Having you execute small tasks with long deadlines means you’ll get poor results in the “Working On Your Business” category: 

Here is what we’ll cover this week: 

  • The Cupboard Theory Has Become Your Legacy Bias
  • The $1,000-a-Month Experiment
  • Who are your Market List Builders?

The Cupboard Theory Has Become Your Legacy Bias

Many entrepreneurs, including yourself, might feel the pressure to hire full-time assistants or executive assistants. This often stems from the limited availability of part-time professionals in specific regions like North America. 

You may only have a project or two worth of work, and you may end up hiring someone full-time for that. However, this approach can lead to inefficiency and wasted resources.  

Imagine moving from a small house with 4 overflowing cupboards to a larger one with 8 empty cupboards. You’d assume you’d have more space, right? But strangely, you end up arranging your belongings the same way, leaving unused space. This is the Cupboard Theory

Similarly, when you hire a full-time VA for a task that only requires, say, 20 hours per week, they might unconsciously stretch the work to fill the entire week. This isn’t necessarily malicious. It’s human nature to utilize available time. 

You have to break your legacy bias. Here’s the truth: Very few things on your list actually require a full-time employee.

What’s the first thing you can do? Stop filling your “cupboards” with unnecessary costs and wasted time!

Shrink their constraints and ask for things to be done in 24 or 48 hours. You’ll be amazed by all the things you want to get done. Why does this work? It’s because they are forced to work within that constraint. 

So you don’t have to come armed with saying you must have somebody full-time. Very few tasks, projects, and initiatives that you have on a list require more than a part-time teammate. Most VAs are more than capable of doing the work you thought was going to be full-time.

The $1,000-a-Month Experiment

We entrepreneurs are about taking risks and bets. However, we step over dollars to pick up nickels sometimes. 

We often waste money on unused office spaces, pointless software licenses, and over-hiring. This doesn’t help or free us up in any way. 

In contrast, the easiest way to get leverage and create operational efficiency is to find talent in humans who can tackle tasks, projects, and initiatives. Something that relieves us of a sort of that buyback time for us. 

For a mere $1000 a month, an offshore talent can come into our business and tackle all kinds of backlog projects and initiatives to free up the time for the executive leadership team. 

That $1,000 could have been a ticket to a networking event or a fancy lunch for the team. The small, exhilarating free spins don’t add incremental value to the business. No operating leverage is gained here. 

But for the same amount of money, one offshore agent can tackle hundreds and hundreds of hours worth of projects off of us and our business. It’s such an easy bet to make to get leverage.

Who are your Market List Builders? 

Are you familiar with this concept in marketing and sales? It’s that identifying the 2 fronts, namely, ICP and TAM, is the very first thing you need to do.

ICP – It is your ideal customer profile, meaning it is the list of the buyer personas and the people that we sell to.

TAM – It is your total addressable market. These are the companies that sit within a geographic territory of vertical or industry along all the companies that are within that grouping. 

But here’s the issue. Developing the TAM and ICP maps are two time-consuming, laborious tasks that most marketing, operations, and revenue operations organizations are struggling with right now. 

The average sales team does not know: 

  • about all the accounts in their market
  • where to start
  • and how to prioritize these mapping tasks

In fact, you’re relying on people whom you pay $75K – $150K a year to do these tasks which they don’t even want to do. What are your options for these fundamental tasks then? 

A marketing support as-a-service or sales support as-a-service is capable of building these lists very rapidly. With tools like Apollo, Clay, and LinkedIn Sales Navigator, they can collect all the companies in the market and all the contacts building your lists within days.

Moreover, your CRM gets updated properly and your sellers can engage the market instantaneously. It’s a fantastic way for you to get leverage. 

Don’t Forget – Benchmark where your internal talent is spending time on $5/hr Tasks, and how you can Centralize Offshore.