How to Build a Business That Runs Itself
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there’s only eight specific Frameworks that a business needs to run on autopilot and make you money while you sleep without these a business can’t scale effectively or make you financially free while some of these seem counterintuitive they’re what I use today to run multiple companies that make me millions of dollars where I’m not involved and what I’ve learned spending time with some of the richest people on the planet so without further explaining it these are the eight Frameworks to build a business that runs itself the first framework is the 10810 rule most people don’t ever understand how to get free from their business as an example this video if I use the 10810 rule it’s the first 10% is ideation so when I sit down with my team and we ideate around the ideas the positioning the packaging the thumbnail the titles to really get the core concept right that’s the first 10% I’m involved there the next 80% I’m not that’s all about execution think about the production side of it about choosing locations the videos the lights the setup I just sit down and show up and talk to you guys everything’s outlined everything’s figured out that’s the 80% that’s managed by other people on my team and then the last 10% is when they call me in to review the integration how does the video get published how do we engage other people to promote it so we get more audience if you do it this way that’s how you get a lot of creative projects done without eating up all of your time for example Steve Jobs would do this with Johnny eyes he would go into the design studio and Johnny was there and they would collaborate and ideate and Steve would learn about this new little hard drive or this new technology for screens or whatever it is and he would just share that with Johnny and then Johnny would go off in the 80% is the prototyping creating simulations or playing around with the different ideas and then the last 10% is the integration is when Steve would take a finished product and then present it on stage at one of their events that is still how Tim Cook does it today the first 10% is the road map and figure out where they’re going to go 80% is done by Johnny the last 10% is integration most people just assume well I’m a magical Snowflake and I’m very different and my process is very artistic and nobody else could do it like me that’s a story you’re telling yourself to stay stuck and the sooner you address that the sooner you’re going to get free from your business and actually build a business that other people can grow and scale and you can collaborate with I’ll tell you it’s just a lot more fun which brings us to number two which is the drip Matrix and I copi this right out of my book by back your time I believe every task sits on two axises one of money and one of energy bottom is things that light you up that give you energy there’s probably work that you do every day that honestly you probably do for free that’s the kind of stuff I call Green energy but in the same token there’s probably things you’re working on they would suck your energy that just feel like a chore and those are red energy on the other side is things that make you money there’s like $10 Tas in your business they got to get done but they’re not making you money versus actually doing the work if you could spend 40 hours a week just doing work that makes you $100 an hour that’s how you get rich so I broke it down into these four quadrant and this is the drip Matrix the first is D which is delegation you want to look at your time and ask yourself what are things that I’m currently doing that I really shouldn’t be doing anymore then we move up to to replacement as you start a company and you build you want to replace your time with other people that own these areas of the business replacement is really the idea of saying over time as my business grows I have to stop doing certain types of work once you get that time back then we go to I which is investment and investment is about understanding how to fill your time with things that light you up that make you more money because if you do this this is how we build a business that you don’t grow to hate the top level is production this is the work that you love to do that you want to do that honestly if you could do for the rest of your life there’d never be a moment where you’d have to retire from in my book I call it building an empire CU an Empire is a life of unlimited creation you never have to retire from if you spend all of your time in the top right corner of the quadrant it’s impossible to get to a place where you feel overwhelmed where your calendar is sucking and there’s chaos in your life to not want to continue building the business which brings us to number three which is ATF some people read my book and delegate everything and then call me and say man this is great like I have barely any work to do and I’m like that’s not the key see the whole point is to buy back your time to then reinvest it in things that light you up make you more money or build the machine that runs a machine that’s why it’s called the production or the investment quadrant so My Philosophy is that any time I feel overwhelmed I always go back to this process the first step is audit and what I want to do is I want to look at the previous two weeks of my life and do two things I want to First highlight everything in my calendar that’s red that takes my energy yellow that feels good but honestly I don’t love doing it and green are things that I Absol absolutely love doing that’s the energy side then I want to evaluate every one of those tasks through a cost how much would it cost me to pay somebody else to do for me so $1 sign is a very cheap task like a $10 task and then $4 signs is paying somebody to do my job $1 $2 $3 and $4 so then what I do is I take the overlap of everything that’s red in my calendar or yellow that’s $1 sign or $2 signs and I put that into a bucket and that is the only next hire I make step two is to transfer so whatever you identified then you take that and you transfer it to somebody else the way I do that is a framework called the camcorder method cuz I believe it’s easier to just record myself doing the work talking out loud have three or four or five of these recordings so that when I hire that person and they come on board I just have them watch those videos so that they get trained up without taking my time that’s called net time no extra time the third step is f which is fill you want to fill your time with activities in the production or investment quadrant things that light you up that make you a lot of money and honestly make you a better person the truth is is the world will not get easier you get better so if you want to make more money you have to add the skills the habits the beliefs that are going to allow you to do more cuz if not you just won’t be able to make more money so there’s two parts most people never let things go cuz they’re worried that they’re going to make a mistake or embarrass them or honestly