Today on The Wealth Secrets Podcast, Sean Adams talks about outsourcing and delegation as means of leveraging our time. The wealthy invest in systems and teams so that they have more time to focus on more important tasks. 

[02:10] Time Management, Productivity, and Outsourcing

[04:47] Why Business Owners Fail to Delegate

[09:55] The E-Myth

[10:31] Sean’s Experience with Delegation

[13:24] All Tasks Can Be Simplified into a Checklist

[15:50] The Difference Between Effectiveness and Efficiency

[19:12] The Four D’s of Creating Systems

Time Management, Productivity, and Outsourcing

Outsourcing work is very common among the vast majority of the rich. They delegate errands so they can give more attention to high value tasks. Being preoccupied with day-to-day responsibilities leaves no room for strategic planning or decision making. Investing in teams and systems that create quality output saves a lot of time.

To know which tasks you can delegate, ascribe a dollar per hour amount to everything you do. This allows you to identify which activities drives results. You should be devoting your time and effort into those important tasks and assign the rest of your routine tasks to someone else. In this way, you are optimizing your time and delivering better value.

Why Business Owners Fail to Delegate

Business owners often fail at delegating work because they do not know how to create an effective system or they simply don’t have the time for it. The absence of a system sets your business up for failure. You don’t need a large team to start outsourcing help.

When you delegate without a working system, two things can happen. The first possibility is that you feel it’s even more difficult to onboard someone else. In effect, you continue doing the work yourself. The second possibility is that responsibilities are turned over without any guidelines leaving the employee at a loss for what to do. 

Creating Systems and Workflows

Creating systems is about defining the who, what, when, why, and how things get done. Write down all of your business’ processes: from the simple to the most complicated tasks. A workflow is a lot like a user manual. Just like how gadgets and cars have manuals, systems must also contain all of the business’ essential information. 

For more videos and resources, visit leveraged-life.com. Do you have questions and feedback? Get in touch with Sean Adams through his email: [email protected].

Links and Resources

The E-Myth by Michael Gerber

The Checklist Manifesto by Atul Gawande

Connect with Sean:

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Youtube: https://www.youtube.com/channel/UC0i91Q-fFy70LkaFxvfnGpg

All shared information from the Wealth Secrets Podcast should not be taken as legal or financial advice. Please consult with a professional before making any decisions.