1 00:00:00,440 --> 00:00:03,600 Speaker 1: Have you ever thought about breaking down your day into 2 00:00:03,720 --> 00:00:06,600 Speaker 1: what are the most valuable tasks that you do and 3 00:00:06,840 --> 00:00:11,200 Speaker 1: the least valuable ones. If you're like most people, you've 4 00:00:11,360 --> 00:00:14,880 Speaker 1: probably break down your annual salary into an hourly rate. 5 00:00:15,320 --> 00:00:18,360 Speaker 1: Or if you're a business owner or freelancer, perhaps you've 6 00:00:18,360 --> 00:00:21,360 Speaker 1: divided annual revenue into the number of hours that you 7 00:00:21,440 --> 00:00:25,759 Speaker 1: work to get a similar calculation. Perry Marshall, one of 8 00:00:25,840 --> 00:00:29,319 Speaker 1: the most expensive business strategists in the world, has spent 9 00:00:29,480 --> 00:00:32,680 Speaker 1: a lot of time thinking about this because for him, 10 00:00:33,080 --> 00:00:36,800 Speaker 1: there is a completely different way of looking at this equation. 11 00:00:41,400 --> 00:00:44,880 Speaker 1: My name is doctor Amantha Imber. I'm an organizational psychologist 12 00:00:44,880 --> 00:00:48,159 Speaker 1: and the founder of behavioral science consultancy Inventium, and this 13 00:00:48,400 --> 00:00:51,480 Speaker 1: is how I work a show about how to help 14 00:00:51,520 --> 00:00:56,240 Speaker 1: you do your best work. On today's My Favorite Tip episode, 15 00:00:56,320 --> 00:00:58,760 Speaker 1: we go back to an interview from the past and 16 00:00:58,880 --> 00:01:01,760 Speaker 1: I pick out my face for a tip from that interview. 17 00:01:02,200 --> 00:01:06,160 Speaker 1: In today's show, I speak with Perry about identifying ten dollar, 18 00:01:06,200 --> 00:01:09,440 Speaker 1: one hundred dollars and ten thousand dollars per hour tasks, 19 00:01:09,800 --> 00:01:11,720 Speaker 1: and we chat about how we can do less of 20 00:01:11,760 --> 00:01:14,440 Speaker 1: the ten dollar per hour tasks and more of the 21 00:01:14,560 --> 00:01:17,000 Speaker 1: ten thousand dollars per hour tasks. 22 00:01:17,440 --> 00:01:22,399 Speaker 2: If you talk to Helen, who works as a receptionist 23 00:01:22,440 --> 00:01:27,320 Speaker 2: at a dentist office for fifteen dollars an hour, probably 24 00:01:27,360 --> 00:01:30,559 Speaker 2: if you asked Helen, what parts of your job make 25 00:01:31,240 --> 00:01:36,080 Speaker 2: more money and what parts make less money? Like, Helen, 26 00:01:36,120 --> 00:01:39,120 Speaker 2: if we paid you for the tasks you perform instead 27 00:01:39,160 --> 00:01:42,360 Speaker 2: of paying you by the hour, then how do you 28 00:01:42,400 --> 00:01:46,920 Speaker 2: think we should grade those tasks? She would probably say, well, okay, 29 00:01:47,040 --> 00:01:49,880 Speaker 2: I suppose these jobs are these little things are worth 30 00:01:49,960 --> 00:01:52,560 Speaker 2: five dollars an hour, and probably these other things are 31 00:01:52,560 --> 00:01:56,400 Speaker 2: worth fifty dollars an hour. What she doesn't realize is 32 00:01:56,480 --> 00:02:02,920 Speaker 2: that's actually wrong. The truth is probably most of what 33 00:02:03,040 --> 00:02:07,480 Speaker 2: she does is worth almost zero. Some of what she 34 00:02:07,680 --> 00:02:11,520 Speaker 2: does is worth negative money, and a few things she 35 00:02:11,760 --> 00:02:16,560 Speaker 2: does are literally one hundred dollars an hour, one thousand 36 00:02:16,639 --> 00:02:20,280 Speaker 2: dollars an hour, even ten thousand dollars an hour. And 37 00:02:20,320 --> 