Entrepreneurship involves a unique blend of relentless passion, calculated risk, and a healthy dose of self-belief. However, to take that initial spark of an idea and transform it into a truly thriving, scalable enterprise requires something more: Efficiency. It's about maximizing your use of that most valuable resource – time.
According to a study by the Kauffman Foundation, only about 25% of startups actually survive beyond seven years. A key reason? Lack of focus and inefficient use of time by the founders.
The Power of Focus: Identifying Your Highest Payoff Activities
So we are all on the same page, let’s define high payoff activities. Simply put, they are the critical, core, essential activities that without doing, your goals will not be achieved. High payoff activities are the crucial tasks that directly contribute to you achieving your goals and representing the most effective use of your time and resources. Prioritizing these high payoff actions is indispensable for you to realize your desired outcomes.
Highly successful entrepreneurs know how to ruthlessly prioritize. They understand that 'busy' does not equate to 'productive'. This requires a deep knowledge of their unique strengths and what actions move the needle forward for their business to consistently grow.
Tim Ferriss, author of "The 4-Hour Workweek," advocates for the Pareto Principle (or the 80/20 Rule), as I do. This principle states that approximately 80% of your results stem from only 20% of your actions. The key is to identify that critical 20%.
Let’s explore how to put this concept into practice.
The 3-Step Activity Audit
1. Spend a week tracking how you spend your time: organize your various business tasks into categories — business development, client work, product refinement, marketing, and so on.
Download my complimentary Time Log Exercise to help you and your team members be even more time efficient, so you are in a higher probability position to achieve your goals by going to: https://www.accountabilitycoach.com/time-log/. Simple instructions come with this exercise to help you know how to complete the time log.
2. Afterward, perform a simple value assessment: rank each of those categories based on how much value and impact they generally bring. Which activity drives revenue, which brings innovation, and which one helps establish your brand recognition?
3. Once this is done, perform the following elimination challenge: could you delegate some of the less high-value activities, automate some of them, or are they, quite frankly, not necessary at all?
After all the three steps are taken, be sure to craft some blocks of pure hours reserved for activities that absolutely align with your highest payoff activities. That is the definition of your “zone of genius” time.
Delegation: The Art of Leveraging Your Team
If you want to grow, you can't do it alone. The ability to delegate well is a hallmark of impactful CEOs. In fact, a study by McKinsey & Company found that CEOs who spend more time on delegation and empowerment see a 20% increase in revenue growth.
This doesn't mean surrendering all control; it's about strategic empowerment and leveraging the talent around you. Successful delegation follows four key steps:
1. The Right People, the Right Fit. Imagine your dream team — the individuals whose skills and experiences speak to the weaknesses in your own. Never hesitate to hire an expert to supplement your existing knowledge. It will surprise you what can be achieved when working together as a team.
2. Crystal-Clear Instructions. Let’s face it, no one likes to be set up to fail because they didn’t know what was expected. Before you assign a task, discuss the goals, the intended outcome, and the timing. More importantly, share the “why” with each member. They will always be more vested when they know where the bigger picture is heading.
3. Trust & Autonomy – Delegation equals trust. By closely watching over their work, you suffocate their creativity and drive for initiative. Give your team the tools, encouragement, and resources they need, then let them do the job their way. You’ll be shocked by what they achieve when you trust them to get it done.
4. Feedback is Your Secret Weapon – Regular check-ins aren’t meant to be used for hovering or micromanaging. Counter-check to help, monitor their progress, ask questions, and give insightful feedback when necessary. Praising people for a job well done or congratulating them for taking care of it can all help morale.
Download my complimentary support team performance assessment, so it can be customized for each of your team members by going to https://bit.ly/SupportTeamAssessment.
Examples of 'Focus and Delegation' Mastery
Some CEOs embody these principles exceptionally well. Let's look at a few CEOs who truly get this.
Take Elon Musk, for example. The guy's a workaholic, that's for sure, but he channels that energy into laser focus on moonshot goals – revolutionizing space travel. He surrounds himself with brilliant engineers and scientists and trusts them to solve seemingly impossible problems. It's a masterclass in delegation.
Sara Blakely, the founder of Spanx, is another great example. She turned a simple idea into a billion-dollar business. Sure, she's deeply involved in the big-picture strategy for her brand, but she's also smart enough to delegate. Her team handles product development, marketing, and the day-to-day operations, freeing her to focus on what she does best.
And let's not forget Jeff Bezos. His relentless focus on customer experience is legendary. He's built a whole empire on that principle. But you won't find him bogged down in the weeds of logistics or warehouse management. Those tasks are delegated to capable teams, allowing him to stay focused on the big picture.
Some entrepreneurs resist shifting to this mode, citing: "Nobody can do it as well as me.": let’s not forget that perfectionism is an enemy of scale. Strive for excellence and accept that someone else's 'good enough' may be better than you burning out.
“If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate.” - John C. Maxwell
To turn those ambitious dreams bouncing around in your head into reality, you've got to shift your mindset. It's time to ditch the idea of being the overworked and overloaded center of your business.
Figure out what you do best, the things that really move the needle, and then become a master delegator. Learn to focus with laser intensity on the “stuff” that only YOU can do. That's the path to the extraordinary success you're craving!
Download my Free Delegation Exercise to help you identify more even activities to delegate, by going to https://bit.ly/Delegation-Exercise.
Download my complimentary support team performance assessment, so you can customize it for each of your team members by going to https://bit.ly/SupportTeamAssessment. This is a great communication and expectation tool.
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I’m the author of many books, including, Excuses Don’t Count; Results Rule, Live Life with No Regrets, No Excuses, The Guide to Stopping Procrastination, The Power of Visualization, My Gratitude Journal, the Work Life Balance Emergency Kit, and The Roadmap To Success with Stephen Covey and Ken Blanchard, and more.
Aim for what you want each and every day!
Anne Bachrach
The Accountability Coach™
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