Recently, I did a free training along with my operations manager and my community manager to talk about a topic that I think is just so incredibly important for any entrepreneur:: Are You The Employee, The Manager, or The CEO?

Now I know that if you’re anything like me, you are primarily all of those things, right?

You’re the person who is updating the social media.

You’re the person who’s writing the emails.

You’re the person who’s working with your clients.

You’re also maybe the person updating your books or trying to manage your inbox.

We tend to wear a lot of hats and they can get overwhelming pretty quickly because we are basically a one-woman show. Even if you get a small team in place – now I have an amazing team behind the scenes – but it didn’t start that way.

The biggest reason I was able to get actually get that team in place and grow my business to the point where I could afford some help behind the scenes was understanding this concept that I’m going to share with you today.

The easiest way to help you determine if you are acting as the employee, the manager, or the CEO is to actually use a system that I call the Entrepreneur Scorecard.

A scorecard that’s a concept that comes from my years in corporate consulting. Scorecards are one of the first strategies we would implement to help businesses become more effective and efficient.

Everyone has a metric, every task has a metric, and this ensures you’re utilizing your resources as a company correctly.

So how can you use this strategy as a small business owner? Enter the Entrepreneur Scorecard.

We start by assigning specific values to specific tasks::

  • $10 an hour (admin and customer service)
  • $100 an hour (skilled work such as design, tech, or copywriting)
  • $1000 an hour (revenue generating work such as business strategy, business development, and marketing)
  • $10000 an hour (revenue generating work at scale)

Our goal is to spend our time on the most VALUABLE work in your business.

Download your copy of the Entrepreneur Scorecard and the Best Week Ever Planning System!

Plan Your Best Week Ever!

Screen shot 2017 06 29 at 6.39.10 am

Ready to get the most important things DONE each week?
Download your weekly planning template - designed especially for entrepreneurs! Get your free workbook now!

Powered by ConvertKit

Our time is so precious. It is the one resource we cannot get anymore of. Once you have used up the hours in today, you don’t get ’em back and we all have the same 168 hours a week.

Where people get stuck, where people get stuck is when they spend too much of their time day in, day out, week in, week out in the lower value tasks.

Entrepreneur Scorecard:: $10 an hour tasks

These are primarily going to be admin-related tasks like:: managing your inbox, answering all those emails, getting people on your schedule, trying to confirm people on your schedule, trying to follow-up with your people who are on your schedule, invoicing and following up on invoices.

All of those things, like these are all activities that don’t seem a big deal, right? We all can do them easily, but if you start adding up the time and energy that it takes to manage your inbox, to post on social media, to do your billing, to do your scheduling, to do your customer service, to tweak your website… and on and on and on…

… if you add up all of those hours doing these basic low-value tasks, you’ll find that you’re spending most of your day on busy-work instead of REVENUE GENERATING WORK!

I want you to know that we all start our business doing these $10 an hour tasks!

But if they are eating up all your time, they are holding you back from ever getting to the higher value tasks.

Entrepreneur Scorecard:: $100 an hour tasks

This next level of tasks are more skilled types of work such as: graphic design, copywriting, website management, content creation, project management, client work and management.

Should you know how to do these things? Absolutely. 

Do you always want to be the person 100% responsible for doing these in your business? Not if you want to grow your business without working 24/7.

At some point – even though we all start off having to do these things on our own – if we ever want to grow your business beyond working 1×1 with clients, you’re going to have to start finding time to do $1,000 an hour work and $10,000 an hour work.

I’ll repeat that.

If you ever want to get beyond working one-to-one where you’re trading dollars to hours, and all you’re doing is offering private yoga sessions, or all you’re ever doing is offering one-to-one health coaching, or all you’re ever doing is doing designingwebsites for people…

If you ever want to get beyond service-based one to one work,
you’re going to have to start creating time, making time for higher level CEO-level tasks.

If you want your business to grow beyond six figures, you’re going to have to find the time to start doing $1,000 an hour tasks and what I call $10,000 an hour tasks.

Download your copy of the Entrepreneur Scorecard to start tracking your Return on Time!

Plan Your Best Week Ever!

Screen shot 2017 06 29 at 6.39.10 am

Ready to get the most important things DONE each week?
Download your weekly planning template - designed especially for entrepreneurs! Get your free workbook now!

Powered by ConvertKit

The Difference Between $10-$100 Tasks and $1,000-$10,000 Work

Now as we get to the $1,000 an hour tasks and $10,000 an hour tasks, you’ll see tasks at this level are going to be more strategic. It’s all about coming up with a big picture strategy of where you’re taking your business.

This is where you’re starting to work ON the business.

When you’re starting to work ON the business, then you’re starting to do CEO-level work.

This is committing to bigger picture opportunities that are beyond one-to-one work – more leveraged or scalable products, programs, or services.

Now the shift here is these are things that often take a lot more deep work.

Deep work is not something you’re going to find in just a little 30 minute block of time. In 30 minutes, you can maybe clear out your inbox, but there’s no way that in 30 minutes you can write a sales page for a brand new offer or record a new training program or create a webinar from scratch.

You need to be able to MAKE SPACE for the deep $1,000 and $10,000 an hour work.