00:02:24,399 Speaker 2: you go, how does a fifteen dollars an hour secretary 38 00:02:24,520 --> 00:02:27,280 Speaker 2: make ten thousand dollars an hour? Well, i'll tell you. 39 00:02:27,520 --> 00:02:32,080 Speaker 2: So you got somebody they need five thousand dollars of 40 00:02:32,280 --> 00:02:38,160 Speaker 2: crowns and dental work. And they looked at all the 41 00:02:38,200 --> 00:02:40,720 Speaker 2: websites and clicked on all the Google ads and they 42 00:02:40,720 --> 00:02:44,400 Speaker 2: think wood Dale Dentel looks pretty good, and so they 43 00:02:44,440 --> 00:02:47,720 Speaker 2: call wood Dell Dental and Helen goes with dal Dental, 44 00:02:47,800 --> 00:02:50,960 Speaker 2: can you hold please? And then she puts them on 45 00:02:51,040 --> 00:02:54,000 Speaker 2: hold for two minutes and then she picks up two 46 00:02:54,040 --> 00:02:56,760 Speaker 2: minutes later, she goes, Hi, can I help you? And 47 00:02:56,800 --> 00:03:01,000 Speaker 2: they're gone. So they were We're going to spend five 48 00:03:01,040 --> 00:03:05,919 Speaker 2: thousand dollars in two minutes to hold music scared them 49 00:03:05,960 --> 00:03:10,480 Speaker 2: off and they're not coming back. It took two minutes 50 00:03:10,520 --> 00:03:12,840 Speaker 2: to lose five thousand dollars. So how many dollars per 51 00:03:12,880 --> 00:03:14,520 Speaker 2: hour is that? 52 00:03:14,520 --> 00:03:15,200 Speaker 1: That's a lot. 53 00:03:16,320 --> 00:03:19,600 Speaker 2: It's one hundred and fifty thousand dollars an hour that 54 00:03:19,639 --> 00:03:25,880 Speaker 2: she lost. Okay, so a secretary lost ten thousand times 55 00:03:25,919 --> 00:03:28,680 Speaker 2: her hourly wage in two minutes. 56 00:03:29,400 --> 00:03:33,600 Speaker 1: And so how then do we get better at identifying 57 00:03:33,800 --> 00:03:38,080 Speaker 1: what are those thousand or ten thousand dollars an hour 58 00:03:38,240 --> 00:03:41,920 Speaker 1: tasks when we're thinking about our own work life. 59 00:03:42,360 --> 00:03:45,040 Speaker 2: So first you have to be aware of it. So 60 00:03:46,040 --> 00:03:49,320 Speaker 2: it literally is true that at least for a few 61 00:03:49,360 --> 00:03:53,000 Speaker 2: minutes or seconds a day, certain things that you do 62 00:03:53,120 --> 00:03:58,640 Speaker 2: are incredibly valuable. Like let's say that you're buying a 63 00:03:58,680 --> 00:04:03,040 Speaker 2: car and you spend an extra five minutes getting the 64 00:04:03,080 --> 00:04:07,160 Speaker 2: price done by one thousand dollars. Well, you just made 65 00:04:07,680 --> 00:04:12,320 Speaker 2: twelve thousand dollars an hour for five minutes, right. And 66 00:04:13,120 --> 00:04:16,799 Speaker 2: our days, in our schedules and our lives are full 67 00:04:16,920 --> 00:04:22,400 Speaker 2: of these little high leverage things, and so first you 68 00:04:22,520 --> 00:04:24,200 Speaker 2: just have to be aware of it. And so I 69 00:04:24,240 --> 00:04:27,440 Speaker 2: have a chart on page twenty three of Detox Declutter, Dominate, 70 00:04:28,279 --> 00:04:31,080 Speaker 2: and it's got a column of ten dollars an hour 71 00:04:31,200 --> 00:04:36,480 Speaker 2: tasks like renting errands and cold calling people or talking 72 00:04:36,520 --> 00:04:42,480 Speaker 2: to unqualified prospects or doing your expense reports. And then 73 00:04:42,520 --> 00:04:45,279 Speaker 2: there's a column of one hundred dollars an hour tasks 74 00:04:45,480 --> 00:04:49,400 Speaker 2: like talking to a qualified prospect or helping an actual 75 00:04:49,440 --> 00:04:53,800 Speaker 2: customer solve a problem, or outsourcing a really simple task. 76 00:04:54,800 --> 00:04:58,080 Speaker 2: And then there's thousand dollars an hour work like planning 77 00:04:58,120 --> 00:05:03,400 Speaker 2: and prioritizing your day, or negotiating with a qualified prospect 78 00:05:03,520 --> 00:05:06,560 Speaker 2: or building out your sales funnel. And then there's ten 79 00:05:06,600 --> 00:05:09,320 Speaker 2: thousand dollars stuff like what I was talking about with Helen. 