12. Delegation - Step 9 to Create an Automatic Insurance Agency
Do your Highest Impact & Highest Income work and delegate the rest to talented team members, freelancers, and independent contractors.
The last stage of business growth allows owners to exert more influence over what happens in their business which means having control over the vision, roles, and processes involved in sales, retention, acquisition, and pivots.
Delegation allows business owners to offload work that can be done by others and it is not limited to employees but can extend to outsourcing and hiring vendors for various tasks.
Business owners often spend a significant portion of their time on low-impact work, with only a fraction dedicated to high-impact and huge-impact tasks.
Leveraging technology for automation is a cost-effective alternative to delegation and unproductive tasks should be eliminated, while irrelevant items can be ignored.
Strengthening the recruiting process and setting up an efficient system can help delegate responsibilities and ensure they are carried out effectively.
Full (Edited) Transcript
Delegation - Step 9 to Create an Automatic Insurance Agency
The most exciting part about the last stage for me and many of the clients I work with is that you, as the owner, start getting to exert more of your influence over what actually happens. So in the first stage of purpose, we focused on your vision and the role. Clarity created an awesome opportunity and accountability standards for performers in the sales process part. So much of that is about creating the processes, but counting on your team members to execute through your retention process, your acquisition process, how you do Pivots and your multiline process.
Once we reach the people stage, we start being able to make sure that the best people are doing the tasks that they're best suited for and really do the absolute best.
And so delegation becomes a huge part of this, not just necessarily delegation to employees, but also delegation to anyone. And so what I want you to consider first is to open up your definition of what delegation means. Many people when they think of delegation, only think of employees. Anytime you go to a restaurant and you buy food from them, you're delegating cooking, anytime somebody cuts your hair, you're delegating that anytime someone modes your lawn, anything like that is possible with delegation, it might not just be work tasks.
It might not just be things that your employees currently do.
It might be other things that you outsource or you hire other vendors to do. Now we're going to take a look at what usually happens with how business owners invest their time. Very often, a huge percentage of their time is going to low impact work. Some of their time is going to somewhat high impact work, and some of it's going to huge impact work. And I'm going to use the numbers of one X per hour, four X per hour, and 16 /hour not just as random numbers, but also because of Reacher.
I've done the work of Perry Marshall and 80 20 sales and marketing. And just seeing that what he suggested is also true in the business I've seen with the any owners I work with in my own business as well. So if you consider this concept, you realize the possibility that a huge amount of your time is going to let's say, $10 per hour work to use a nice round, pretty number to multiply by and then your forex work. Your $40 hours work is only being done some of the time, and then your $160 hours work is being done and even smaller percentage of the time.
Now again, your exact numbers might be a multiple of this.
I'm just using some round numbers that are easy for math. Now, if we map this on a calendar, it would look a lot like this. Let's say you're working 50 hours a week of that time or 40 hours would be that low impact work. And then of that time, roughly 8 hours would be high impact work. And of the time roughly 2 hours per week would be that huge impact work.
And so if we look at that from an income standpoint, it would mean that you're earning $400 over 40 hours, $320 over 8 hours, and another $320 over 2 hours. So 62% of your income would be made in ten of the time. Now, as an insurance Antione, you might say, Well, Wade, I have to be in my office or I have to make sure things happen. And so I'm working 40 hours a week or 50 hours a week. But think about how many of those hours are you doing something that truly moves the needle in your business.
It really makes a big difference versus how much of the time are you doing something? Perhaps that somebody else could be doing for 1015 or $20 an hour. And if that's the case, it's not to say that you would delegate all that red work and do nothing. You might decide to do more of that green work, more of that blue work and fill up your calendar with more things that make a higher income multiple. And that would allow you to hire even more help and or perhaps take more time off because you would need less time to get the income result you need.
And so if you look at all of these areas, you could realize that you would want to eliminate the useless or unproductive tasks because you wouldn't even want to delegate those. If something is just absolutely useless, let's eliminate that. And you would ignore irrelevant items you say, Wade, what do I ignore? Well, think about your current business model. You might have that client that has an issue that goes away after a while.
You might have email that's sitting in your email inbox that you really don't have to answer it, maybe spam mail or something that maybe you want to look at, or maybe you don't. So you could ignore those. There'd be certain things you could automate with technology, and that would be great because that's usually a lower cost alternative to delegating to people. Then you would find what you could delegate to competent people who could take care of that work and make sure it gets done, whether those people are employees or other business owners that have businesses that meet that need that you need.
And then there'd be some work that you need to maintain.
Some of it is due to your role that you simply have to do might be boring, but you maintain that because that's your role. You have to do that not that you have to do certain boring work, but there's certain responsibilities as the owner that you have to do. And then you look to scale up your time and hopefully double down your amount of time in the profitable and exciting projects. Those would be the things that you want to invest more time in. Ideally.
And if you really looked at this on paper. You could specifically look at what activities you're currently spending time on and how much you make, where you could be investing your time and what that would look like. And with certain software, one of the tools we have, you can actually reallocate your time investments so that you could make more impact, which usually leads to more income and then do that in less time. Now that we have an idea of how you would delegate certain tasks, we still want to make sure we're looking at recruiting, and I want you to consider things this way.
Delegation is usually going to be those things that you can let go of.
That don't have to be done by employees that maybe you could find an outside service that already specializes in that, let's say social media management or SEO. The recruiting is going to be very often for things you need done by team members on a recurring and regular basis. In the next video, we're going to look at what your recruiting process looks like, how strong it is or isn't, and how you can set up a process that's easier for you to implement and ultimately delegate the majority of it to someone else who can make sure it happens.
I hope you find this helpful. As always, I look forward to helping you help more people and make more money in less time.
Do what you do best so you can better enjoy your family, your friends, and your life. Thanks for listening.
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