📕Best Practice Thursday: Read Buy Back Your Time by Dan Martell📕
Today, we want to continue with the buy back your time theme and give you a recommendation that will change how you look at your calendar and task delegation. The book Buy Back Your Time by Dan Martell will walk you through why it’s NOT about hiring people to grow the business, but instead, hiring people to buy back time on your personal calendar. You'll learn more about: 1. How to prioritize tasks strategically and focus on excelling at key tasks that contribute the most to your goals and bottom line. 2. How to delegate and automate low-value tasks to free up your time to concentrate on activities that drive growth and innovation in your business. 3. How to create systems and processes that streamline operations and maximize efficiency. By standardizing workflows and implementing best practices, you can minimize errors, reduce friction, and empower your team to perform at their best, ultimately leading to greater productivity and profitability. Finally, as a best practice to start with your time management, I invite you to identify your buyback rate: - Divide your annual income by the number of hours you work per year, then divide that amount by four. The result is your buyback rate. The buyback rate rule states that you shouldn’t perform a task that you could outsource for one-fourth or 25%. This will help you determine which tasks you should outsource. Since they can be done for less than your current hourly rate, they should be a no-brainer when delegating.