80 00:05:09,680 --> 00:05:12,919 Speaker 2: As an owner of a dental practice, you realize maybe 81 00:05:12,920 --> 00:05:17,760 Speaker 2: you do some mystery shopping and you're like oh my word, 82 00:05:18,440 --> 00:05:20,719 Speaker 2: a third of these people are getting put on hold 83 00:05:20,800 --> 00:05:25,400 Speaker 2: for a minute or more or five minutes or whatever, 84 00:05:25,480 --> 00:05:31,360 Speaker 2: which is disastrous. Well, whatever you and your staff do, 85 00:05:31,440 --> 00:05:35,120 Speaker 2: whatever time it takes to figure out how to never 86 00:05:35,200 --> 00:05:39,480 Speaker 2: put anybody on hold like that again, how to always 87 00:05:39,560 --> 00:05:41,919 Speaker 2: make sure the call gets routed to the right place. 88 00:05:42,400 --> 00:05:45,840 Speaker 2: Whatever time you spend solving that problem is easily thousand 89 00:05:45,920 --> 00:05:50,039 Speaker 2: dollars an hour work because it controls a major lever 90 00:05:50,200 --> 00:05:55,080 Speaker 2: in your business. Because if twenty percent of your time 91 00:05:55,240 --> 00:06:00,080 Speaker 2: produces eighty percent of the productivity, and twenty percent of 92 00:06:00,120 --> 00:06:03,320 Speaker 2: the twenty percent makes eighty percent of the eighty percent, 93 00:06:03,839 --> 00:06:08,279 Speaker 2: and so on, that means one percent of your time 94 00:06:08,760 --> 00:06:11,480 Speaker 2: generates fifty percent of your income. And this is true 95 00:06:11,520 --> 00:06:15,440 Speaker 2: for almost everybody. It's just masked by the way we 96 00:06:15,480 --> 00:06:20,479 Speaker 2: put people in salary hourly wages. It makes the accounting easy, 97 00:06:20,760 --> 00:06:23,920 Speaker 2: but it doesn't tell you anything about what you're actually 98 00:06:23,960 --> 00:06:24,960 Speaker 2: getting from the work. 99 00:06:25,760 --> 00:06:29,600 Speaker 1: And so, once we've identified these ten dollars an hour tasks, 100 00:06:29,760 --> 00:06:33,800 Speaker 1: and I would say the average listener probably doesn't have 101 00:06:33,920 --> 00:06:37,320 Speaker 1: an assistant that they could delegate to, for example, what 102 00:06:37,400 --> 00:06:39,719 Speaker 1: do we do with those ten dollar tasks? How do 103 00:06:39,760 --> 00:06:41,000 Speaker 1: we do less of them. 104 00:06:41,640 --> 00:06:44,600 Speaker 2: Well, so I want you to reconsider whether or not 105 00:06:44,680 --> 00:06:47,960 Speaker 2: you should have an assistant. First of all, a lot 106 00:06:48,000 --> 00:06:52,040 Speaker 2: of us have children, and you know, even maybe simple 107 00:06:52,080 --> 00:06:57,279 Speaker 2: things like cooking dinner or doing the wash or shoveling 108 00:06:57,480 --> 00:07:01,240 Speaker 2: or you know, mowing the lawn. Okay, there's things like that. 109 00:07:02,279 --> 00:07:04,960 Speaker 2: Let's talk about assistance for a while. So if you 110 00:07:05,000 --> 00:07:09,120 Speaker 2: want to go on the really cheap end, for probably 111 00:07:09,160 --> 00:07:11,000 