📄 How to stop the insidious loss of money that you probably never knew is happening
I'll bet ready money that you're mutli-talented, skilled in many things, able to turn your hand to all sorts of stuff and fix it or make it better.
I'll also bet ready money, that this ability is costing you thousands upon thousands of dollars, even if all your actions and activities are in your zone of Genius.
Bcause anything that you do and that can be done by someone else for less than your Effective Hourly Rate, is a net loss to your business.
Tl;dr: Your Effective Hourly Rate is calculated by dividing all hours you spent over 12 months, divided by the amount of money you were paid for doing that work. That's what an hour of your time is actually worth.
Maybe you're an absolute genius at resolving conflict, and there happens to be a blowout of some sort at your company.
So, you step in, schedule meetings. faciltate a resolution, and now your team members are getting along again. Wonderful.
Of course it took you most of a week, but hey: you resolved it, and you spent all that time firmly in your Zone of Genius.
Perhaps. But you're not the only person in the world who's fantastic at resolving conflict.
And: While you were busy playing mediator instead of hiring one, you forewent working on the things that pay you your EHR, you genius.
So, now that your list of activities is growing in your ranker spreadsehet (It is, isn't it? Oh good, I'm glad to hear it), add this to cell C2:
"Does outsourcing this cost more than my effective hourly rate?"
If outsourcing costs more than your EHR, rank 1. If it costs less, mark the activity with a 2.
As before, rank each of your listed activities, and then tomorrow we'll dive into the next part: urgent VS important, which has a coupld of psychological pitfalls to watch out for.
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