Money Series: Evolving the Task-Handling Mechanism for Business Profitability

Have you ever felt like you were throwing money down the drain because you were caught up in the operational tasks of your business? If you've found yourself in the CEO seat, but your time is spent elsewhere, this episode is your wake-up call. We're getting real about how CEOs and business leaders can pivot their focus, optimize how tasks are assigned, and increase profitability. From identifying and focusing on 'A' tasks to nurturing the growth of your team’s skills, knowledge, and capacity, we're leaving no stone unturned.

In the second half, we're dishing out practical tips on how to use tools like Boomerang and other systems to maximize efficiency. We highlight the power of delegation and digging into the importance of knowing which tasks to prioritize for the sake of your company's bottom line. Wrapping up the conversation, we discuss ways to identify and assign the right tasks to increase efficiency and profitability. Listen in and prepare to revolutionize your task management approach - your pocketbook will thank you!

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Episode Transcript

Speaker 1 (00:02):
All right.
So this money thing is real.
I'm going to get back intostrategies, but today I've been
deep in brand people andproducts.
So this is an A task.
The number one way I watch CEOsjust throw money down the drain
is by not appropriating I hopeI said that right word, right

(00:22):
not appropriating the right taskfor the right person, including
themselves.
I teach this concept to privateclients and it's stupidly
important to know in a company,because you could hire for a
person, but you have them doingB tasks and as much as you're
like.
Well, tiffany, everybody has topitch in.

(00:43):
Trust me, I get it Like.
I hear you and I hear you morethan anybody.
But truth is, typically when youhire someone especially when
they're on salary or somethingclose to it they have a
specialty, there's somethingthat they're really great at,
and your responsibility as a CEOor your responsibility as a
leader is to develop that thingand to help them grow.

(01:05):
Help them grow on their skill,their knowledge and their
capacity, and it's not just forthe sake of helping them grow,
but it's like it's their careertoo and you get to play a role,
especially if you're in smallbusiness and managing that.
So if you constantly have themdoing like if they're an A, if
they're paid as an A player onyour team, and you constantly
have them doing B and C tasks,then that's where you're losing

(01:27):
money, because if that task islike $100 an hour but you have
them doing like answering phones, right, and answering phones
might be $30 an hour I'm notknocking anybody who answers
phones, trust me, I answerphones all the time but if their
responsibility is, if they aredoing that, that task, that
thing, you're throwing away aridiculous amount of money.

(01:49):
Let me just bring it back tothe CEO.
Tiffany, you don't understandall the things I worked on, all
the things I'm doing.
Yeah, you do them better, butit doesn't mean that you do them
best.
That's first and second.
My good friend, mark Stoner hehas.
He really set the bar at one ofour events a couple of years

(02:11):
ago when he said you know wewere talking about hiring and
how we hire and scaling, and hesaid to the audience that he is
okay with hiring and getting 60%of the task done because that
60% of the task gets him backhis time.
For me it was like perfect,because the first thing I want

(02:33):
you to do is ask yourself like,if you think about the last
seven days, the things you'reworking on, the projects where
you put your nose in, that itdoesn't belong, was it an A task
?
So A means that it is revenue,dollars, c level, material, b
task for me, or anything.
That is, anything that iscustomer service, customer

(02:56):
service driven or, ehm, routinedriven.
This is where I'm looking at aB task, and not that they're not
important, but they can be doneoff hours.
They can be done in other ways.
They could be handled in groups.
They don't require a lot ofspecialty.
Sometimes it just takes somecommon sense to get through
these things.

(03:18):
And then the third, last butdefinitely not least, is
operations.
I get so angry whenever I seeCEOs.
We're like I'm all over theplace, I need money, things are
going bad and they're doing allof that, but yet they're
spending all their time inoperations.
Ceo, listen to me, you are notthe COO and I don't care if you

(03:38):
don't have one.
You're like Tiffany, I am theCMO, cfo and COO.
Okay, well, coo yourself afterfive o'clock.
Like, what are you talkingabout?
You cannot be broke.
And the COO?
I'm gonna tell you right nowyou cannot be broke.
Your company cannot be allreplaced, money cannot be really
tight, cash flow cannot be introuble and you are the COO

