Dan Martell - November 09, 2015


Outsourcing 101： How to Be Relentlessly Lazy AND Successful

Hosted by
Dan Martell
Mentioned
Lisa
The 3 Ways Entrepreneurs Self-Sabotage Their Success 5 Books That Changed My Entrepreneurial Life

Episode Stats


Length

5 minutes

Words per minute

208.14

Word count

1,180

Sentence count

62

Harmful content

Misogyny

2

sentences flagged

Hate speech

1

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this video, I'm going to hopefully convince you that the L word of lazy is actually a good thing. I look at my life and I think I'm glad I'm lazy because I'm not doing things that aren't high leverage work. I remember when I started off in business, I was 25 years old and every Sunday I would sit there with a huge pile of paperwork that I needed to process. I would spend 4-5 hours every Sunday processing mail that was junk mail that wasn't really valuable. After a year of doing this, I realized there's got to be a better way.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 How to be relentlessly lazy. In this video, I'm going to hopefully convince you that the L word 1.00
00:00:06.180 of lazy is actually a good thing. Totally contradictory to probably what you've heard
00:00:10.300 most of your life because L really means leverage. You know, I look at my life and I think I'm glad
00:00:15.840 I'm lazy because I'm not doing things that aren't high leverage. I remember when I started off in
00:00:20.160 business, I was 25 years old and every Sunday I would go into my office and I would sit there
00:00:25.940 with a huge pile of paperwork that I needed to process,
00:00:29.460 mail and paperwork contracts, et cetera.
00:00:31.340 I would spend four to five hours every Sunday processing mail
00:00:35.760 that was, most of it was junk mail that wasn't really valuable.
00:00:39.660 And then finally, after like a year of doing this,
00:00:42.100 I realized there's got to be a better way.
00:00:44.160 And I finally hired a part-time assistant named Lisa. 1.00
00:00:48.380 And I'll tell you, at first it was a struggle because I was like,
00:00:51.440 well, I could probably do this faster than having to manage her, et cetera, 0.99
00:00:55.260 but I kept at it.
00:00:56.560 I kept working with Lisa, getting it going,
00:00:58.880 and then towards the end, I haven't touched mail.
00:01:01.120 Check this out.
00:01:01.780 This was 2005, so 10 years ago.
00:01:06.060 I have not touched or processed mail in almost a decade.
00:01:10.620 How crazy is that?
00:01:11.600 I wanna teach you guys my framework
00:01:13.280 for really thinking about what do you decide what to do
00:01:16.020 or how much should you spend
00:01:17.440 on getting other work done for you
00:01:19.480 and how do you really look at the work that you've got
00:01:22.220 to figure out which part makes the most sense
00:01:24.320 to out-task. That's what I'm gonna share with you. Number one, the thing you gotta understand
00:01:28.300 is what's called the EHR, or your effective hourly rate. So whatever you make a year,
00:01:34.680 maybe it's $50,000 working as a government employee, or maybe $250,000 as an entrepreneur.
00:01:40.280 What you want to figure out is divide that income by the hours you work in a year. For most people,
00:01:45.700 it's 2,000 hours. So take your income, divide it by 2,000 hours. That is your effective hourly rate.
00:01:51.960 That is what you get paid per hour to do the work you do
00:01:55.580 as an entrepreneur, as an employee.
00:01:57.820 Once you have that, then you're like, cool,
00:01:59.700 I need to find tasks that are lower value than that rate
00:02:03.920 that I can get other people to help me.
00:02:05.360 So what I want you to do, number two,
00:02:07.260 and the second step to figuring out
00:02:08.620 how to be better and lazier is for a week,
00:02:12.640 open up a book and write down all the tasks
00:02:14.860 that you work on a daily basis.
00:02:16.600 Write them down, just make a log, log it for a week.
00:02:19.380 And what you want to do is called an 80-20 analysis
00:02:22.120 of all the work you've worked on for that week
00:02:24.280 and figure out what's low value.
00:02:26.880 Low value could be $5 an hour, $10 an hour.
00:02:30.260 If you're at the 20 to 25, maybe as an entrepreneur,