cost them their business but if they can learn to at least let things go then the next step is to actually value themselves see most people just don’t believe they’re worth it so they don’t invest in training coaching mentorship and because of that they never get exposed to new ideas cuz they have this subconscious belief that they don’t deserve their success and those two things of fear of letting go and don’t believe they’re worth it are going to stop people from playing a bigger life which brings us to four which is the camcorder method I coach a lot of the top CEOs in the business space and even they struggle to get things off of their plate My Philosophy is that if you buy back your time make sure it stays sold so I’m going to share with you a very simple six step process that nobody ever talks about that’s going to take anything on your plate and give it to somebody else and make sure it gets done 100 % the way you want it without taking a bunch of training the first step is the outline so I want you to sit down let’s say we take social media posting like somebody posting on Instagram for you I want you to outline what that process would look like number two is you want to identify the criteria so what makes a good social media post maybe you’ve never outlined it but maybe it is that it’s got your humor it’s follows your brand guidelines it’s got great copy it’s posted at the right time of day think about what are the five to seven criterias that would tell you it was done right cuz you’re going to use this later number three is to collect examples of highest performing stuff you’ve done in the past bad examples where somebody messed up you might messed up you want to take any training videos or any links or checklists that you might have and collect all of that and put it in a document that you’re going to give the person so step four is to record and you want to literally record yourself doing the work I like to use my iPad often where I’ll share my screen record it and even the voice Loom is great Zoom is another one where I’ll have a meeting by myself but the key is to do the work talk out loud and have that recording of you doing the thing you want somebody else to do step five is to transfer this is when they start I have people start on day one and they don’t do anything other than watch videos for 3 or 4 days so you give them all the recordings you bundle it up you put it in a Google doc and say start at the top and watch every Link in this document then you have them create the checklist or the standard operating procedure for how people should do it themselves in the future why cuz that’s going to tell you if they understood what you put in the videos have them right down questions that come up as they’re going through the videos so that you understand that they understood what you asked them to do quality of their questions is going to tell you the quality of their understanding the last step is review and this is where as they’re doing the work you use the criteria you outlined at the beginning to review and give them a rating based on how well they followed those steps and produced the output that’s where you coach them to get better and you train them to get better if you follow these six steps it’s impossible for the work that you give somebody else to end up back on your plate which bring brings us to number five which is the 50 to fix it I remember one time I was coaching the CEO and I asked him why he was so overwhelmed and he showed me his calendar and it was crazy he had about two hours in his calendar dedicated almost daily where he was approving every transaction in his company like nobody could spend money without requesting it and he reviewed it and he approved it the challenge with that is that you then become the bottleneck and the bottleneck is called that because it’s at the top what I like to do is I like to push decisions down to my team in the 5050 to to fix it is an example of that no matter who on my team is struggling to solve a problem if they can get the problem solved for $50 I encourage them to just spend the money and expense it now this might sound crazy to some of you because you feel like you lose control real quick so what I always do is say after you spend the money you have to tell your leader so that they’re aware cuz what you’ll find out is often times people are spending money to fix a frustrated customer a vendor that didn’t show up a designer or somebody on your team that’s not delivering fast enough so just hire some contractor to do the work and that’s a feedback loop to the leader that there’s something broken in the business so you never want to stop somebody from making something better but you also want to get that feedback loop so you have an opportunity to improve your process now for me I take it to another level that most people be scared to do so managers can spend up to $500 without permission directors can spend up to $5,000 without permission Executives can spend up to $50,000 without permission even if it’s outside their budget the only thing I ask no different than my Frontline employees is that they tell the manager on their next one-on-one so again they can have conversations about priorities and planning and budgeting and just learn to make better decisions unlocking that ability to empower your team to make decisions to solve problems and move forward will bring so much revenue into your business this calendar year it will overpay for the amount of people spending that money the reason why the 50 to fix it works so well is that it allows you to empower people to make decision so that you’re not involved so while you’re on vacation or you’re spending time with your family everybody in your business is making decisions without you having to be an approver if everything rolls up to the top then you’ll always be a prisoner to your business you want to empower people down within the company within reason to make decisions to solve problems to make things better without you being involved which brings us to number six which is the 131 rule a long time ago I hired this HR guy named Adam and his job was to hire people we were growing really fast and I needed somebody dedicated to recruiting and after our first meeting he comes to me and he’s in a fluster and overwhelmed and he’s like man we got to hire 13 people in the next quarter and I’m like yeah he’s like I’ve never done that before and I said cool and he’s like I don’t know how to do it I say good I mean I’m pretty sure you’ll figure it out he’s like well how should I do it and I said well Adam I didn’t hire you to tell you how to do your job you came to me with the experience I’m assuming you’re a problem solver I said you have a 131 he had heard me talk about it before but he’s like are you really doing this to me yes I’m doing this to you so I said how about we meet up tomorrow you take the time to evaluate the different options and then we’ll meet tomorrow morning the next morning he texts me and he says I’m good see Adam understood once he went through and defined the problem and evaluated