Principle of Dollarization
When you increase your personal productivity and delegate more responsibilities to your employees, it’s likely that you will see new opportunities for your time. No longer will you be stuck in an endless loop of answering phone calls and producing emails! Instead, you can turn attention to the big picture of your studio.
To maximize your business’s potential, use the principle of dollarization, which states that:
For every hour that is freed up because of efficiency, discipline, and delegation, and where that recouped hour is redirected to your main focus, revenue starts to increase.
In other words, when you spend more time in your sweet spot, your business can become healthier! Start applying this concept across your operations in three key areas.
- Teaching
Delegate some of your existing classroom time to other teachers who desire that opportunity. Then, devote your redeemed time to the tasks that are unique to you as the owner: leading, coaching, and connecting with those teachers so they can be their best for your students. - Admin
Equip your staff to handle more responsibility and make key administrative decisions, like troubleshooting solutions when problems arise. Then, instead of working at the front desk, invest time into staff retention, hiring, onboarding, and cross-training. - Follow-up
Spending too much time in your email or on the phone chasing after prospects or clients? Allow your employees to step in and only raise concerns to you when needed. Then, use the time you’ve gained to focus on big projects that move the business forward, like budgeting, forecasting, or program planning.
The principle of dollarization demonstrates that by spending your time doing the work only you can do, your business will thrive.