What Can Double Your Income and Increase Your Time Off
1. “Do what you do best; delegate or discontinue the rest.” Another way of stating this is, “Delegate any tasks that can be performed by a person earning less than your desired hourly rate of income.” If your goal is $100,000 per year, for example, delegate any tasks for which you would not be willing to pay $50 per hour, thereby freeing you up to focus your own time and energy on tasks that are worth $50 per hour or more. Any time you spend on tasks of lesser value represents an inefficient investment of your time and energy.
2. Delegate to a person with demonstrated competence in the requisite field.
3. Define the task clearly. What is your intended outcome?
4. Explain the task clearly. Then ask the person to repeat the details of the task in writing. If their description is not an accurate description of what you want accomplished, explain the differences in detail and have them again submit their understanding in writing. This step of writing helps enormously in achieving buy-in.
5. Discuss and get agreement on the resources required to achieve the task.
6. Discuss and get agreement on consequences of completing and/or not completing the task.
7. Define and get agreement on the deadline for completion of the task and on benchmarks to measure progress.
8. Have them add these three elements to the written description of the delegated task, then have them sign the written understanding. I have found that, psychologically, this final step transforms the understanding to a commitment.
9. Inspect what you expect; i.e., carefully monitor their progress by checking on agreed benchmarks and timelines.
10. Delegate the task but never delegate the responsibility.
11. Keep your word regarding consequences.