164. Growing Your Business by Focusing on Your 20% | Chris Suarez
The ONE Thing
NOVA Media
4.8 • 1.1K Ratings
🗓️ 29 October 2018
⏱️ 46 minutes
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| 0:00.0 | Last year I made a million dollars. The 80-20 principle would say this, that $800,000 of that million came from 20% of what I did. |
| 0:10.9 | And then I got even a little bit more granular and I said well over the |
| 0:14.6 | last year I've worked about 10 hour days and I made a very clear decision that I |
| 0:19.8 | was going to give up $200,000 in exchange for eight hours. And I walked into the |
| 0:26.4 | office the next day and one of the leaders that I'm still in business with |
| 0:31.0 | today that really helped run that business. I walked in I said |
| 0:34.1 | listen you have me two hours a day I'm going to figure out what I have to do do do nothing |
| 0:40.1 | else but that I'm going to give you 200 grand. There's salary cap that just |
| 0:43.8 | opened up. Now use that 200 grand to make sure you get the other eight hours |
| 0:48.4 | done. Now we like to think that we are we are the only people that could do that |
| 0:52.4 | eight hours of work but the reality is |
| 0:54.9 | is I could go out and get four people at 50 grand a year I could get two six figure earners |
| 1:00.0 | and and and I told that individual I don't care which way you go, but you have 200 grand. |
| 1:05.0 | Now, day one, I thought I was going to give up the 200, keep the 800, and just take back my 8 hours. |
| 1:12.0 | What happened, as you can imagine, |
| 1:14.5 | is the people that we hired were well more suited |
| 1:17.3 | to do that eight hours that I was. |
| 1:18.9 | They did it quicker, they did it more efficiently, |
| 1:20.7 | they did it better. |
| 1:21.6 | I didn't give up 200 grand. In fact, we net more that |
| 1:24.2 | year than we did the year before. But that lesson for me was this. I just need to figure |
| 1:30.0 | out what my 20% is in that business. |
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