A BIG issue ALL business owners and entrepreneurs face is the battle of “there just aren’t enough hours in the day.”
If you’re just piddling it away like 95% of entrepreneurs out there, then you’re basically letting money filter through your fingers.
This is something Dan “got” a long time ago after listening to over 100+ time management programs, scores of self-help experts such as Brian Tracy, Les Brown, and Denis Denis Waitley, and a multitude of past entrepreneurs that came before him.
And for the first time ever, Dan Lok reveals the EXACT time management and productivity secrets he uses himself to get more done in one hour than most people get done in a day.
Here’s what you’ll get:
• How to stop being overwhelmed and stressed out with your business
• Which tasks are high pay-off and which are lower pay-off (This one piece of information is worth thousands of dollars alone!)
• The #1 ticking time bomb that could eventually kill your business and chances are you’re doing it and you don’t even realize it!
• Why much of time management advice doesn’t really apply to running your business
• How to know which business tasks you should stop doing and which to do more of so you increase productivity
• How millionaires manage their time and much, much more!
When you master these Millionaire Time Management Strategies, you’ll be able to easier achieve whatever business/money/success goals you have while defying “what everyone else is doing” when it come to time management.
How Millionaires Manage Their Time And Achieve Maximum Personal Productivity?
Here’s what I’ve come to believe to be the single biggest “secret” of extraordinary personal, financial, and entrepreneurial success combined:
“The use or misuse (or abuse by others) of your time – the degree to which you achieve peak productivity will determine your success.”
What is “entrepreneurship” if not the conversion of your knowledge, talent, guts, etc. – through investment of your time – into money?
Conventional Time Management Theory
- In time management books and in time management seminars, speakers love to show off charts and graphs
- If you use their numbers, for example, based on eight-hour workdays, earning $100,000 a year, presuming 220 work days requires that each hour be worth $56.
- This is all BULL SHIT!
3 Big Problems with this theory
- You don’t just work 8 hours a day and 5 days a week
- You don’t get paid for the hour, your get paid for what you bring to the hour.
- Work day hour doesn’t necessarily equal a productive hour.
- Productive Hour = Income producing activities
- Peak performance for 8 hours a day, every day, doesn’t work
- We are not productive all the time
- Attending workshops, reading books, or listening to podcasts is not productive time
- Converting what you’ve learned into action is productive time
What’s your base earnings target?
- Take your income goal
- $________ / 220 days / 8 hours
- One study says “Fortune 500 CEOS locked in an average 28 productive minutes a day”
- So take that number and multiply it by 3
The key question you should have on your mind constantly:
- “Is what I’m doing worth this hourly rate?”
- Think about wasting time as burning money
3 Stages of Entrepreneurial Growth
1.Productivity: Maximum results in minimum time (you have 84,600 seconds every single day, one day at a time)
2.Leverage: Maximum productivity with minimum effort.
3.Freedom: Maximum leverage with minimum stress.
Start with your own personal productivity first, then apply leverage, before moving onto freedom.
4 hour work week is a myth, I know Tim Ferriss, he works way more than 4 hours. But it’s a good title that sells books.
You can’t delegate what you don’t understand
- You can’t delegate sales and reach maximum performance unless you’re a master sales person yourself.
- You’ll have to coach them
- How will you measure performance?
- If you don’t understand how SEO works, how will you know if you’re getting ripped off or not?
- I always get them to show me their process.
- I ask how do I measure your performance?
- How do I see results?
“Time management ultimately is self-management.” – Dan Lok
Self-management is about knowing what to do at any given moment.
It’s dealing effectively with the things we have to do to achieve our goals and fulfill our purpose. It’s also about deciding the importance of the varied and constant information coming at us.
It means you CANNOT become a slave to your to-do list. You’ll be faced with new problems and opportunities every day. Always question your list. Think about why you’re doing this task before you do it. Could you get someone else to do this task for cheaper? Your other people’s to-do lists should be a lot bigger than yours. 2 pages vs 20 pages.
Communication is message sent, message received and message acted upon.
