Delegate & Grow Rich with Dan Lok
[Advanced 3-Hour Workshop]
Do you want more money, more fun & less stress? Do you find yourself working all the time, trapped in a hamster wheel of doom that never stops? Has your income plateaued and no matter how much you work you still can’t break through it? When was the last time you took a vacation?
In order to break through your income ceiling and make a massive impact on your income you have to redesign your business architecture. Your business will look very different. What made you successful in the early stage will cause you to fail when you try and move to the next level. You can’t just simply add more clients into your funnel and expect success. Almost everything has to change.
DAN LOK – INTRODUCTION
I consider myself a serial entrepreneur. I have been lucky enough to start, run and turnaround a dozen companies. Now in my spare time, I coach a select group of entrepreneurs, helping them profit wildly while making a huge difference in the world.
CONNECT WITH DAN LOK
If you had to take 2 weeks off what would you have to set up?
- No cellphone, no email, you’re the bottleneck in your company
- What systems would you have to have in place?
- Would you need to promote someone?
- Think about how you can replace yourself?
You are the reason why your business is the way it is.
- If you are a control freak, you are strangling your business to death.
- Remember less control is more control.
- Step outside of your comfort zone.
Why do we strive for control?
- It’s more psychological than anything else.
- You think you’re the boss so you have to control everything.
- If you don’t want to tie your significance to running your business, you will want to tie it to your results.
A business is nothing more than a reflection of its owner.
- Your Skills
- Your Habits – What you do everyday
- Most business problems are personal problems in disguise
- If your life is unorganized then your business is most likely as well
Business is competitive.
- If you’re the smartest person on your team, you’re in trouble.
Here’s a question that you need to ask and answer, every single day:
“How do I protect my time, energy, and money so I am only spending them on those things that will take me closer to my goals?”
Entrepreneur Success Cycle
This is the blueprint. 7 steps to building any business. I don’t care what business your in. If your business is not getting the results you want one of these areas needs work. Today we are going to focus on delegation.
- Get clients
- Function of sales and market
- Keep clients
- Optimization – Maximize client value
- Sell more stuff two or more people, more often
- Put systems in place to create consistent and predictable results.
- Do this when you are really busy
- This will allow you to still produce the result without being there
- Allows you to teach it to anybody
- You need to build systems before you can delegate
- The goal with delegation is to free up your time so you can do your high income earning activities
- Everything you do you need to ask yourself. Is what your doing the highest and best use of your time?
- Technology used to automate certain tasks
- Once you have all the above now you can expand
- If you don’t have all the above in place before you expand your business will fail
What’s the definition of a business?
- A business is a commercial profitable enterprise that works WITHOUT you.
- Business is a vehicle to get you from Point A to Point B
Business is a team sport.
What’s the definition of an entrepreneur?
- An entrepreneur is a person with a vision who orchestrates other people’s time, talents, and money to make his or her vision real.
What you should be spending your time on:
- Creating something new
- Revenue Generating activities
- Building Relationships
- Keeping the company true to it’s vision
- You want to create other people’s to do lists.
- It’s your job to make sure it gets done. Not your job to do all the work
- Focus on what you’re genius at
- For everything else find someone that is better than you to do it
- Do what you enjoy or what your good at
As a leader, your job is not to do the job, but to make sure the job gets done.
“Your time, knowledge and energy are your most valuable commodities.”
How do you know what you’re good at?
- People will tell you what you are brilliant at.
- If people older and more experienced than you ask for your help or advice
Your Vision & Company Mission
- What do you want business to be?
- Where do you want to go?
- “I want to make more money” does not inspire others to work with you
Dan Lok’s Mission
- Help 100,000 entrepreneurs in 5 years
- Think about how to measure your mission?
- Every time I get a thank-you note, that counts as one person helped
The Ceiling of complexity
- When we start a business, we rely on ourselves. You make everything happen then you hit a glass ceiling and your income plateaus
- You need to do something else
- This requires you to reinvent yourself
- What made you successful is what is holding you back from going to the next level
- You have to let that go in order to get to the next level. This is why most small businesses stay small. It’s difficult to get past this if you do it all yourself.
