to people and trying to be
polite to people trying to mark you
stuff
and then let's say we could find another
five hours per week
where we could automate some things with
technology well now
that's 15 hours per week that we're
looking at that possibly could be
improved
and then let's say the other 25 hours
are things that really can't be
automated
or ignored or eliminated but they could
possibly be delegated maybe not right
away
maybe take me a while to train people
but it's something that could be done
what i'm going to do is that's going to
be part of my game plan i'm going to
look to see
how can i do that how can i make that
happen so
if i were working that plan it would
look something like this
let's say if we go back and forth here
that first 15
hours that first three hours of every
day seven o'clock eight o'clock
nine o'clock i realized i could
eliminate ignore or automate stuff
and so what i do is i free up some of my
time
i liberate 15 hours of things that i
don't need to be doing
and so now my weekly hours drop from 50
hours
a week to 35 hours a week
the next thing i'm going to do is after
i've done that
i'm going to look at that i have 25
hours that do need to be delegated and
reinvested
now in order to do that i have to be
able to make the money to afford the
delegation so this is the real world
do not i'm going to suggest you do not
delegate with your credit card that's a
really
poor way of doing things if you're using
your credit card to pay for freelance
help
or delegation chances are you're not
ready yet
as somebody who's done that at times
when i've as somebody who has a couple
business models
i was starting a new business model and
because i had cash flow from another
business model
decided okay well i'm going to use my
credit card in other words or my money
from another business it wasn't
actually my credit card it was my money
from another business and i'm going to
pay for this is at least how it started
and then i really liked doing it i loved
delegating stuff and then i eventually
did start using my credit card and i
had to slow down and say well hold on
the business that's funding this that
makes me money
but this new business venture i'm doing
isn't making money yet
so i'm really just kind of pouring money
into a hole until i have something
that's converting
an offer or a service or something that
people are paying me for
so again we want to be able to make sure
we're doing this affordably and this is
what makes it sustainable
otherwise and as i've mentioned there's
there's almost nothing as painful as
you know putting together a great team
of people and they're doing awesome for
you
and maybe you set aside a little bit of
money to start it
but then you can't sustain it it kind of
hurts or then you put it on credit cards
and that hurts even more with interest
so ideally you want to be scaling
something that's working or delegating
something
again that's low enough dollar per hour
that you can hustle or drum up the work
to pay for it
so now in this next example step seven
here i decide i'm gonna drop three more
hours
and i'm gonna not work friday so that's
gonna get me to 32 hours and i'm going
to
shift my schedule a little bit and i'm
going to focus
on my same green work that i had i had
eight hours of that so i'm not letting
that go
and i'm going to focus on the two hours
of that purple work so i'm keeping that
but what i'm going to look to do next is
i'm going to see what i can do
to fill up my tuesday and wednesday
afternoons in this case
with more of that huge impact work
and in order to make that happen
realistically i'm going to need some
time on monday and friday excuse me
monday and thursday in this case
that i'm going to create some of that
time
i'm going to create some of the business
and do the marketing and drum up clients
so that i can do more of that huge
impact work and again this might not
happen right away but this is the game
plan
and then so eventually i'm going to use
that additional time
on the friday and the thursday to manage
my team
and now my income is up and so what i've
got going on here is i've got
sixteen hundred dollars in 32 hours
rather than what i was doing before
which was a thousand dollars
in 50 hours so i've increased my income
but again
to bring things back to reality i was
able to increase my income
because i delegated some of my work so i
might need
that 500 extra it might just be that
i've bought myself time
maybe if i can keep my delegation costs
low maybe
i doesn't cost me as much but overall
what i'm looking to do is create a
situation
where as i'm investing more time doing
my highest impact
highest income work i'm helping more
people i'm reaching more people
i'm making a bigger impact i'm getting
bigger results then i'm bringing people
around me to help me focus more
and eventually reaching a point where i
can scale that
and so in this example here this
person's doing
53 percent more income or making 53
percent more money in 18 less hours
again we've got to be able to afford
that so
if i can do the delegation for
560 a week or less well then i could
just simply say well i'm making the same
amount of money
in 18 hours less that in and of itself
is a good outcome
or again i could mix and match so
this exercise the drop the delegate and
double down
what i want you to consider is what are
your things how are you going to make
this happen
and what we're going to be able to do
and i'm going to show you how you can
get help with this is to be able to
create a situation
where you can start doing this on your
numbers
and your situation and so
there's a tool that i to call the
delegation and reallocation process it's
the 80 60 14 delegation reallocation
process
and what you do is you look at what are
those things you need to eliminate
what are the things you need to ignore
what are the things you need to automate
and delegate and maintain and scale up
and start
planning this out and mapping this out
and so if you'd like to get access to
this tool
you can go to fourdayworkweek.com tools
and you can start creating your plan of
how you're going to start
focusing on those higher income higher
impact higher results activities
and you can start delegating providing
employment providing opportunities to
other people
by focusing on the other areas and then
if you simply want to eventually get
started on
your four-day work week game plan you
can go to
4daygameplan.com and start the four-day
workweek game plan
coaching piece that's an online coaching
training program
to share with you for free to help you
start your journey whether you're an
employee
an entrepreneur a freelancer a business
owner an executive
the fundamentals at the core of this are
all the same it's about you getting
clear
about what's most important and what it
is you need to do to create
higher level results and higher impact
in people's lives and as you make that
greater income
then you can afford to surround yourself
with people who are very talented
and can help you do more of this so
again to get the
delegation and reallocation tool go to
fourdayworkweek.comtools
or if you'd like to start and or you do
both if you'd like to start your four
day work week game plan
go to four-way work week wow that was
kind of tough four day work
week wow oh wow okay let's say that
again
go to 4daygameplan.com you can actually
go to 40workweek.com
gameplan go to fourdaygameplan.com and
start creating your game plan whether it
takes you a year
two years five years ten years in my
case it took me 22 years
from when i left college to start
creating
this plan to reach to where i had the
income i wanted
and working four days a week what i want
to help you do is get your game plan in
place
a lot quicker and that'll help you make
this journey happen a lot faster
so i hope all is well with you hope you
and your loved ones are safe
if there's anything i can help you with
please let me know and as always i look
forward to helping you
make more money in less time do what you
do best
so you can better enjoy your family your
friends in your life
please contact me continue to let me
know whatever i can do to help you it's
been a long day
thanks have a great day
