What’s the one truly scarce resource in your business?

What’s the one thing…

Totally irreplaceable…

That no matter what you do you can’t get more of?

You, of course.

And you knew that already…

You didn’t need some business guru to tell you.

But what you may need to know is what to do about it.

You might have figured this out already and forgotten.  Or you may have thought you figured it out but still aren’t getting the results you want.

Watch the video. It’s under five minutes….

And if you have something to share, put your comments below.  Okay?

 

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28 Responses

  1. Morgan

    Hey Paul,

    Great concept. I’ll try to replace myself here at Grace Grove and keep you posted on the results.
    Easily implemented advice is always welcome.

    Reply
  2. Pat

    Paul, okay, okay… you’re right, of course. Accounting, billing, arg! all that stuff I hate to do and tell myself I have to do… I’m changing my attitude and behavior. Thanks.

    pat

    Reply
  3. Steve Anson

    Yes, I need to delegate anything that someone else can do. And reserve my time and energy to focus on the unique things only I can can do in the business. Great reminder Paul. Appreciate your words of wisdom.

    Reply
    • pl

      Steve – consider delegating things that you THINK no one else can do, but which are still “below your pay grade.”

      Reply
  4. Brij

    Another cogent point from you! Thanks for the reminder.

    It’s a battle to keep implementing it though, and the temptation is to snap back to doing things myself because the first couple of times I try someone else, they don’t quite do it right.

    No question though – this is critical if I am going to create the most value.

    Thanks again.

    Brij

    Reply
    • pl

      Brij – focus on the distinction between short term gain and long term wealth…

      Reply
  5. Ed

    Time audit plus Ivy Lee’s six most important things you do (previously covered by Paul), are a big step towards efficiency and success.

    Beans Baby!

    Reply
  6. John H

    Here is my “outsourcing” plan for a Sole Proprietorship building Forestry and other Heavy Equipment.

    Design and Tooling stage:
    – Get local kid to mow lawn and do gardening stuff. Done
    – Eat meals out at local dinner even though I prefer my own cooking.

    Early Manufacturing and Sales stage:
    – Hire local house keeper.
    – Eat even more meals out at local dinner.
    – Hire Tech School kid to do welding and shop cleanup.

    Growth Stage beyond local market:
    – Hire consultant. I have not a clue what lays beyond the local market. Also safer than taking on a partner or investors.

    Back to work on those blueprints …. Focus Focus Focus

    Reply
  7. Richard Wilson

    Paul, This was a 2×4 to the forehead. I realized that what I thought was my “big thing” that I did in my business was not my most important thing. Getting clients and developing programs is my most irreplaceable activity, not implementing those programs. I can get others to implement them. This single thing can take me off the boom, bust rollercoaster that I experience of sell, sell, sell, produce, produce, produce. Thanks!

    Reply
  8. John H

    Hi Paul
    I am a sole proprietor with a well equipped machine and welding shop that I built up over my career in the military. Am working on creating a full scale production shop to support larger creative projects.

    At this point in time I found out that it is OK to let some things go undone. While not optimal, the important things do get done. One can get really overwhelmed or get lost in a creative flight of fancy when looking at the long term bigger picture with all the technical details.

    While I am a genius at creativity, design and building, I am a total screw up at the business end. I am working hard to balance the creativity and business aspects of my life. I rarely make the same mistake twice and am slowly learning. Your videos have been excellent for keeping me pointed me in the right direction.

    Thank You so much.

    Reply
    • pl

      Everybody hates Time Audits, and yet, doing this for a week or two can free up huge amounts of high-leverage time.

      Reply
  9. Marc Marsman

    I think you are right. Why is this still so hard nevertheless? Let me think about it for a while! I think is fear of failure, risking more costs, less quality, not more income, and managing people that don't "get it" as one does one self. Presumpion is that more income is the goal. Sometimes that's not a goal. Thanks for the video!

    Reply
    • pl

      Marc, it’s “hard” because it’s not “normal.” It’s different. So many of us are so used to thinking that we’re the best at something, and that no one could possibly be better at “it” whatever it is. That may even be true, but alone, that isn’t sufficient reason for you to be doing something.

      Reply
  10. Marc Shapiro

    Great thought, Paul. You're one of the very few people I have heard that I have always been impressed with what you have to say. I'd love to hear more from you.
    Keep up the good work!

    Reply
  11. Speed Realtor

    I am constantly trying to outsource most of the things I am doing but one I think I cant replace is my seminar business where the business depends on my time spent on previews and speaking. Any idea on how I can outsource that? It's hard to replace myself just as hard it is to replace Paul as the branding sticks on our names…also if a real live seminar is more profitable and conversion is higher than converting my seminar to online…especially if my reach is only a 15K audience in singapore.

    Reply
    • pl

      Hi Steve – this is one of those perennial truths. It’s also a layered one – there’s always another level to peal back…

      Reply

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