How Much Does Doing It All REALLY Cost Your Business?

How Much Does Doing It All REALLY Cost Your Business?

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...
What does success look like now?

What does success look like now?

If you have left corporate to start up your own business have you redefined your criteria of success? If you were working for a company for many years chances are your success criteria were defined by your role, your departmental objectives and the company’s targets. Or maybe not…..maybe you defined your own success based on job title, salary and benefits package, overseas trips, class of business travel and number of staff reporting to you. So what happens when the constructs that we defined our success (and sometimes ourselves) by are no longer there? Does this mean we aren’t successful? Starting up your own business means redefining many things, finances, working location, tax status but often we forget to redefine how we will judge ourselves to be successful. From my own experience and working with many Corporate Crossovers®, (women starting a business who have left corporate) not redefining our success criteria can leave us with that nagging doubt wondering if we made the right decision to leave. If left unchecked, it can also grow into vacillation about whether to stay self-employed or to go and get a ‘real’ job again. Personally, I went through an 18 month period of wondering if I should ‘get real’ and get a job again and it wasn’t I took stock and thought about what success meant to me now in my own business, did I realize how successful I was! Taking stock for me involved: examining what was REALLY important to me about the life I wanted to live (my values) how much time I spent working now vs. before (daily hours and vacation) my income...
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