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In episode 1075 of his podcast, James revisits his 2017 book, Work Less, Make More, which has received 845 reviews and a rating of 4.6 or 4.7 on Amazon.
James will look at the relevance of its lessons in 2024, providing a condensed overview of the first five chapters in this episode, with the remaining chapters to be discussed in episode 1076.
Covered in James’s talk will be topics such as beating the hustle and grind by knowing your effective hourly rate.
He’ll discuss the difference of being productive vs effective.
And you’ll hear how hiring a team is a game-changer in the quest to hit seven figures.
Table of contents
1. How’s your quality of life?
2. You needn’t work less if you don’t want to
3. Why James isn’t on TikTok
4. How much do you make in an hour?
5. Because you don’t have to always be busy…
6. Taking responsibility gives you power
7. Getting a grip on overwhelm
8. Three Ds…and where does your time go?
9. The to-do list other people add to
10. Setting up barriers and filters
11. One thing a week is a lot in a year
12. Routine equals freedom
13. Consuming versus creating
14. Showing up to do what’s necessary
15. Prepare to question everything
16. The power of deletion
17. Do more of what’s working really well
18. Using proven frameworks
19. Stop one-time, and trade okay for great
20. The difference between six and seven figures
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A. Deleting and delegating
B. Recruitment filters and checklists
C. What can everyone expect?
D. Tune it up early
E. Make it okay to take risks
F. Get people before you need them
G. Always have backup
H. Batch small and cross-check
I. SOPs and tools
J. Project management and training
K. Addressing bad hires
L. The kind of leader you want to be
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A. Finding the winners
B. Beware of perfectionism
C. What to consider
D. Communicating your offer well
E. The SCAMPER framework
How’s your quality of life?
It was the principle of assessing one’s quality of life that inspired James to write his book. He remembers grinding in a single-source dependent job in the automotive industry, realizing he wasn’t enjoying life. This led him to quit his job in 2008, well before the rise of remote work and social media.
During the pandemic, James observed a significant lifestyle shift, with thousands of people leaving their office jobs and crowding his favorite surf spot. This prompted his move to Noosa, Australia, for a better quality of life.
Setting clear goals, aiming for automated and independent income, and focusing on activities that bring joy, are central themes in James’s book.
You needn’t work less if you don’t want to
People might think that Work Less, Make More implies doing no work. James clarifies that the book is really about leveraging time effectively. While some entrepreneurs love working long hours, the book’s principles still apply, offering methods to achieve more with the same amount of work through leverage.
For those who are overwhelmed by their current workload, the book provides strategies to make the same or more money while freeing up time for personal activities. James himself enjoys a semi-retired lifestyle, working only 10 to 15 hours a week, proving the book’s continued relevance in 2024.
Why James isn’t on TikTok
James has learned that if you surround yourself with low achievers, you will get dragged down. This explains why he avoids TikTok – it often leads to low-energy activities and escapism. He much prefers platforms like YouTube for their educational value. It’s important, he believes, to surround oneself with high achievers and use time productively, such as learning new skills with his daughter through tutorial videos.
How much do you make in an hour?
James stresses the concept of leveraging time to increase output without necessarily working more hours. Maximizing your effective hourly rate, he says, can help you achieve more with the same amount of time, regardless of how many hours you choose to work.
Drawing from his experience as a general manager and an online business owner, James recommends calculating your effective hourly rate by dividing your profit by the number of hours worked. This metric serves as a benchmark to measure and optimize productivity, ensuring you make the most of your working hours.
James notes that many people earn between $100 to $1,000 an hour, with highly leveraged individuals making up to $3,000 an hour. He suggests aiming for an effective hourly rate of $1,000 as a strong benchmark for success, underscoring the importance of being effective rather than just productive.
Because you don’t have to always be busy…
Despite widespread overemphasis on constant productivity, James notes that the concept of slow living is gaining traction. He challenges the notion that busyness equates to productivity. One doesn’t always need to hustle or move quickly to be effective.
Effectiveness, says James, also doesn’t require a packed schedule. He himself has maintained a light workweek schedule for years, showing that it’s possible to be effective and successful without being constantly busy or stressed.
Taking responsibility gives you power
James emphasizes the importance of taking personal responsibility for your outcomes, rather than relying on external factors like the government, inheritance, or luck. He believes that being in control of your own future is key to prosperity, and encourages individuals to take charge and not leave their fate in the hands of others.
Getting a grip on overwhelm
James discusses the paradox of overwhelm, particularly among entrepreneurs who often replace completed tasks with even more responsibilities. He suggests this behavior stems from deep-seated issues like a need to prove something, and that understanding the underlying causes can help one gain control and appreciate moments of rest.
To combat overwhelm, Schramko recommends tracking time and activities to gain better awareness of how one’s time is spent. He shares his experience of meticulously tracking his fitness and health metrics for a year. Such detailed awareness, he says, is crucial for making informed decisions and managing stress effectively.
Three Ds…and where does your time go?