Speaker 2: seven or ten dollars an hour, you can hire a 112 00:07:11,080 --> 00:07:14,280 Speaker 2: virtual assistant from the Philippines. They'll do all kinds of 113 00:07:14,320 --> 00:07:15,040 Speaker 2: stuff for you. 114 00:07:15,520 --> 00:07:18,000 Speaker 1: How would listeners go about doing that? So I've had 115 00:07:18,000 --> 00:07:22,200 Speaker 1: an awesome virtual assistant, Elaine, who we've had an inventium 116 00:07:22,280 --> 00:07:24,840 Speaker 1: for many years. But for those that have no idea 117 00:07:24,960 --> 00:07:27,520 Speaker 1: how they would even start with hiring a virtual assistant, 118 00:07:27,560 --> 00:07:28,240 Speaker 1: what would they do? 119 00:07:29,080 --> 00:07:34,200 Speaker 2: The Deep Talks book has an online bonus. It's free. 120 00:07:34,240 --> 00:07:37,720 Speaker 2: It comes with the book where we actually spend about 121 00:07:38,120 --> 00:07:40,680 Speaker 2: forty five minutes ro an hour with a guy who 122 00:07:40,760 --> 00:07:45,040 Speaker 2: runs a company that just hires virtual assistance, and he 123 00:07:45,160 --> 00:07:49,080 Speaker 2: walks through the process and he talks about how you 124 00:07:49,320 --> 00:07:53,680 Speaker 2: match an assistant to an entrepreneur. It really is a 125 00:07:53,840 --> 00:07:57,560 Speaker 2: very important thing. Now you could go on a site 126 00:07:57,600 --> 00:08:01,360 Speaker 2: like upwork dot com and you could try people out 127 00:08:01,400 --> 00:08:04,960 Speaker 2: literally for two hours at a time. Now, what I 128 00:08:05,000 --> 00:08:08,480 Speaker 2: want you to consider is, let's say you have a 129 00:08:08,560 --> 00:08:12,440 Speaker 2: virtual assistant for ten dollars an hour, and you're only 130 00:08:12,480 --> 00:08:15,160 Speaker 2: going to hire them for four hours a week. That's 131 00:08:15,320 --> 00:08:18,560 Speaker 2: forty dollars a week, and it's going to give you 132 00:08:18,680 --> 00:08:22,160 Speaker 2: four hours of time. In the four hours of time 133 00:08:22,160 --> 00:08:25,280 Speaker 2: that you gained, can you find a way to make 134 00:08:25,320 --> 00:08:29,360 Speaker 2: one hundred dollars an hour for a half an hour 135 00:08:30,400 --> 00:08:34,560 Speaker 2: or one thousand dollars an hour for five minutes. You 136 00:08:34,600 --> 00:08:36,400 Speaker 2: don't have to pay for the assistant for a couple 137 00:08:36,400 --> 00:08:41,880 Speaker 2: of weeks, and so this really is feasible, it's not unrealistic. 138 00:08:42,000 --> 00:08:45,600 Speaker 2: I think anybody whose time is worth more than thirty 139 00:08:45,640 --> 00:08:50,120 Speaker 2: dollars an hour should get themselves an assistant. It will 140 00:08:50,160 --> 00:08:51,600 Speaker 2: completely change your life. 141 00:08:52,200 --> 00:08:54,880 Speaker 1: That is it for today's show. If you found this 142 00:08:54,960 --> 00:08:58,199 Speaker 1: episode useful, why not share it with someone else that 143 00:08:58,240 --> 00:09:01,160 Speaker 1: you think could also benefit and thank you in advance 144 00:09:01,200 --> 00:09:03,640 Speaker 1: if you plan to do that. How I Work is 145 00:09:03,760 --> 00:09:07,520 Speaker 1: produced by Inventium with production support from Dead Set Studios, 146 00:09:08,000 --> 00:09:10,400 Speaker 1: and thank you to Martin Nimba who did the audio 147 00:09:10,440 --> 00:09:14,199 Speaker 1: mix and makes everything that you listen to sound much 148 00:09:14,240 --> 00:09:17,200 Speaker 1: better than it would have otherwise. See you next time.