How To Make More Money By Doing Less Work

How To Make More Money By Doing Less Work

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You’ve poured your blood, sweat and tears into your business to see it progress to where it is today, and we congratulate you on that phenomenal achievement. But if you’re reading this, it’s because you know that you’ve still got some way to go — either you’re not making enough money or you’re practically killing yourself working the hours you do.

An automated workflow and a team capable of performing their roles independently aren’t just nice-to-haves, they’re indicators of a functional business. So, we’re sorry to say that if your business is incapable of running without you, then it hasn’t been designed or systematised very well.

Related: Determining The Value Of Your Business

It’s time to change that — to trust in your people to do the work you’ve hired them to do, and to earn the money you deserve.

There is no ‘I’ in team

Delegating is vital for any business owner to have the time to focus on management, interaction with stakeholders and leadership — to innovate, optimise systems, look to the future and grow the business.

You employed people to take care of your accounts, HR, production, marketing, customer service and so on; let them do their job.

Effective delegation allows you to boost your business’s productivity considerably by leveraging the output of a full team — transforming what originally took you hours to do, with a few minutes of oversight.

If you’re having trouble with the idea of letting go, perhaps it’s time to consult a business coach who will be honest and objective about what you do and don’t need to be doing with your time.

Implementing change

Change isn’t easy, resistance to it is natural. But a little discomfort now will pay off immensely in the long-term.

For an easier transition, bear these considerations in mind:

  • List all of your duties in your business. Be honest with yourself and erase everything you think a business owner should be doing. Whatever’s left on the list needs to be delegated.
  • Clearly define the roles and responsibilities of each position and ensure there’s no overlap.
  • Compile a comprehensive induction document of every step and procedure appropriate for each role, to make onboarding as smooth a process as possible, and to reduce the admin needed for new hires.
  • Reward good work and goal achievement. Sometimes that means positive feedback, and at other times it means monetary reward: Gift cards, half days, career growth, or simply asking your employees what they want. Rewards are a comparatively small cost to a business but can boost team morale and productivity.
  • Put team leaders in place to mentor those under them and manage issues and potential problems for you.
  • Source books and hand guides that will assist you in delegating and creating a business dream team.

What to watch out for

The biggest mistake you can make is not to trust your employee once you’ve handed the work over to them. Micromanaging will not only be demeaning, and decrease morale, but will adversely affect productivity and your employee, who may already be feeling bad.

From time to time, you will have to assist others, but be selective where you help. Making mistakes is a part of the process; your employees will learn from them, particularly if you engage in rewarding the good work they do, and positive teaching and correction. But, take note of problems cropping up; too many problems could be a sign that you have set them up to fail with faulty systems, inadequate tools or poor mentorship.

Related: Here’s How To Value Your Business

Fortunately, there’s an easy and convenient tool that quickly assesses your business’s health, identifying any problems before they even occur.

A more productive, automated business won’t just free up your time or generate more profit, it noticeably increases the value of your business — as it’s no longer reliant on a single person to survive. Ultimately, it means you have the time you need to live a more fulfilling life, not one dedicated entirely to your business.

Harry Welby-Cooke
Harry Welby-Cooke is the Master Licensee for ActionCOACH South Africa. He is also the President of COMENSA (Coaches and Mentors Association of South Africa). ActionCOACH is the world’s largest executive and business coaching company with operations in 39 countries. It is also on the list of the top 100 franchises globally. As a highly successful Business and Executive coach, Harry is a master of teaching business owners how to turn their businesses around and accelerate their growth. Email him at harrywelbycooke@actioncoach.com or call 0861 226 224