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Spend 90% Of Your Time On
“Time and time again, I see these business owners always working in the business. Like it’s having your 24 hours a day spent in the business, not working on the business, which I believe stagnates your growth. And what I mean by that is when you start a company, a lot of people feel as if it’s their baby, which is interesting.
But I think just focusing on getting yourself working on the business rather than in the more hours and as quickly as possibly so important, right? Because I’m a big believer of being able to bring in the right people, as I said before, to areas in your business that could elevate your growth or your, elevate your brand or elevate whatever area in the business that you’re lacking.
Very important. Number two, I talk a lot about the 90/10 rule, which I’ve learned from some of Australia’s most influential business owners. A lot of the time when I first was starting out, I was spending probably 80% of my time on things that were going really well in the business, which in turn, I realized later that if you spend 90% of the stuff that’s going wrong in your business and 10% of things are going right in your business, you can essentially allow yourself to improve things in the business and understand which levers to pull to elevate your business a lot quicker.
And in a much safer way, basically. And I’ve learned that, I did that, implemented that across companies like Open Pay for example, and allows us to scale at a much faster rate. I think also not trying to own everything is very important. So, understanding what you are good at and what you are passionate about and then placing yourself in that role is very important.
So, you see a lot of people starting at. Who are in CEO or management roles that just simply shouldn’t be in that role purely because they’re just good at something else, right? So not having an ego and understand, understanding deeply what you’re good at, and then stepping, aiming to step towards that role, and then bringing other people that are much better in like management, for example, or being a CEO of the business.
If you’re good at product development, for example, you should be in that role, right? If you are good at marketing and you are the best of the best in marketing, you should be in that role. So, I think it’s important, number one is to understand the business deeply at the start.
And touch every touchpoint and wear multiple hats, et cetera. But then very quickly, bringing the right people in I think is very important. So, they are probably the key things I’d. say for those starting out. Also leverage, like I think leveraging other brands is super important early on. So, I’ll give you an example now at baresop for example, which is a business that I’m commercializing at the moment.
We’re doing deals with some very credible brands, right? The likes of Qantas, we’ve just done a deal with MasterCard, so brands that have credibility and people trust that brand. And as a young business, as our marketing budgets are not as large as some of the other company’s marketing budget budgets.
So how can we align ourselves and our company with these brands and market to their customer base to allow us to then gain leverage over the short and long term period, and then flip the coin where we then become that larger brand and then essentially we can leverage and start monetizing the fact that we’re that larger brand.
So, I know it’s a complicated one to grasp, but essentially leverage is very important in a business, to allow yourself have that power to then elevate the brand.”
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