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This Week’s Guest
James Schramko is the founder of Superfastbusiness.com, host of the Super Fast Business podcast, and co-host of three other podcast shows, including Think Act Get, Sales Marketing Profit, and Freedom Ocean. He lives in Sydney, Australia.
What does a person do to stay sane, and productive, when they run multiple successful business ventures? They delegate. Today I am talking to James Schramko, internet marketer and entrepreneur who has mastered the art of building systems that have allowed him to build his empire, stress-free. James is a jack of all trades-he founded SuperFast Business, runs live events and multiple podcasts, and we are about to learn his secrets to success. We discuss:
- Creating a business without working around the clock
- Overseas employees, and how to manage them
- Creating a to-do list that makes sense with your skills and goals-and delegating the rest
- Living like you are retired, before you are retired
Here’s what I learned:
He came from the automotive industry
- He learned a lot about systems, organization and leverage from running a dealership.
- He was looking for ways to simplify and streamline systems, and created an onboarding checklist for new employees since there was a large turnaround in staffing.
- After two weeks, new employees were feeling confident and making sales
- They built a relationship-based business where they didn’t have to market as much, because people were coming back.
His best practices for delegating
- Make a list of all the tasks that you are currently working on.
- What can be delayed?
- Throw these tasks away. They are likely not important.
- What needs attention?
- Delegate these tasks to someone else.
- James sends all of his travel to a travel agent.
- If there are tasks that can’t be immediately delegated to someone else, create a role around them.
- That’s when he hires people.
- James has a team of 43 people in the Philippines working with him.
- Started with a small group, and within the next year had grown to about 30.
- He goes and meets them in person, and that creates a bond-they understand and value the relationship more.
- He rented out a place during Christmastime in the Philippines to meet with his team, they played games, ate and got to know each other.
- Meeting in person a few times a year is enough for James because he has built his team in such a way that he can literally work and make decisions using only his cell pone
Onboarding overseas employees
- Most of his hires were from people outside of the industry-people that had customer service experience.
- The exception was with this web design team.
- Most of the article writers were English teachers.
- Preferred to train in house
- For training, they use screen sharing via GoToMeeting.
- They also created video files explaining concepts and shared them in Dropbox and Google Drive.
- James uses Slack, specifically for their team chat component, as that is how his team communicates best.
- James is the only one writing emails
- Younger generation is more efficient in chat
- For project management, their web design team uses Basecamp
- Their customer service team uses ZenDesk.
- Stephan recommends Trello best for project management.
- It is a card-style organization system, opposed to a list.
Living like your retired
- The 4-Hour Workweek from Tim Ferriss talks about mini-retirements.
- James doesn’t want to just be retired when he is 65 and up.
- He likes the thought of living life like you’re already retired
- He sets a certain number of hours that he is going to work per week, and the rest is set aside for him.
- He uses a scheduler, ScheduleOnce, and that allows him to stay in control of his time.
- He has Mastermind calls on Tuesday, external calls on Wednesday and Thursday.
- He creates a piece of content every day or two for his podcasts.
- The rest of the time, is his time.
- Keeping your inbox at inbox zero also helps.
- Stephan gives his assistants access to all of his emails to keep them at inbox zero.
- KPI stands for key performance indicators
- Using KPI’s can stop you from working on jobs or projects that aren’t the best use of your time.
- It can also help you see where you should be dedicating more time, where you can make more.
- An example is-starting a Mastermind.
- You want 10 members, they’ll pay $2,000 each. That’s $20,000 per month.
- For that $20,000 how many hours will you need to commit to that to make it work?
- If you come up with 4 hours a month, and then 10 hours of other administration-it would end up being 14 hours to make the 20,000.
- Your effective hourly rate is a little over a thousand an hour.
Recurring business models
- 90% of his income is recurring, so it’s consistent.
- It allows him to be more stress-free, because he isn’t wondering what is going to happen next month.
- Adobe switched from selling boxed software to cloud subscriptions-it’s a good example of what we should all be doing.
Owning the race horse
- It’s better to build your own assets.
- WordPress is a tool that he likes to use.
- It allows you to be in control of your business.
- If you just have a YouTube channel and it gets banned, everything you built is gone.
- He built his community on forum software on his own server, so he has complete control.
- Create a list of tasks that you have either been putting off, or that you haven’t had time for. The things that are the least important, toss.
- Start delegating! Find websites where you can post job ads for assistants in the Philippines. Create an ad that is engaging, but tells your potential new employees what you need upfront.
- Get organized. Set up a project management system like Trello or Basecamp to keep track of your tasks, notes, and statuses-you’ll never wonder what is going on with a task again.
Links and Resources Mentioned
Thank you for listening!
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