Think of everything you do as an investment.
- Don’t do things you don’t enjoy like dishes, mow lawn, cleaning the house.
- Hire someone else to do that for you so you can stay productive longer.
- Have a high standard for your time
- Most people don’t respect your time it’s costing you money.
- Learn how to say no to a lot of things
Time ≠ Money
- Time is NOT money!
- You can’t get time back
- You can’t save time
- You can’t make more of it
- Time is much more valuable
Affluent people value their time over money
That’s why wealthy people fly private. No customs, no waiting in line, no waiting for your luggage, no painful layovers. Here’s an example of Tony Robbins maximizing his time by doing an interview on his private jet.
3 Questions To Ask Yourself To Improve Productivity
- What is the highest and best use of my time right now?
- Why am I doing this?
- What is the payoff of this activity?
- Too many people work hard in wrong direction. What result are you after?
“Lack of direction, not lack of time, is the problem. We all have 24h days” – Zig Ziglar
The Top 5 Time Management Secrets of Millionaires
#1 Put a Stop to Interruptions
- Stop working in a distracting environment.
- Business is tough to compete in. You can’t afford to be distracted.
- Research shows the average business owner is interrupted once every eight minutes.
- The more employees, or associates you’ve got, the more successful you become, the more you get interrupted.
- Everybody thinks that in their business they have to be immediately and constantly accessible.
- Just be inaccessible. “If they can’t find you, they can’t interrupt you.”
- Opened Door Policy is DUMB. (If my office door is closed, don’t bother me)
- Think about how productive you would be if you could work with no distractions.
- Don’t answer the phone. I almost never take any unscheduled incoming calls.
Why Pre-Scheduled Phone Appointments Make Sense
- Working as I do only with pre-scheduled phone appointments is efficient, effective & a win-win.
- It benefits everybody. It eliminates phone tag.
- The other person has my complete attention and I’m prepared!
- When you take incoming calls or get on the phone with someone, it’s a smart idea to set up an exit time first.
“John, I have a conference call starting in just 15 minutes, but I wanted to take your call – I hope that will be enough time of your discussion. Do you agree – or should we set up another telephone appointment?
“Distraction is the only true luxury of poor people. Laser-beam focus is mandatory for success.” – Dan Lok
- Say goodbye to email tag for scheduling appointments, interviews, calls, demos and much more.
- Basic version is FREE
- Integrates with your Google Calendar, Office 365 or Outlook setup.
- Just share your link with your clients and they can book appointments themselves.
#2 Eliminate Time Vampires From Your Life
- We’ve arrived at a point of constant, unrelenting communication. This puts so much pressure on people to respond immediately and instantly.
- Absolutely refuse to participate in another person’s brain fart. I absolutely refuse to operate in this environment of constant, mindless, open communication.
- Do you have all your notifications turned on?
- How many times you check your email every day?
- How many times you check your FB, twitter, Instagram or other social medias every day?
- Grow up! Try to find something important enough to do that you’re unwilling to be so easily and frequently interrupted and distracted.
- For some people notifications are like cocaine. They can’t help themselves.
- How many of those texts / facebook notifications put money in your pocket?
- Is this getting you clients? Do less of the things that give you no results and more of what does.
- Turn all notifications off. Check them when you’re done working, or when you’re on a break. People won’t even notice.
- You’re training people what to expect from you.
- If you reply fast occasionally, they’ll be grateful rather than expect it from you.
“Your emergency does NOT become my priority.”
You train your clients how to treat you!
- It’s your responsibility to sell others on doing business with you on your terms, for their benefit.
- There’s NO virtue in thoughtless response. Giveing people unrestricted access to your, cellphone, email, social media because of pressure or expectation of instant response.
- The dumbest thing you can say to a client is call me anytime. I’m always available = not that valuable.
“But Dan, I Can’t Afford To Take This Approach Yet”
- Then it’ll never be. Pretty much everything I do now, I was doing long before anybody would think I could financially afford to do it.