- Change your mindset. Be open to letting go and accepting help.
- Build a team. The less it’s about you, the more success you will be.
- Join a mastermind group of people better than you.
- When you get off the hipster wheel you can spend all your time thinking.
- Sit down with a pen and paper, come up with bright ideas. One hour a day just thinking
- I spend 10 minutes a day on Facebook. It’s a waste of time unless it’s your job.
Time is not replaceable, it’s your most valuable asset
- Don’t give your time out freely to anyone who wants it
Things you need to do well to leave a successful business:
- Eat the frog
- Do the ugly and most challenging task first to build momentum
- Master 1-3 skills
- Be good at 4-5 things.
- Don’t be a jack-of-all-trades
What’s the purpose of delegating?
The purpose of delegating is so that you can be yourself.
“Never tell people how you do things. Tell them what to do and they will surprise you with their ingenuity.”
What are the Benefits of Delegating?
- You do more and more of what you love
- You do less and less of what you do not love
- Procrastination leaves your life
- You have much more free time and energy
- You have less stress
- Tasks get done better and faster and easier
- And yes, you make a lot more money
“But Dan, you are rich, that’s why you can delegate. – No I’m rich because I delegate.”
What does the Delegatee Get Out of It?
- They may love it
- They may get paid for it
- They may want to learn
- Exposure to interesting things
- Desire to help
“What” Can You Delegate?
- Receiving and responding to emails
- Receiving, routing, and responding to phone calls
- Responding to customer service inquiries
- Scheduling business & personal appointments
- Confirming appointments, calls and interviews
- Calling or writing to new prospects
- Entering business cards into a database
- Graphic Design
- Website Development
- Invoicing clients & customers
- Tracking expenses and tax records
- Handling paperwork
- Shopping around online for software, hardware, traveling and gifts
- Maintaining your website
- Tracking website statistics
- Fulfillment of products
- Fulfillment of services
- Creating sales reports
- Search Engine Optimization
- Designing PowerPoint Presentations
- Event planning
- Product researching
- Internet search and fact checking
- Ordering office supplies, stamps, shipping materials
- Planning business and personal travel
What’s Holding You Back From Delegating?
- Fear of Losing Control
- Fear of Asking Somebody (Truth: Fear of Rejection)
- Fear of Being Thought of as Inadequate
- Cost May Be Too High
- I could do it better myself.
- I don’t know if I can trust her to do.
- He isn’t qualified to do it.
- She doesn’t want added responsibilities.
- I don’t have the time to show anyone how to do it.
- There’s no one else to delegate to.
- She already has enough to do.
- I don’t want to give up this task because I like doing it.
- I am the only person who knows how to do this.
- She messed up last time, I’m not giving her anything else to do.
How to start?
- Delegate everything you are terrible at first.
- Work your way up the ladder.
- It’s easy to find people to do things you’re terrible at. Delegate higher and higher.
Ask These Questions
- Who you going to delegate to?
- How are you going to delegate?
- How do you determine?
- What are hidden talents that your people/team have?
The Six Levels of Ability
Written Exercise – Step 1
List THREE Tasks You Are Brilliant At
Dan Lok is Brilliant at 3 Things
- Business Strategies
- Internet Marketing
- Communication (Written & Verbal)
Written Exercise – Step 2
List out as many tasks you’re terrible at as you can.
Written Exercise – Step 3
Establish Delegation for Every Task You Are Terrible At
- Feel free to delegate ALL of it
- Or, delegating just what’s stopping you. Ask: “What’s stopping me from getting this task done?”
- Or, delegate the part of the task that you are terrible at.
“Dan, is it worth teaching someone when it’s just a little task?”
- YES! Because all these little unpleasant task add up.
- Take the time that is required to train a delegatee
- OR retain someone who’s already brilliant at the task
Dan Lok’s Books
(Buy one of Dan Lok’s fantastic books with these links to help support my FREE note taking service)
THE 8 RULES OF EFFECTIVE DELEGATION
“Hiring people is a skill.” – Pilkev Coaching
- Rule #1: Clarify the task in your own mind
As yourself these questions
- What is to be done?
