I don’t know about you, but I’m not a financey person.
I do understand compound interest though.
Put simply compound interest is interest on interest.
I like to think about coaching as an investment – spend time now, save time later.
The more we do it, the more it compounds.
Let’s say you have a daily task that takes 5-minutes. You haven’t delegated it because it’ll take 25-minutes to teach someone else. Why spend 25 when you could do it in 5? It’s easier if you do it yourself, right?
Sure, but if you do this task every week, in a year it’s certainly not easier if you do it yourself. It’s actually costing you a lot more in the long run than the short term investment of time; and that’s just looking at one task! I’m willing to bet there’s a lot more than one 5-minute task that you’re holding on to that you could delegate – am I right?
Invest 25-minutes today to coach someone and then delegate the task to them, and within a week, your investment has broken even, and every day after that, you’re up 5 minutes.
What’s one thing you could invest 5-minutes in with a team member today that could be paying compound interest in a week?
Seriously, I want to know.