Choose the Right Clients
You spend your day answering calls, contacting clients, checking your email, bookkeeping, designing a logo, organizing your desk, setting-up appointments and so on. You close shop each night with a sense of having been very busy. But are you as busy as you really think you are?
Successful businessmen and businesswomen know how to delegate consuming activities, instead of letting those activities suck their precious time, attention and energy. These men and women ask themselves, “What am I an expert at?” and then focus the bulk of their time on their expertise. Doing so effectively saves them money and allows them to focus on their passion. It is then imperative to recognize that this newfound time is now associated with a cost.
One bright business owner was debating hiring an accountant. This man spent 3 hours every month balancing his books, and he thought that his time might be better spent elsewhere. This business owner knew an accountant who was willing to balance his books for $75 a month. Calculating that his time was worth $125 an hour, this man realized that although hiring an accountant would mean an actual cost of $75 a month, he would effectively save about 3 hours, or $300 a month. Effective savings do not always outweigh actual costs, so it is important to tie outsourcing costs with revenue building benefits.
Overhead redistribution allows small and medium businessmen and women to dedicate themselves to their passion. A carpenter, for example, can spend his or her time with wood, building, creating, and learning new trends and techniques, while a manager can lead his or her employees rather than waste time designing his company’s new website. Outsourcing leaves more time for creativity, imagination, and passion, all the while leaving one confident that the overhead work will be done well and on schedule.
Outsourcing is an expense, and as such ought to be tied to a real benefit. The newly gained benefit must outweigh the expense. If you pay a graphic designer $150 to design your company’s logo, save your self 2 hours, and then waste those 2 hours stalking your High School friends on Facebook, then you might as well have done the logo yourself. There is also the risk of letting yourself drag out other tasks unnecessarily because you have less of a motivating time constraint. Eliminating overhead activity is fantastic, but be sure to have full consciousness of how you will spend your new time before you make any outsourcing decision.
You are an expert. If this expertise is in administrative overhead, then by all means, keep at it. But if you have some other expertise and passion, respect yourself enough to take the time to grow and bask in your passion.
You know the scenario: A prospect hears a presentation, agrees that your solution is the right one, and works with you on the price — only to later tell you, “But let’s look at this next quarter.” How do you get customers to buy now, not later?