The Third Dimension of Wealth: Wealth of Place

Part of the entrepreneurial dream is to create a business that is not necessarily dependent on your being there all the time.  

I make a distinction between this because sometimes even when you leave the business, you are still mentally engaged in needing to be at your business thinking about what needs to be done on an ongoing basis.

So how do we solve this problem?

First off, I think that we need to understand that if you have the three steps of “De-Mythifying” your business: Creating, Assigning and Managing your systems you can create this sense of freedom because you have effectively delegated tasks with razor sharp precision.

Here are some steps and some rationale as to what you can do to create independence in your business whether you are there, or not.

  1. Create the System:  When you do this in Google Drive the correct way, you will have effectively taught your staff how to do the systems,  or for that matter the daily work of the business.  Using video to capture the best practice is one of the ways that you can guarantee that the system will be ran with precision whether you are there or not.  Using video helps me to literally,  lift that system responsibility off my mind and put the responsibility onto someone else’s psyche.
  2. Assign the System: When done correctly, you can time the system or time the daily work of your staff so you will know whether the systems are being ran in the correct manner.   In my book and course I will show you how to be able to attach your systems or daily work in a calendar or in a folder so your staff will know exactly what to do and when the staff needs to run the system.  When teaching the system, use the “I do it,  we do it,  you do it,  you teach me”  teaching tip to make absolutely sure they understand the system and how it should be ran.  When the system is created clearly and assigned properly you can feel more sure that work will be done correctly at the right time.
  3. Manage the System:  Once you have done the first two steps: Create and Assign….you can Manage the data from anywhere on the planet.  You can look at the results that your staff is getting from Thailand, Hawaii or Europe.  I have done all of these for the past years with my own businesses.

I think being entrepreneurs it’s very important to make sure that you keep boundaries with your staff especially about overly communicating with you.  A large part of developing good system is to develop systems that think for you.  Systems that create “if…then….this…..”  arguments that set up how decisions should be made.

One of the biggest frustrations is when we as owners have to make all, or many, of the decisions in your business (see decisions fatigue).

Another way to think about making your systems and your staff more responsible is to set a limit on what they need to do or what needs to happen before they contact you.

“You can make any decision that entails $200 or less.  Anything after that you need to clear it with me.”  

This way you will not be bothered with requests for inkjet cartridges, pencil or piddly stuff that can give you “decision fatigue”.

Follow these steps and in many businesses you could leave for a week, two or three and the work in your business should still be able to be done.

Read about the first dimension of wealth here. 

second dimension of wealth

third dimension of wealth

fourth dimension of wealth

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