Are you really saving money doing it yourself?
My awesome coach Laura West says “just because you can do it doesn’t mean you should do it”.
Think back to your days in corporate. Remember when you had an IT guy to fix the paper jam, a finance department to crunch numbers (and your expenses), a marketing department to drive prospects and even a sales team to sell.
And now – what does your reality look like? Are you doing all of the tasks above, even though your talents may lie in a completely different direction? Have you been sucked into the myth that doing it yourself will actually save your business money?
Let’s examine that myth. I know that doing those tasks is actually costing your business money.
At first glance that statement will seem counter intuitive.
Here’s my rationale….
Firstly, how do you earn your money? Most likely it will be by selling products or by servicing clients. Using a formula worked out by Dan Sullivan (a US Entrepreneur guru) if you want to earn £/$ 100,000 revenue per year you need to be bring in £/$ 66 EVERY hour.
If an average trip to the Post Office or Bank takes an hour, that is costing your business £/$ 66. It is COSTING your business because in that hour instead of taking the trip to the Post Office you could have been developing your business, creating a new product, calling up clients or finishing off that proposal.
Imagine if you had a Personal Assistant that you hired for £/$22 an hour. Even taking into account their costs, each hour they did something that you would normally do, they are saving your business money! This is because you can spend that time generating revenue.
This paradigm may take a while to get your head around. Think about this – how much of your time today has been spent building your business versus how much has been spent doing something a lower priced resource could do? And if you are really honest how much pleasure do you get out of doing those tasks? Chances are you would rather spend your time doing the thing that you set your business up around and where your passion lies!
For the last four years I have used a Virtual Assistant company in India – a wonderful VA service who do a wide range of admin tasks for me. The beauty of them is not only their low cost but also I only need to pay them when I need to use them. So it isn’t a constant overhead cost. There are many foreign and local services. I mix it up depending on my needs – my book-keeper is local and an expert in UK tax legislation, so I don’t have to be.
When you start a task, practice asking yourself “am I the best person to do this?”.
Just because you can do it, doesn’t mean you should.
Your say: I’d love to hear how you are letting go to let more in