Entrepreneur Scorecard: $1,000 an hour tasks

When you shift into $1000 an hour tasks, you are taking on more strategic level work in your business such as: CEO Dates, creating sales campaigns, writing sales copy, or having sales conversations. These are revenue focused CEO level work!

CEO Date

Every single Monday morning at 10 o’clock in the morning, I sit down for two hours to do my CEO date.

[You can find my entire CEO Date Training – including a checklist for what I do for my weekly CEO date, my monthly CEO date, my quarterly CEO date, my annual CEO date – right here.]

Essentially a CEO Date creating the plan for the week and then tracking and holding myself accountable to that plan. That means every Monday, when I’m tracking my time for my 2 hour CEO Date, I have $2000 of value added to my entrepreneur scorecard.

Building Sales Campaigns

Planning big campaigns and promotions is high-value, revenue generating work.

It’s planning, right? So if you’re saying, ‘Okay coming up in September I wanna launch my new group program, or I want to do a big campaign to get new people into my fitness studio, or I want to fill my client docket with five clients,’ and you’re going to do a full marketing campaign.

This isn’t just a one time email blast and that’s it.

This is a campaign where you’re thinking about how many emails am I going to send, what goes in those emails, what do I need for a sales page, what does social media need to look like? Should I have testimonials, should I have live calls? Should people call me?

Planning out all of these moving parts and implementing your marketing and sales strategy is high-value to your business.

Creating Sales Copy

If there is one skill every entrepreneur needs in their toolkit, it’s learning to communicate effectively aka write sales copy.

You will not find a multiple six figure or seven figure business owner who has terrible sales copy, or who waits until the last minute to write an email to invite people to work with them, or who has a sales page that is not very incentivizing for people to read, much less buy a product, program, or service.

Sales copy is really really really important, so that’s why anything sales-related you’ll see is here in the $1,000 an hour category. Writing sales copy, writing sales emails, writing ad copy – that’s all $1,000 an hour tasks.

Creating sales presentations

What is a sales presentation? If you’re planning to pitch your product, program or service at the end of a webinar, or a workshop, or even a 1×1 conversation with a new potential client… you are delivering a sales presentation.

Sales presentations are highly important and if you want to make a massive difference in your business, simply making more time to have sales conversations, I promise, will start moving the needle very, very quickly.

Entrepreneur Scorecard:: $10,000 an hour tasks

$10,000 an hour tasks are the ones that not everyone has the bandwidth for in their business.

If you’re spending the majority of your day on the $10 an hour tasks – admin, customer service – or maybe the $100 an hour tasks – trying to get that newsletter out, trying to write that blog post, trying to get your website to work with your email service provider…

… if you’re stuck in the $10-$100 range, you will probably not find time to work on higher valued tasks that will create a more leveraged and scaleable business.

But if your goal is to grow beyond working one-to-one to working with groups, running online programs, or selling passive income products – you’re gonna have to start working differently because scaling requires an entirely different skill set and focus.

$10,000 an hour tasks are all about reaching, marketing, and selling to MORE PEOPLE at once.

Webinars and Workshops

If you are teaching a workshop or a webinar that will be seen by hundreds of potential clients – that is a $10,000 an hour task.

There is a reason why I show up every single week with a workshop-style Facebook Live! In my marketing strategy, Facebook Lives count as a $10,000 an hour task.

I can see from the metrics that when I do 400, 500, 600 people are gonna see this message. It is a way for me to connect and grow that community, then invite them to take the next step to work with me.

Now could I spend all week just doing Facebook Lives? No, that wouldn’t make sense for me in my business, but it is a part of how I make sure I’m doing things that move the needle in my business.

Public Speaking

Public speaking and attending events are hugely valuable to you as a business owner.

I know that if I attend an event, just based on my historic data from me personally attending events, I will walk away with new clients, new business BFFs, and new referral partners.

Today’s Entrepreneur Scorecard Challenge!

Now you can easily see the value you are putting into your business and the true Return on Time you’ll get for each type of task.

If your business has been stuck or growing painfully slowly – chances are you are spending too much time on $10-$100 tasks instead of the $1000-$10000 tasks that will move the needle in your business.

If you just have one hour a week where you’re doing one of those $10,000 an hour tasks, you will start to see a difference very quickly because you’re getting out in front of new people and attracting more people to your business.

So here’s the challenge for today’s episode!

I want you to download the Entrepreneur Scorecard and Best Week Ever system so you can track yourself – evern 30 minutes – for the next week.

If you do this for a week, complete your Entrepreneur Scorecard then take a photo and share on Instagram. Tag me @racheal.cook and I will send you a copy of my book of Your Business Sweet Spot!

And if you loved this conversation, you’ll love joining me for The CEO Retreat – a 1-day strategic planning event focused on perfectly planning the next 90-days for your business.

If you know that you need to get your plan on paper, if you know that you need to surround yourself with other amazing supportive and intuitive women entrepreneurs, if you know that you need to turn your big picture into check-off-able action steps… the you will want to join us! Find all the details {and Early Bird Enrollment!} at RachealCook.com/CEO-Retreat.

Plan Your Best Week Ever!

Screen shot 2017 06 29 at 6.39.10 am

Ready to get the most important things DONE each week?
Download your weekly planning template - designed especially for entrepreneurs! Get your free workbook now!

Powered by ConvertKit