James recommends a framework called the “Three Ds” – getting the data, making decisions, and then doing – to understand where your time goes. He suggests tracking your activities, whether through software, a diary, or simple observation, to see how you allocate your hours to different tasks like coaching, marketing, and recreation.
James also looks at the concept of dividing your day into three segments of eight hours each: for sleep, work, and personal activities. Even amid a busy lifestyle, it’s possible to have free hours for leisure activities, demonstrating that with proper time management, achieving a balanced and fulfilling life is attainable.
The to-do list other people add to
Manage your inbox, says James, to avoid it becoming a to-do list others add to. Email was a significant time consumer for people back in 2017, now potentially overtaken by social media. James suggests turning off notifications to reduce distractions, and filtering emails or even starting fresh with a new email address for better control.
For business owners, James recommends outsourcing support tasks to free up time, such as hiring a team through services like VisionFind.com. This can help create a buffer between you and support requirements, allowing you to focus on more critical aspects of your business.
Setting up barriers and filters
It’s important, James stresses, to set up barriers and filters to manage time effectively. He suggests dedicating specific days for appointments and keeping other days free, a strategy he learned from Strategic Coach. This method, which he calls “bumpers,” helps prevent over-scheduling and requires discipline to implement initially.
James also highlights the need for decision-making filters, such as assessing the effective hourly rate, enjoyment, long-term viability, and growth opportunities of tasks. He recommends time-blocking as a simple technique to manage energy, using scheduling tools to organize activities and ensure tasks are completed efficiently. If it’s not in the diary, it doesn’t get done.
One thing a week is a lot in a year
There’s power in focusing on one key task each week. In James’s experience, achieving one significant goal weekly can lead to substantial progress over a year. He shares this approach with his mentees and coaching students, highlighting its effectiveness through his long-running mentorship program.
Routine equals freedom
Routines are important – they provide structure and prevent the chaos of always being “on” or “off.” James initially resisted routines, believing freedom meant flexibility, but eventually realized that having a set schedule helps achieve balance and productivity.
James also highlights the benefits of routine for mental clarity, suggesting practices like clearing the mind by writing down thoughts and organizing tasks. He likens this to resetting a computer – regular purging of unnecessary information maintains focus and efficiency.
Consuming versus creating
There needs to be a balance, says James, between consuming and creating. While consumption is prevalent, creators ultimately gain more influence and revenue. Consuming quality content is valuable as a source of inspiration, but creation should be intentional and highly relevant to have a significant impact.
Showing up to do what’s necessary
Consistently show up and do what’s necessary – James learned this lesson from a previous mentor. He discusses the 64:4 ratio, explaining that about four percent of inputs generate two-thirds of outcomes, highlighting the significance of focusing on critical tasks.
James teaches this principle to his team and stresses that most thoughts and tasks are not equally important. By identifying and consistently performing the most valuable actions, one can achieve significant results with less effort.
Prepare to question everything
Question everything, James urges. He encourages skepticism and vigilance, urging people to question authority, market practices, and conventional methods to uncover the truth and make informed decisions.
The power of deletion
Removing unnecessary items from your life has huge benefits, says James. He is in the process now of getting rid of everything from expired food to hundreds of domain names, noting that excess baggage carries a significant cost.
One of James’s mentees recently shared with him how clearing out a storage unit saved him money and space. James advises against hoarding, and recommends weighing the usefulness of items and choosing whether to sell or donate them, ultimately promoting a more streamlined and efficient lifestyle.
Do more of what’s working really well
Amplifying what works well is a straightforward strategy for success. By identifying and focusing on effective actions, you can achieve easy wins and maximize your strengths, often overlooked despite their obvious benefits.
Using proven frameworks
James emphasizes the importance of using proven frameworks to avoid reinventing the wheel. He suggests leveraging AI to find and refine these frameworks for various purposes, such as creating video sales letters.
Frameworks are invaluable for tasks like selling and influencing, and James recommends learning several to enhance effectiveness and efficiency.
Stop one-time, and trade okay for great
James advises moving away from one-time sales and exploring recurring solutions to reduce effort and increase sustainability. It’s important, too, to strive for greatness over mere adequacy – in today’s competitive and inflationary environment, creating fewer but higher-quality products or content is more effective than producing large volumes of just okay work.
The difference between six and seven figures
Building a team, James maintains, is crucial for transitioning from six-figure to seven-figure earnings. He suggests using the DDD exercise—delete, delegate, do—to determine where team support is needed, emphasizing that even hiring contractors can make a significant difference in scaling a business.
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1. Deleting and delegating
Deleting unnecessary tasks, says James, and delegate those that don’t align with your strengths, enjoyment, or effective hourly rate. He suggests creating a list of potential delegates for these tasks and providing them with a detailed standard operating procedure (SOP) to ensure everything is done well.
2. Recruitment filters and checklists
Use filters and checklists in recruitment to ensure you hire the best candidates and retain them. Clear recruitment criteria and checklists quickly eliminate poor fits. For additional support, James recommends companies like VisionFind.com, which provide pre-qualified candidates through rigorous filtering and recruitment processes.
