| Let me give you an example of how I lost a | | | | admin, accounts, logistics and selling myself, I was |
| potential $4,900 a day when I first started out in the | | | | actually losing money everyday! Why? You see, |
| training business by spending too much of my time | | | | every day was worth a potential $5,000 if I spent it |
| on the wrong sort of work. | | | | doing training. If I were to hire an administration |
| Like every small start-up business person, I was a | | | | assistant, I would have to pay the person $2,000 a |
| one-man show. Naturally, I had to do everything | | | | month, which works out to $100 a day (assuming 20 |
| myself. I had to write proposals to clients, make cold | | | | working days a month). If I did the administration |
| calls, do sales presentations, conduct the training | | | | work myself, I would save $100 a day. However, I |
| itself, prepare logistics, prepare training materials, do | | | | would be losing a potential $5,000 as I would not be |
| administration and finally, manage the financial | | | | able to be out training. So although I save a potential |
| accounts. | | | | $100, I lose a potential $5,000, I end up losing $4,900! |
| Now among all my activities, which one do you think | | | | The moment I realized this, I went out and hired an |
| created the most profits? The answer is when I was | | | | assistant to take care of all my admin work like filing, |
| training. Every day I trained, I earned for my business | | | | answering calls, arranging logistics, coordinating with |
| $5,000 (100 students multiplied by $50 per student). | | | | clients and so on... This freed me of a collective five |
| However, because I had to do all the other activities, | | | | days a month which I could now spend doing training |
| I only had the time and energy to do a maximum of | | | | and earning my business an additional $25,000 a |
| six training days a month, thus the most I could | | | | month. Not bad, I invested $2,000 to earn back |
| gross was $30,000 a month. | | | | $25,000! |
| I thought of hiring people to do the administration, | | | | The lesson is this. You must find the activities where |
| logistics and accounting but I was initially too stingy. I | | | | you generate the highest value for your company |
| thought to myself, 'If I hire an administrative | | | | and spend most of your time doing that! If you can, |
| assistant, I would have to pay the person $2,000 a | | | | delegate the rest. Remember time is money and how |
| month'. 'If I do it myself, then I would save the | | | | you spend will decide how mush value and wealth |
| money!' | | | | you can create. |
| What I did not realize then was that by doing the | | | | |