Tired of spending every available minute in the office? Want to work less while continuing to grow your business? In this vlog, Eric Siu shows off an amazing entrepreneur retreat in Cabo and talks about what he learned from visiting author Scott Fritz about The 40 Hour Work Year. Tune in to learn how you should invest time and money now so you can relax later.
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Full Transcript of The Video
Eric Siu: [Shuresh 00:00:08].
Shuresh: I do not approve this to go on the internet.
Eric Siu: What?
This is Cabo, this is my entrepreneur's organization retreat, 2018. This is the entrance right here, so you gotta come all the way up the stairs. This is the master bedroom, little jacuzzi. See what he's got in here. Oh, wow, look at that. Oh, wow. Now, that's cool. Here's the poker from last night. Here's the view, again.
Damn. Look at this. It's a really good retreat spot, I think. You end up getting a place. Like, this place we have, has six bedrooms. This bedroom is fantastic. Look, you get all this stuff over here, and then you get this fantastic view. You go on VRBO, look for a place like this. There's infinity pool. They come up for you, cook every day. We actually had seven people attend, and, yeah.
The structure for these retreats is that we have fun, we fly in guest speakers. Yesterday, we flew in a speaker, his name's Scott Fritz. Wrote a book called The 40 Hour Work Year, and I think it's great for any kind of business owner to understand that, eventually, this is the template you can use to get out of your business. 85% of businesses are mom and pop's, 10% are small businesses, 5% are enterprises, 1% are actually public.
How do you actually take yourself out of that? This year, from other masterminds that I've been in, one of my suggestions was to have people teach what they're good at. 15-minute, 20-minute sessions. For example, I taught about marketing, someone else taught about patents, someone else taught about risk-management. Being able to see other people flex their knowledge is just great.
Scott Fritz: Whenever you're in a rut, what I do ... If you have to make a decision, try thinking about it from the other point of view. The other side. The opposite of that decision.
Eric Siu: Wanted to talk about what we got to learn from Scott Fritz. Entrepreneurs are builders, they're not people that like to be in the business all the time. They like to be thinking forward, they like to be moving ahead. That's what their core strengths are. One of the important things that he brought up was the concept of having a decision matrix, and responsibility. So, all the things you have in your business, you list everything out, like, "Who's the one approving checks right now? Who's approving these big transactions? Who's responsible for marketing? Who's responsible for outbound sales, inbound sales?"
Map everything out, all the key things you have. It could be, literally, 90 decisions that you have to make, and then your goal is to ultimately continue to move things off your plate. And, then, even get with your team, too, and talk with your team and say, "Hey, here's a chart. What percent do you think I'm in the business right now? Am I 100% working on the business? Am I in the office all the time?" How do you free up that time.
The really important question he asked was, "How much money are you willing to give up for a year to never have to work again in your life?" For me, I've been doing this for the last couple years. I'm willing to give up as much as possible, continue to defer. Most of what we've been making in quote-unquote profit, has been going back into the business. I just see that as investing in people, continuing to build the team, double down, reinvest.
Do that strategic planning two times a year, or maybe four times a year. But, that's taking the team out, doing a two-day retreat. You have fun, you work on things. He also talked about the concept of having a really strong leadership team. Do you have the people you need there? Are these people that are going to get you to the next level? I recommend reading the book What Got You Here Won't Get Your There, that's basically concept. Sometimes people, the role outgrows them, and they're no longer the right fit. So, I think you need to consider that, too.
The final thing is, he recommended are really cool tool called Trainual, that's T-R-A-I-N-U-A-L dot-com. And, that is the whole idea of having your processes and systems documented, all your standard operating procedures, but also making sure everyone on your team actually goes through it. You can track progress, you can track how people scored. I think that's what's missing in our business right now. We have all these SOP's, but we aren't able to see people actually finished it. And, I think, ultimately, if you're looking to scale your business, it's overrun systems and processes.
And, then, the systems and processes bring the great people. They bring product development, all this different stuff, to help you grow, at the end of the day. Hopefully this helped. Check out the book, The 40 Hour Work Year. That's from Scott Fritz.
Yeah, check him out. He's got a lot of good stuff going on, he likes to help entrepreneurs [how to really get success 00:04:26]. So, hope you enjoyed this, let me know what you think in the comments, and see you later.
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