00:02:33.800 you're at $500 to $1,000 an hour value, your EHR.
00:02:37.920 You got to look at your task and ask yourself,
00:02:39.680 am I really working on things that are moving the business?
00:02:41.840 Is this high leverage work?
00:02:43.840 And again, most of the world look at this as lazy.
00:02:46.320 My belief used to be, well, if I'm not doing this,
00:02:48.960 then I feel lazy.
00:02:50.080 I don't feel like I'm putting in the hard work.
00:02:52.280 It's not about hard, it's about smart.
00:02:54.120 And that's what I wanted to share with you guys.
00:02:55.220 So number one, again, is EHR.
00:02:57.260 How much is your hourly rate worth,
00:02:59.120 your effective hourly rate?
00:03:00.380 Then the second step is the logging
00:03:02.560 of all your tasks for a week
00:03:04.140 and then trying to do an 80-20 analysis
00:03:06.180 and map it to low value, low price kind of tasks
00:03:09.920 to high value, things that you should be doing
00:03:12.700 that you're uniquely qualified to do.
00:03:15.020 The third thing to get the most leverage
00:03:16.540 and to be lazy is to find people to do
00:03:20.420 what I call out-tasking.
00:03:22.160 You know, a lot of people got into this
00:03:23.700 like virtual assistants outsourcing kind of strategy
00:03:27.240 and my belief is there's probably tasks.
00:03:30.200 It's not about full-time outsourcing full roles.
00:03:34.300 It's there's things that I do on a weekly
00:03:36.200 and a daily basis that I should not be doing.
00:03:39.020 One great example that I pretty much think
00:03:41.120 no entrepreneur should be doing is creating invoices.
00:03:44.200 If you do not have a bookkeeper, please, as soon as this video is done, go get yourself a bookkeeper.
00:03:49.840 You should not be creating and sending out invoices.
00:03:53.200 Sure, you want to check them.
00:03:54.420 Sure, you want to do follow-up on receivables.
00:03:56.640 But any bookkeeping type of activity for $150 a month, when you look at the strategies that you can be working on,
00:04:04.660 the high value, high EHR value tasks versus low value, I know from my gut, if you're an entrepreneur especially,
00:04:12.080 doing bookkeeping is an example of stuff
00:04:14.120 you shouldn't be doing.
00:04:14.840 So again, I just want to really quickly recap.
00:04:16.880 One, figure out your EHR, your effective hourly rate.
00:04:19.700 Two, log all your work for a week
00:04:22.360 and then do an 80-20 analysis and find low value, high value.
00:04:26.360 High value is things that are in the 500 to 1,000
00:04:29.520 an hour strategic leverage type of projects
00:04:32.720 that you should be spending time with.
00:04:34.440 Three, four, if you're doing research online,
00:04:36.480 that's another example.
00:04:37.440 I don't do research online.
00:04:38.580 Why would I do it when I can just hire somebody
00:04:40.380 for $3 to $5 an hour to do that work for me
00:04:43.660 and then bring that back to me in the format I need
00:04:45.800 to then make decisions to move forward.
00:04:48.140 You know, those are the strategies.
00:04:49.700 And the third one is outtasking.
00:04:52.320 Not outsourcing, but by the task, just find somebody.
00:04:56.260 For example, I haven't touched mail in over a decade
00:04:58.980 and that cost me about $150 a month
00:05:01.720 to have somebody check all of my mail,
00:05:03.740 open it up, process it, send me an email
00:05:05.920 with detailed outline of what I need
00:05:07.540 and then I can reply in line and say,
00:05:09.300 send that to my accountant, my lawyer,
00:05:11.360 scan that, send me a copy of this, et cetera.
00:05:13.680 It is a beautiful thing, it's what I want for you
00:05:15.840 so that you can go out there and have a bigger income
00:05:18.580 and a bigger impact on the world.
00:05:20.980 I would ask you, if you haven't subscribed
00:05:22.780 to this video channel, please do.
00:05:24.480 I shoot a new video every week and share the video.
00:05:27.260 If you know that there's people working way harder
00:05:28.920 than they need to, share this video with them.
00:05:31.420 Make sure that they get this information
00:05:32.920 so they can start thinking about their work more strategically.
00:05:35.520 I wanna challenge you guys to live a bigger life
00:05:37.920 and a bigger business, and I'll see you next Monday.