You are here
Do you PT or SPT? your fulfillment depends on it...
Do you PT or SPT? your fulfillment depends on it...
Summer is a great time to spend relaxing with the family, taking a few getaway trips, spending a week or two on vacation and attending conferences.
Attending conferences? Yup.
It's one of the most valuable things you can do to help you stay on top of the latest trends in the industry and to help your business grow.
But here's the response I usually get'
'I don't have time ' can't get away ' I have too much to do here at the office ' I'm swamped''
I'm not buying any of those excuses. And that's coming from a guy who travelled to 26 conferences over the last 12 months and still managed to substantially grow his business.
I'll show you how you can use my 4 Rules and get away to get to more conferences ' and even spend time with your family ' when YOU want!
Do you have a glorified J-O-B?
Look, I'm sure you've heard me say, 'You shouldn't be working IN your business, you be working ON your business.'
As a business owner or even a leader in your organization, you shouldn't be involved in the day-to-day operations to such a degree that everything would come to a screeching halt if you didn't show up one day. Otherwise, you just have a glorified J-O-B.
The famous U.S. Olympic gymnastics coach Bela Karolyi, who coached 9 gold medalists, says, 'Success depends on how much you are willing to sacrifice, how much you will alter your everyday life for a goal.' Huh? I have all the respect in the world for Coach Karolyi but he and his wife haven't taken a vacation in 36 years after defecting from Russia!
That's often the perception we have in America: work hard ' sacrifice ' burn the midnight oil ' keep your nose to the grindstone ' and someday you may be successful!
WRONG! WRONG! WRONG!
Here's a better a way to build your business -- and manage your time
The idea is to build an asset that will continue to be profitable ' even if you're not in the office. If everything depends on YOU then you're stuck with a liability and you'll never be able to get away to spend time with your family' or to network, attend events, and be a part of critical conferences.
Are there things you still need to do to keep the business moving? In some cases, absolutely. That's especially true if it's a very small business and you've just started it.
Get OUT of business to work ON it
As the business grows you should be working ON growing the business ' not IN it! And in order for you to work ON your business ' you have to get OUT of the business!
What does that mean? That means prying yourself out of the everyday functions of the business so it can function just fine without you. It means getting out to conferences and industry events so you can learn new marketing and sales strategies. It means meeting IN PERSON with clients, friends and business partners over lunch or dinner and expanding your social network.
It means: get out of the office. It means: stop saying, 'I can't get away!'
4 Rules to Turn Your Business into an Asset
It's scary to leave your business in the hands of others.I know, I've been there. But it doesn't just happen on its own. Here are 4 Rules to Turn Your Business into an Asset that can operate without you:
1. Build a business model that is NOT dependent upon you.
2. Hire the people who compensate for your weaknesses and will take care of the day-to-day operations.
3. Put systems and processes in place so you can track the performance of your people and trust that the day-to-day tasks are getting done.
4. Finally, manage your Productive Time (PT) and Super Productive Time (SPT). I'll talk more about this in a moment'
You see, most business owners don't follow these 4 Rules at all. Most entrepreneurs start their business with a great idea, and if it takes off, they hire more people to help them. But they never hire anyone to replace what they're doing. That's a HUGE mistake. So they find themselves working longer and harder to continue to grow the business.
The secret to it all? Managing your PT and SPT
I've talked quite a bit about the first 3 Rules in previous columns, but none of it will happen unless you follow the 4th and final rule ' managing your PT and SPT.
PT is spent leveraging your strengths that contribute to the growth of the business.
One of our clients, for example, is by far the best sales person in the company. He's also co-owner of the company, who was so busy he didn't have the time to be making key sales calls every day. So we've helped him restructure his sales process so the sales staff is now qualifying leads for him and setting up appointments. He can spend just 30-60 minutes, 2 or 3 days a week, making sales presentations to their best prospects. It's a great use of his time.
SPT is spent setting up processes and systems, making hard decisions, and creating alliances you'll need to help build the business. For example, another client is very effective at using his PT to call on prospects, and he converts about 2 every month into clients. That's good. Super Productive Time, however, is time spent working on a presentation to about 40 prospects. In those cases, he converts about 8 into clients.
SPT is also spent OUT of the office at conferences and industry events. For example, while travelling by plane I love to read the latest business books to stay up-to-date with business trends. They're a great source for inspiration and ideas.
While speaking at a conference, I always try to meet with potential clients, current clients and potential business partners. As Keith Ferrazzi says in one of my favorite books, Never Eat Alone, 'Invisibility is a fate far worse than failure. It means you should always be reaching out to others, over breakfast, lunch, whatever. It means that if one meeting happens to go sour, you have six other engagements lined up just like it the rest of the week.' I couldn't agree more!
Some may find it tiring but it's simply part of my lifestyle. I love to meet new people, learn from them and also share ideas and strategies that may help them.
It's just one piece of the business model we've built at Brand Launcher. We have some of the most talented people helping me run the business while I'm out so it's not dependent upon me ' and I can spend my days on Super Productive Time that will help the business grow!
Quick exercise: See how you spend your time?
Here's a quick exercise to see how you spend your time. Take a look at your schedule from this past week. How much it was spent on SPT and how much of it was spent was on PT? And how much of it was spent on work that could have or should have been handled by someone else? You should be spending at least
At least 50% of your time on SPT.
2. Do I have people who compensate for my weaknesses and can take care of the day-to-day operations?
3. Do I have systems and processes in place so I can track the performance of my people and trust it's getting done?
4. What do I need to do so I can spend more of my time in SPT?
Answer those questions and you'll soon be able to get away ' and spend more time on the things that matter most to you and your business.
Always taking you from where you are to where you want to go,
Jon Goldman, President