Are you running a business that, in the end, trades time for money? What do I mean by that? What I mean is simple…you’re running a business where you will eventually get to the point where there aren’t enough hours in the day to allow you to GROW!
With many businesses there is the very real chance that you will hit a ceiling of income potential where you simply can’t work anymore hours during the day. When that time comes, you find that you’ve hit the limit of what you can do simply because you can’t stay awake 24 hours a day.
I have many business owners who come to me with a business model that only works if THEY are the ones doing the work. In the end, the business model they’ve set up runs THEM…not the other way around. They have things set up in such a way that they are neck deep in the administrative, logistics, scheduling, and accounting functions (along with all of the other day-to-day responsibilities). Very quickly they realise they’re doing less of what it was they WANTED to do when they started the business and more “maintenance” and backroom work that they didn’t want any part of.
I’ve been outsourcing these types of low-value tasks for my business the past 4 years which has freed up my work day so much that I can continually focus on what I love doing…working directly with my clients! If you’re to the point where you’ve forgotten why you started your business, read on!
Outsourcing…what is it, exactly?
You’ve probably heard the term, but just in case you haven’t, let’s define it. It’s no more complicated than developing a structure where you give all of those low-value tasks to someone else so you can concentrate on the larger issues. These are the tasks that you simply don’t enjoy working on or, more important, tasks that aren’t worthy of an owner spending their time on when you can hire someone at a much lower hourly rate to complete. Time consuming items such as website updates, design, social media management, customer service, accounting and bookkeeping…all of these aren’t worth what YOU get paid per hour! So why are you spending all of your time on it?
Here’s a great exercise. Perform a “brain dump” and list every task, from the very important down to the tedious, which you perform during any given month. Categorise these tasks into daily, weekly and monthly activities.
Once done, go back and highlight all of the tasks that would be lower than the hourly rate YOU get paid. For example, you may receive a $200/hr salary but you spend 10 hours a month making website updates that you could pay someone around $8 an hour to do. It doesn’t take a lot of complicated math to figure out that you’re burning money by spending time on these tasks versus the tasks that are bring in the big bucks to your company.
It’s very easy to recognise with this very simple task that getting some support in the form of a virtual assistant or part-time contractor (even if it’s only for a few hours per week) makes sense for your business.
It’s time to stop wasting your valuable time on small, non-income building tasks when you SHOULD be out there building relationships and adding new customers. Let someone else work on the little stuff. You’re a business owner…you should be working on the big stuff!
Outsourcing plans are an important part of the work I do with business owners. It’s all about creating a business model that works for THEM and not the other way around. If you want to know more simply drop me an email at email@example.com so we can start talking about creating a plan that will work for you!
P.S. Last few tickets are available for my Business Accelerator Workshops in Sydney on 13 Nov. Click Here for all the details and to grab your complimentary ticket!