the options that he knew the path forward so here’s how we get your team to make decisions without you feeling like you’re losing control so the first step is one is Define the problem most people don’t have a well-defined problem or they’re talking in circles about three or four different issues so my question to them is what problem are you trying to solve please define it crystal clear because a well-defined problem is a problem half solved the second step is three viable options I want the person to Pres present to me Adam what are the three options that you’re going to consider to solve your recruiting process as an entrepreneur we need to hear this just so that we can feel calm if we don’t feel like they’ve exhausted all the options we’re feeling like they’re being lazy or they’re not aware and it just doesn’t feel good I want to say this doing nothing isn’t an option the third step is one recommendation after they review the different options with you I want to hear what their number one recommendation is based on those three and I’d say most of the time I just agree and I Empower them to move things forward and if you ask everybody that comes to you with a problem to Define their 131 what you’ll learn really quick is you’ll build a business that can run without you why it pushes decisions down to your Frontline workers where they have the most information to actually solve the problem honestly most of you should not be trying to solve problems because you don’t know what’s really going on so when you Empower your team to make decisions the business will grow without you which brings us to number seven which is transformational leadership when I was building my first successful company even though I failed my first two at that point I think year 2 had about 12 employees reporting to me and I was trying to lead I’d wake up every day and I’d be like okay I got to get everybody doing the right thing and make sure all the plates were spinning cuz I was just scared the whole thing was going to fall down on itself so I would wake up i’ tell everybody what to do later in the afternoon i’ check that they were on track and that it was getting done and then by the end of the day or the next morning I tell them what to do next and I thought that was normal because that’s all I’d ever been exposed to the problem with that is that you don’t get any of your own work done until later in the day I mean I would sometimes only start on my own projects at 6:00 p.m. and have to work till 11:00 or 1:00 in the morning because things had to get done the next day for clients or for partners or whatever what I was doing is called transactional leadership and it’ll create a complexity ceiling that you can’t break through and it’s a simple process of telling people what to do check that they got done and then tell them what to do next usually at about 12 employees 13 employees about 1.2 1.4 million in Revenue it becomes chaotic and at that level most people end up getting to a place where the growth and the pain hurts too much they either sell the business either sabotage their way down which is crazy or they decide to stall their growth and for me that’s not an option the better approach is what’s called transformational leadership and here’s how it works there’s only three steps but they’re very powerful step one is you want to define the outcome that the person you’re managing has to achieve you don’t tell them how to do it you tell them what it looks like you tell them how it feels you tell them who’s going to be involved you got to get really good at painting a picture of success step two is you choose a number some kind of measurement that’s going to let them know if they’re making progress so if it’s sales it’s how many sales did you get today if it’s marketing how many leads did you get this customer support how many emails did you reply to give them a measurement so that they know they’re making progress towards that ideal outcome the third step is coach and this happens all the time where somebody is doing something they’re measuring their progress and they don’t deliver the whole idea is that anytime you see them do something that’s wrong you write it down and you use your one-on ones to actually train them up if you do this you invest and your people and eventually it’ll take less and less and less time with that person meaning that over a 6month or 12-month period your team gets better and better and better and it frees up your time if you keep telling people what they got to do and check they got done and tell them what to do next you’ll never build leaders in your business and the whole point is build the people the people build the business which brings us to eight which is the coach framework have you ever felt like sometimes you’re on a hamster wheel giving the same feedback the same advice to a new team member and it just feels like it’s a same thing over and over again this is how you eliminate repeating yourself it’s using a framework that nobody ever teaches in business which is actually how to develop your people or coach them up so I break this down into three steps the first one is core issue see when somebody does something wrong I don’t attack the behavior or the activity I talk about the principle what was it about their behavior that violated a principle about how I think you should approach your work and then I want to write that down the principle not the task the second part is actual story and it could be either my own story of how I learned this thing I’m about to teach them or it could be an example of somebody I saw do it and to use an actual story just makes it so much more real so saying hey when I started off I used to think this and I was always rushing through my work and that meant that I ended up having to do rework and it took more time for me to do the rework than if I just did it right in the first place I remember my boss told me that one day and he showed me within a week that I could save 10 hours a week if I just didn’t do the rework by slowing down sometimes so the principle is sometimes we go slow to go fast the the third part is change and change is trying to enroll them or invite them into committing to us what they’re going to change based on what I just shared with them so I always tell the story and I just ask based on what I shared what’s one or two things you’re going to do different going forward and it’s their decision at the end of the day to make that commitment why cuz then they help build the plan build the future see when people help build the plan they don’t fight the plan and your job is to just present the information in a way that’s really compelling for them to make a commitment to you to change their behavior so that they get better the more people on your team get better the less effort it’s going to take you to manage the team so if you want to learn the only four skills you need to build a billion- dollar company click the link and I’ll see on the other sideWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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