- Why does it need to be done
- Who is to do it?
- When is it to be done by?
- What will constitute and verify successful completion?
- What are the desired outcomes?
- Rule #2: Delegate to the right person
- Rule #3: Always have a deadline. Deadlines should be challenging but also realistic
- Rule #4: Communicate orally and in writing your plan for action
- Rule #5: Ask people to provide progress reports
“Communication is message sent, message received, and message acted upon.”
“People don’t do what you expect, they do what you inspect with respect.”
- Rule #6: Be sure to delegate the authority along with responsibility.
- Rule #7: Give praise and feedback at the end of the project, and additional responsibilities.
- Rule #8: Don’t be a perfectionist.
WAYS TO DELEGATE FOR FREE
- Barter your services
- Ask a friend or family member
- Ask an employee (If you have employees)
- Ask someone who already works for you (cleaning lady, babysitter)
- Sometimes paying actually costs less than doing it yourself (magic number)
- Find an over-educated person out of work and delegate a task for a reference.
- If you spend your life working on your weaknesses. You in the end have strong weaknesses.
- You want your competition to be like “How the fuck does he do that?” If you’re brilliant, world class people line up at your door. What if your weaknesses holds you back?
Where do you find people?
- Mentor or network
- If you are looking for animation you can hire Nathan @ Creative Inventory
How to hire good people?
- Check references and feedbacks. Break a large task into smaller tasks, try them out.
- Be very specific in Job description. Do not bid if what you are looking for results you lack for. This job should be easy for you if you know what you’re doing.
- Out tasking giving someone one article to test them out
- Outsourcing is when the relationship is already built, develop the relationship off site.
- You have to follow up to make sure it gets done.
- Perfectionist- You never get anything finish. Its about progress, not perfection. Don’t place so much importance on this otherwise things wont get done.
- Be their number one client. If you need stuff, pay them right away. Be the fastest, easy to walk with. Do what nobody else.
Don’t take their head off
- You have to let your people make mistakes.
- They will never learn if you do.
- Incompetence is not okay. Ask them what they learned. Do not yell, “Next time I would like to see this.”
How to keep good people:
- Respect them and their expertise
- Pay them well and right way (good people cost $)
- Whatever you pay them they should bring multiple returns on your investment
- Praise them
- Be very specific in your praise.
TOOLS FOR DELIGATION
- Dropbox Share files with anyone. Automatically backs up all your data
- Techsmith.com/jing.html FREE 5 minute video
- hubstaff.com Time tracking software that takes picture pic of your employees screen at random intro volts
- Google Apps
- google docs
- google sheets
- google keep
HOW MUCH YOUR TIME IS WORTH?
If you don’t know what your time is worth and what it needs to be worth, then you can’t make effective decisions or what activities you should be spending your time on and what activities you should have others do for you.
If you want to be millionaire, you have to make money while you are not working
Before you do something yourself, ask these questions:
- Can it be done cheaper?
- Can it be done faster?
- Can it be done better?
- Can it be done by someone who likes it more than you do?
What is the amount you want to make this year?
i.e. Make a million dollars a year
Let’s pretend you work 220 days X 8 hours a day = 1,760 hours a year.
$1,000,000/1,760 hours = $585.18
BUT THAT’S YOUR MAGIC NUMBER!
Unproductive VS Productive Time
You’re not productive all the time. You have to X3. That is your actual number 1704.54
$585.18 X 3 = $1,704.54
- Talking to friends
- Surfing the internet
- Checking and reading emails
- Studying and learning time
- Checking website stats
- Organizing desk
- Cleaning your office
PRODUCTIVE TIME: Creating products
- Closing sales
- Marketing products
- Managing money-making projects
- Setting up joint venture deals
- Creating system to automate your business
How much you should you charge?
- What is the budget?
- What kind of budget do they have set aside for you?
- If you charge more you can deliver a better value
- As much as the marketplace will pay.
- Build the value.
- You want to get as much money as you can so you can deliver the best result possible