Momentum Podcast: 358
Replace Yourself In Your Business
by Alex Charfen
One of the questions that entrepreneurs struggle with the most when growing a business is, how do I replace myself? Well the answer is, absolutely not all at once.
One of the questions I get asked most often is “how do I replace myself in my business?”. This question is a massive source of confusion and frustration for entrepreneurs. It can be a struggle however it is absolutely possible. Just not all at once!
Full Audio Transcript
Alex Charfen: One of the questions that entrepreneurs struggle with the most when growing a business is, how do I replace myself? Well the answer is, absolutely not all at once.
In coaching hundreds of entrepreneurs, one of the questions I get most often, and one of the questions that frustrates and stops entrepreneurs most often is, how do I replace myself in my business? And here's why. We all know that when you grow a business you do everything. In fact, that's the very definition of starting a business is, you end up doing everything. You grow the business. You talk to every customer. You put together the plan. You execute the plan. You ship the product. You make the product. You make the product happen. It's literally every single thing, is you. And the challenge is, as you go through what it takes to get a business off the ground, and you start thinking to yourself, how do I replace myself, it feels near impossible. Because who else would care as much about the business as you would? Who else would put as much effort in as you have? Who else would do all the things that you have done? And you're right. You're not gonna find that person. See, the fact is that the reason you started a business is because you're the person who is willing to do all those things. You are driven to have all of this happen.
And here's what you're looking for when you replace yourself in the business. You don't want to do everything all at once You don't want to find somebody who can do everything you do. What you want to do is, at any point in time, you want to discover and asses, what is the lowest hanging fruit, the easiest things that you're doing, the things that somebody else could do, the most tactical activities that you are engaged in at any time, and offload that so that you can up level what you're doing to more strategic things, to more strategic tasks.
Last week I spoke in Arizona. I keep talking about it. For Russell Brunson for Two Comma Club X. It was a great even. It was a 300 person event. Normally at my events we get maybe 70, 80 people because, we're dealing with $1,000,000 plus companies in our mastermind groups, or $300,000 plus companies in our Billionaire Code Accelerator. We don't get the breadth and width of business that we had last weekend. We are going to start doing some events next year where we do.
What was really interesting was how many people got stuck with the question, how do I replace myself. In fact, one of the people in the room was a home builder. I brought him up a couple times because he had the same conversation with me so many entrepreneurs have. He said, you know, I'm a home builder. We do about $15,000,000 or $20,000,000, I think was the numbers, a year in custom homes. We do five or six home a year, and the reason our homes sell is because of what I do. The reason we do so well is because of the care, and time and effort I put into each home, into making it right, into making it turn out right, and to making it be exactly what the homeowners will want. That's why we sell so many. So there's not way I can replace what I do in the business.
I had everybody in the room go through an exercise. You might have heard me talk about doing a time study where you write down what you're doing in 15 minute increments as you go through the day. I had them go through an historic time study to go back, find three days of work, and fill out three days of time studies ... you can do this right now for three days that you actually worked. Then put tactical or strategic next to it. Here's why I do this. Because data breaks through confusion. Data will give you clarity. Data shows you possibility where previously you hadn't seen any.
When he went through three days of his work, there was this look of, first dumbfounded confusion, and then frustrated inspiration, on his face. Because here's what happens every time I have entrepreneurs go through this exercise. They look at everything that they're doing in three days, or if they're doing a two week time study, in two weeks. They realize how much of it is tactical, and how much of it someone else could be doing.
What you want to do at any point in time as a business owner is, not replace yourself completely in the business. Let's be honest. That's not going to happen. If somebody could replace you completely in the business, they're running their own business. What you're trying to do is replace the things that you are doing at any given time that are tactical. Replace the things that you are doing at any given time that will up level the time that you're spending, and give you more time for your zone of genius and what you do best.
The time study, even when you do it in retrospect, even when you do three days, gave him this shocking realization that he had things he could offload, and there was way more leverage than he thought he had. The way you replace yourself in the business is one tactical activity at a time. The way you replace yourself in the business is to inventory your time at any time, see what you're doing, and offload the things that are tactical. The way you replace yourself in the business is not all at once.
So in your business right now, you should be doing a time study every three months like I encourage all of my clients to. You want to know the coaching people pay be $60,000 a year for our Grow and Scale program, or $24,000 a year in our Billionaire Code
Accelerator program. The coaching that they pay for is, do a time study every three months. We analyze the time study. We look at, what is tactical, what is strategic. We offload the tactical to a person, a project or a process in the business and make sure that the entrepreneur is not doing it anymore. Oftentimes we might offload some of it to a contractor, some of it to an assistant, some of it to a new role we create.
At any given time, here's the math you have to see, is that what you're doing is going to be replaced by either ... usually not by just one other person. It's usually going to be multiple things. Projects, people, processes in the business that you can hand off over time. The way that you get used to doing this, the way that you can do this over, and over again, and continue to up level and grow your business is to do a time study, take the tactical and offload it. Do it again in three months. Then do it again in three months. If you do this four times in one year, you will have one of the biggest growth years you've ever had in your business, and one of the biggest growth years you've ever had in your life. It will cause you to be introspective, to analyze what you're doing, to look at where you're really spending your time, and to ask yourself if you're using your time wisely. If you're answering the question, what is the best use of my time right now, and you're taking advantage of making sure you're doing the right thing every day, all day so that you create the most momentum in your business.
I want you to just think about that. What would your business look like if that's what you did every three months? What would your business look like if you just had 10% or 20% more time for strategic thinking, for strategic activities for your zone of genius? What would your business look like if every three months you got 10 or 20% time for those activities? At the end of the year, that means you're doing over 50% more strategic activities. That is game changing in your business. If you want to replace yourself, you do it one step at a time. Not all at once. And if you're ready to start growing your business faster than you ever thought possible, then join us. You should be in our Billionaire Code Accelerator program. If you are looking at building a team, putting an infrastructure around you, and you want to be part of a group and a community who is working through our content, building incredible businesses, mutually supporting each other and creating incredible momentum, go to alexcharfen.com/apply, or billionairecode.com/apply. We made all of our urls point to the same outcome because we want you in the Billionaire Code Accelerators. Probably easy to remember, Billionaire Code Accelerator, billionairecode.com/apply. Fill out the simple questionnaire and a member of my team will be in touch with you so that we can share with you exactly how we're helping businesses around the world grow like crazy, and entrepreneurs who are at the top of their game gain traction, build teams and go out and build empires. We want to help you. Billionairecode.com/apply.