3. What can everyone expect?
Set clear expectations so everyone knows how they are performing. James suggests rewarding desired behaviors and withholding rewards for undesired actions, a strategy effective with animals, children, team members, and partners. He also warns about the addictive reward systems of social media platforms, which can influence behavior through dopamine hits and social acknowledgment.
4. Tune it up early
It’s important to address performance issues early through clear, open discussions and necessary training. James advises hiring individuals who share your business values to ensure consistency and integrity, especially in roles like sales and marketing where misrepresentation can occur.
James also highlights the importance of being actively involved with your team, understanding them as individuals, and fostering a human connection.
5. Make it okay to take risks
James advocates for encouraging employees to take risks – this approach fosters innovation and unexpected positive outcomes.
By allowing team members to experiment and explore beyond their usual responsibilities, businesses can cultivate intrapreneurs who drive creativity and progress, similar to Google’s practice of giving employees free time to work on personal projects, which led to innovations like Gmail.
6. Get people before you need them
James advises hiring new team members before reaching full capacity, to avoid rushed and poor hiring decisions.
It’s important, too, to have comprehensive systems in place for all business operations, including marketing, hiring, and client services.
If you’re not adept at systems thinking, James suggests hiring an operator from a service like VirtualDOO.com to help organize and manage these processes effectively.
7. Always have backup
Have backups for everything and everyone in your business to avoid single-source dependency. James suggests identifying key team members whose loss would significantly impact operations and ensuring that other team members are prepared to step into those roles if necessary.
8. Batch small and cross-check
James recommends working on new projects in small batches to identify and correct issues early. He also stresses the importance of cross-checking, where one team member reviews the work of another to catch errors before they become public. This simple yet effective rule helps maintain accuracy and quality in tasks like sending emails or processing invoices.
9. SOPs and tools
Standard Operating Procedures (SOPs), are documented checklists or outlines of how tasks are done, usually maintained in James’s business in a Google doc.
Regarding tools, James suggests only adding necessary tools, ensuring they are the best available, and fully understanding and utilizing all their features and support resources to maximize their effectiveness.
10. Project management and training
James advises keeping project management simple, using tools like Slack for small teams and suggesting more robust tools like ClickUp for client work.
Ongoing training is crucial. James supports his team in taking courses and learning new skills to maintain high performance and align with the value of being “ninja good.”
11. Addressing bad hires
James stresses the importance of identifying and addressing bad hires quickly, ideally within the first two weeks, to avoid prolonged issues. He recommends having team members train new hires to create layers of support and ensure the business doesn’t rely too heavily on any one person. Additionally, he advises helping the team understand their priorities, using the 64:4 principle to focus on the most impactful tasks.
12. The kind of leader you want to be
James advises: be a kind, consistent, and self-aware leader who helps team members achieve their best results without needing to be their best friend. He emphasizes the importance of sharing feedback, vision, and values, and going on a mission together. His leadership style involves balancing autonomy with occasional detailed oversight, contributing to long-term team retention and effectiveness.
Clear reporting and awareness of key metrics within the team are also important. James likewise suggests developing “infinity projects” for team members to work on during downtime, ensuring they always have meaningful work to do.
The offer that converts
Having an offer that converts is essential for business success. A compelling, easily fulfillable offer enables immediate sales, supports team hiring, and facilitates business scaling.
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1. Finding the winners
James advises continually testing new offers to quickly discard ineffective ones and focus on those that succeed, following the 64:4 principle. Through years of experience, he has identified his most effective offer, the Mentor program, which he enjoys delivering and finds highly beneficial for his members. James supplements this core offer with partnerships and revenue share deals, creating a balanced and successful business model.
2. Beware of perfectionism
James warns against perfectionism, advising to develop offers quickly and refine them over time. He shares an example of a client who spent over a year and $100,000 on an untested product. A low-resolution version or even a waiting list would have been a better initial approach to validate the idea sooner.
3. What to consider
James outlines key considerations for developing an effective offer: ensure it can scale and genuinely benefits the client. Clearly define your customer, and make sure the offer is simple to explain and understand. Additionally, establish your credibility by answering questions like “Who are you?” and “Why should I trust you?”
4. Communicating your offer well
James emphasizes the need to effectively communicate your offer, starting with a compelling headline. He advises addressing the problem, appealing to both logic and emotion, providing proof, and building desire. Additionally, discuss the consequences of not purchasing the offer and address specific customer needs.
5. The SCAMPER framework
SCAMPER is a creative process for developing new offers or modifying existing ones. The acronym stands for Substitute, Combine, Adapt, Modify, Purpose, Eliminate, and Rearrange, providing a structured approach to innovate and improve market offers.
James’s next podcast episode will cover important topics such as cash flow, customer lifetime value, various business models, and the philosophy of no compromise and OwnTheRacecourse. Tune in to learn more in episode 1076.
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