- There’s NEVER a perfect time to start. There’s always a reason to wait.
- You do NOT gain or secure power in the marketplace by giving into everybody, by accommodation or acting out of fear. Power comes up SUPPLY/DEMAND.
Stop meeting people at restaurants for drinks
- Im not saying don’t network, just think about how much time your wasting.
- Do a simple phone call instead.
- Meeting people in your home office saves a lot of time.
- When people want to meet you they come to your environment. This gives you a huge advantage.
- No driving time and if they’re late you can continue to work until they arrive.
- Have your office, gym, video studio, all the things you need in one location.
#3 Fight to Link Everything to Your Goals
- Is what I am doing, this minute, moving me measurably closer to my goals
- Busyness is a form of laziness.
- You cannot be productive without measurement.
The Money Circle Theory
Prioritize your communications
Lokism: “The amount of attention you get from me is in direct proportion to how much you pay me.”
- 1.Priority < 24/h Best clients(80% of your income), Marriage, People closest to you, partners
- 2. VIP, close friends, menties
- 3.Tribe, VEG members
- 5.Outsiders (1 week/never) People you don’t know / Enemies
- Create Canned responses for lower priortity messages. (Copy and paste replies.)
#4 Create a Peak Productivity Environment
- You are a product of your environment.
- Make certain your environment works for you instead of against you.
- Key ideas to consider: Wealth Triggers, Feng Shui, Organization Vs Clutter
- I am a big believer in populating my work environment with “Wealth Triggers” – objects that remind me to think a certain way.
- I work at mentally attracting wealth, for example, my office is full of things that represent wealth; pictures, objects, and artifacts within view.
- I have a clock as a trigger for me to value time.
Clutter VS Organization
- I find that I am more productivity when I work in a “semi-organized environment.” As a writer, for example, I have documents and other reference materials around me.
- Creative, innovative thinking seems to come out of chaos more often than out of organization.
- Start your day FRESH every day. Don’t let stuff pile up.
#5 Scheduling VS Scripting
- My days are not just scheduled, they are fully scripted.
- You don’t shoot a movie with just an outline. Too much is at stake. Nobody will give you money to produce a movie without a script.
- Here’s one of the hidden secrets of people who consistently achieve peak productivity:
- MAKE INVIOLATE APPOINTMENTS WITH YOURSELF.
- I call that TIME BLOCKING. (With end time)
- You would honour appointments with others, why not yourself?
If you don’t schedule it, it won’t get done!
- I schedule my lunch time. I schedule my email time.
- My mom makes an appointment with me. Sunday 9:00 pm to 11:00 pm. We have long distance call.
- My wife makes appointments with me. Leisure time, vacation time, husband time.
- I have already blocked out 67 days for 2017. (VEG, DLIC Mastermind Meetings, Speaking Gigs, Seminars, Vacations)
- Bill Gates schedules his time in 6 minute increments. I schedule my time in 15 minute increments.
Develop Your Daily Disciplines
Here’s an example of how I structure my day.
Emotional Well Being: 30 minutes a day on morning rituals. (Visualizations, Attitude of Gratitude, Deep Breathing Exercise)
Financial Well Being: 30 minutes a day looking at financials, investments, reviewing of numbers
Business Well Being: 60 minutes a day on marketing self-promotions. (YouTube, FB Group, Instagram, Interviews)
Growth: 60 minutes a day learning (Reading, listening to a podcast or audio program)
Psychical Well Being: Goal 60 minutes a day exercising (Currently at 3 times a week)
Goal: Minimize email management to 60 minutes a day. (Currently is 80 to 90 minutes a day)
Extreme Control = Extreme Freedom
- People look at how I script my days, how I control time, and think it’s too restrictive, it’s a sacrifice of freedom.
- They are wrong!
- I am able to do everything I want BECAUSE of the extreme measure I use.
- If you know the exact path to accomplishing your goals, it’s too small.
- Raise your standards, goals, and productivity.
- The goal has to scare you a bit. Push yourself out of your comfort zone.
Dan Lok’s Books