(03:59):
eight to five o'clock in yourcompany.
You're bugging.
That is not the way we win.
You gotta sit in that CEO seat.
You definitely gotta sit inthat sales seat.
You have to be the vicepresident of sales yesterday.
So operational things.
Let me tell you what'soperational IRS opening up the
mail, responding to the city,dealing with a crazy thing

(04:23):
that's happening and, if youhave a lawsuit on hand, taking
care of the details for the tripthat you're planning Now.
Tiffany, you don't understand.
This thing is only open eightto five, so I have to spend some
time.
Okay, lucy, spend time Mondayfrom like nine to 11, but not
all four out of the seven daysof the week doing operational

(04:45):
things clicking behind yourcomputer and being comfortable
with people and talking, writingemails.
Respond to all the emails afterseven.
Respond to all the emails afterseven.
You know why?
Because you can use somethinglike I think it's called.
Uh, boomerang is free.
You could write all your emailsat seven o'clock.

(05:06):
They hit the person the nextmorning.
Boomerang for Google is thebest thing that ever happened.
You can write all the emailsyou want and it schedules them
whenever you want them to go out.
You cannot spend your time inoperations land.
You are not, uh, going to winthat way.
You also cannot be doing C andB task when a is the only thing
that's going to pay the bills ormove the needle.

(05:27):
Let me tell you what our A taskfor CEO um meeting with people
who can help you move productsand services.
Meeting with team members aboutproducts and services, getting
on the phone, talking to oldclients, building big
relationships, biggerrelationships.
Um, renewing or redesigningprograms offers, cutting costs,

(05:48):
expenses.
And I say cutting costs I don'tmean, like reducing your phone
bill, that's not what I'mtalking about.
I mean being able to figure outhow to deliver the same level
of service that you've beendoing and serving your people,
but being a little leaner in itsapproach, or at least
initiating the conversation forit to happen.
The name of the game is not onlyfor you to win more, but the

(06:10):
name of the game is for you tofocus all of your effort on A
task.
Do I do some B tasks?
Absolutely.
Do I do some C tasks?
And D and F?
Absolutely.
But if I had to give thepercentage, the second that I
start fooling around withcustomer service stuff in any
company I own.
Our company loses money.
I'm too.
I am too valuable per hour forme to take the hour and dive

(06:35):
into something that doesn'tserve everybody.
And it's not about being biggerthan anybody, because I'm not.
I'm on a team and everybody onthe team needs to do whatever
their job is to the 100% oftheir ability, because we all
want to win and we want to wintogether, but we can't win
together.
If I'm doing my job at 84% andI'm also stepping, I'm also

(06:56):
stepping in boundaries where Idon't belong.
Well, tiffany, there's too muchtask and too much to get done.
I get it.
So if you're like Tiffany, Igot a.
There's a lot of operationalthings that are, you know,
falling to the wayside.
Well then, you need to pick anoperational day, because for me,
I've been there and it will belike Saturday morning or Sunday
night.
I'm going to sit down for fourto five hours and do all the IRS

(07:17):
.
I'm going to do all the emails,all the checks and balances in
one time, the things that Icannot handle or that are out of
my pay grade, meaning, in termsof time, I'm not going to sit
and what am I not going to do?
I'm not going to go and hire awhole person to do it.
As tempting as it is for a lotof people, you really could just

(07:39):
have someone help you by thehour.
You know, one of my favoritewebsites ever is thumbtackcom.
Thumbtack allows you to find anin-person person to help you
with even simplest things likebookkeeping.
You can find help there.
If it's not there, it's goingto be like Upwork Online.
You can pay someone by the hour, by the day or by the project.
Chances are you spend the $200and you get $20,000 in return.

(08:05):
$2,000 in return versus usspending $2,000 of your time and
getting $500 of return.
You get what I'm saying.
So simple question Look at thelast 30 days, look at the last
24 hours.
Ask yourself was this an A task, a B task or a C task?
That's absolutely going to letyou know quickly where am I
losing money in these streetsand how do I button this thing

(08:26):
up so I can really really scale?
Because you cannot, as I wasreminded recently, you cannot be
in a boat and you have peopleand or yourself drilling holes
on the right hand side whileyou're doing this on the left.
Buttoning up who's doing what,when are they doing it, how long
is it taking them and how muchdoes it cost you, is absolutely

(08:48):
the clearest, cleanest way toclean up any dollar gap in front
of you and to make more money.