In my first meeting with my first mentor, I thought we’d talk about marketing or raising my rates. Instead, we talked about how I spent my time.
The real reason my business couldn’t grow was because I was hiding behind a mop. I was busy from 5 a.m. until 9 p.m., but I wasn’t productive. I was doing all the things, but not doing the things that actually mattered.
The very first homework assignment I received—the first move of my turnaround—was the one I’m giving you today.
Yesterday, I had you calculate your effective hourly rate (EHR).
Now your job is to figure out the value of the work you’re doing in your gym, then grow your business by working on higher-value tasks.
Follow the steps in today’s blog post: “The Value Ladder.”
Don’t skip any steps.
This exercise will take you a few hours. It won’t be as fun as designing a new logo or practicing muscle-ups. You won’t want to do it. But you won’t grow until it’s complete.
1. Break down your day by the hats you wear.
2. “Program your clones” by making task lists for each role.
3. Assign an hourly value to each role.
4. Do a time valuation.
5. Replace yourself.
6. Reinvest your time.
7. Evaluate staff performance.
8. Repeat the process.
9. Recalculate and hire.
This is how you give yourself a promotion as an entrepreneur.
If you want to grow your business faster, spend more time on roles that are worth more than your current EHR.
If you want your business to go backward, fire the cleaner and mop the floors yourself. You can’t cut your way to growth.