Honoring Your Hours Working On Your Business

65% of small businesses will fail within 10 years of starting, which is just crazy. And we don't want that to happen anymore. So, at Mackey, we've developed five key ways for people to change how they are in their business, to hopefully build an enduring business for years to come. First is balance your head and your heart. Next, change your focus. Third, use data as a convener. Four, stop being a fulcrum or get out of the way. And five, build a better toolbox. Today, we're going to talk about stop being a fulcrum, or again, get out of the way. The way we're going to think about this today is thinking about honoring your hours. And we're going to dive into two really powerful things that two Australians have given the world. So, before we move into this nice lesson, what I want you to do is in a minute, pause this video, because I'm going to have you think about something and write down a number. So, I want you to think about what the hourly rate would be that felt really equitable and really awesome for you to make in profit for all of the time, and risk and energy and sleepless nights and client calls and refunds and crappy employees. Do I say sleepless nights, let's that means that like that needs to sleepless nights. So, like, all of that stuff, all of the stuff that comes with a business owner, all of that risk, all that experiments, all of that, like, it's always you. What's that number? What is that hourly number that would make it feel really worth it? Not like kind of worth it? Like, I'm living my hashtag best life worth it. Okay, that's what I want you to write down. So, pause the video, I'll wait. Okay, you got that number. So now what we're going to talk about, we're going to talk about the first Australian that is a badass, and that is Rob Nixon. From Nixon is an incredible consultant. And he has what he calls the profit time index, or the profit time index is it's very simple. You take your profit, which is whatever's leftover at the end of the day, the week, the month, the year, and you divide it by how much time the owner in that same time period spent in the business. So that is doing client work, any kind of administration, managing team that isn't like leveling up a team, just managing work, managing team, all of the stuff that is in the business in the weed's day to day. So how many hours do you spend in your business? So, profit divided by that I want you when you stop this video to go and look back at your last month's profit and divide it by how many hours you think you've worked in your business. And I'm going to guarantee you granted, what are you going to do, I'm in a video. But I am going to guarantee you that that number is definitely not that number you I had you write down a second ago, I bet there's a disparity there. And if there is, we're going to talk about what you do to get out of your own way, and to move into working on your business, right. And so, there are three things that you're doing if you're working on your business. Strategy, sales, up-leveling your team. There's the only three things you should be doing. If you're working on your business. Everything else that you're not doing and is not up leveling up strategizing, or sales needs to go on what Grace Lever, the second brilliant Australian calls the love-hate task matrix. And you know me if you've watched any other videos, I love a good matrix. I think they're one of the most powerful things that has ever been created. And so, Grace Levers' love-hate task matrix as really simple. Horizontally, you have things you hate, and you have things you love. And vertically, you have things that you're good at, and things that you're bad at, right? And so, start inventorying all those things that are not on your business work, right? So scheduling meetings, creating content, that there's an asterisk, there will go back invoicing, billing, bill pay, management, scheduling, like whatever it is, that is all that stuff, start plotting it on this matrix. And once you've exhausted you thought, okay, everything I do is on this matrix, we start getting rid of them bucket by bucket.And the first bucket that you're going to get rid of are the things that you hate, and you suck at. Hallelujah, I'm giving you permission to get rid of those things. Because either you suck at them because you hate them or you hate them because you suck at them. Either way, it's all suckage. And for me, that is meeting requests, I have to meet with tons of people in my business. I can meet with clients, with team members, with prospective team members, with prospective clients, with vendors with prospective vendors. All the people are very, it's very important that I connect with people and that means that I have to actually schedule those meetings. I suck at it. And I hate it. Because it's just like it's just continuous, like rat race thing. So, I'm giving myself permission to knock it off to get out of the way, right. So, the second thing, once we've exhausted that first bucket, the second bucket we move on to, are the things that we love but we suck at, right, because even if we love them, we're not good at it, we shouldn't be doing it. Because we're not honoring our hours and our genius. And we're not allowing somebody else's genius to show up for us. Okay. And for me, example is client billing. I don't know a leader or a founder who doesn't love actually doing their own billing, because you just get to see all the money that's coming in. Like, that's pretty cool. But I suck at it. I am not detail-oriented, I transposed numbers, I don't use AutoCorrect, or I lean on it too much. And I do have instead of ads or whatever, so I shouldn't do it. Even though I love it. Even though I love seeing the money. And I love seeing like what like I love looking at all the reports. And I love like, projecting things out, I suck at that. I'm giving myself permission to honor someone else's genius, and give it to them. And so once we've done all that bucket about things we love, but we suck at the move to the next one. And the next one is all the things that we're good at, but we hate. So for me, that is marketing systems, right? So MailChimp talking to drift talking to WordPress, talking to Canva talking to like every other system, and making sure they all point to each other. And they all talk to each other. And if somebody decides they want on our newsletter, they actually get them and they get the right one and the right thing, right. I Hate it, hate it, hate it hate it. But I'm good at it. Actually, I don't know if I'm good at it. But I'm the best one here for the job. So, I have to keep it but after I've exhausted these last two lists, I need to give myself permission to move that to find the right people to help me with my marketing systems, sending them up and running them. And the fourth list of things that we need to get rid of and this is where the asterisk comes in. Are the things that we're good at and then we love but that are in our business tasks? And so, what I mean by that is like content creation, I love content creation. I love talking to you this way. I mean, I don't know if you're watching, hopefully, you are. I mean, if you've gotten this far you are thank you for that. But I love doing this, I love sharing our ideas, and hopefully helping small business owners. But what I also love is creating like the social content card on Canva that tells you what this video is about and it's all pretty and branded like I love that. But that's in my business stuff. I shouldn't be doing that work, unfortunately, even though I love it. So, I have to give myself permission to grieve the loss of that a little bit and give it to somebody else because they can do it as well. So that's it. I'm off my soapbox. It was a wild ride, right? But if you want to learn more, if you want to do more to work on your business, not in it, and increase your profit time index, go to our website at mackeyadvisors.com and look in the resources section there's a webinar called Take Back Your Time. And it's our five-step process to get you out of your own way, honor your hours and honor other people's genius and figure out all the structure to do that. Okay, please go visit and why don't you leave a comment to on what is the first thing on your love-hate task major should be you would get rid of what's that thing that you hate? And you suck at? I'd love to know and I look forward to talking to you. Thanks