Do you enjoy leaving money on the table? Do you like to waste time by not doing things efficiently?
Of course you don’t, but so many entrepreneurs make mistakes that lead them to hinder the growth of the business. Most entrepreneurs have great talents, but many times they think that they can do it all. That can really stall the growth of the business.
The Beauty of Outsourcing
By outsourcing day to day tasks, the business owner has more time to focus on generating income.
If you’ve been telling yourself that you’re too small to outsource tasks, and that outsourcing is only for big companies, think again. Technology has made outsourcing a more accessible and affordable tool for small businesses.
Technological advances are at the point where professionals can work from anywhere in the world, and so can the people that they need to hire. Everything from virtual executive assistants to marketing directors and paralegals can all be outsourced now.
Freelancers and service-providing companies can come on board as subcontractors and save a small business owner the burden of paying overhead, payroll taxes, employee benefits, workers compensation, as well as the space constrictions that growing a company in-house can present.
Progressive entrepreneurs realize the power of outsourcing to handle aspects of their business that are essential, but that doesn’t make sense for them to deal with personally.
It doesn’t matter if you’ve been in business for 20 years or 20 days, outsourcing can benefit your business and help it grow exponentially.
These are the top 3 tasks that entrepreneurs should be outsourcing:
Humility is the sign of a great leader. Chances are, unless you’re an entrepreneurial marketer, marketing isn’t your strong suit. It’s time to admit your lack of knowledge and resources and look for help in the marketing arena.
Outsourcing your marketing tasks to an expert can help you to understand your customers and their habits, by being able to measure key indicators about their buying behavior and how they associate with your business. These tasks require skills and expertise.
Do you know how to create a brilliant marketing campaign complete with stellar copywriting, eye-catching and professional graphic design, engaging social media posts, and a well thought-out strategy? Marketing teams provide these skills and expertise under one umbrella.
When you outsource your marketing tasks, you can also work with a team that specializes in working digitally. This lowers the cost of software and other tools, plus you have access to a professional who is trained to employ the instruments and has the experience of using them daily. Hiring an outsourced marketing team proves valuable for decreasing marketing costs and also increasing peace of mind and your bottom line.
2. Answering The Phone
How much is your time worth? Every entrepreneur should know the value of their own time.
Let’s imagine your time is worth $100/hour. Consider how much of that time you should spend answering your business’s incoming phone calls.
Maybe you spend a total of 3 total hours per week answering frequently asked questions over the phone, and 4 hours handling administrative tasks like scheduling appointments. That’s $700 a week of your time that you could be outsourcing for a small fraction of that amount.
You could be spending those 7 hours working with clients and growing your business, and you should be. While answering the phone and handling these tasks is important, it’s probably not the best use of your time.
When you invest in an answering service or a virtual receptionist, you are opening up your work schedule so that you can handle more productive tasks.
Bookkeeping is kind of like going to the dentist — no one really wants to take the time to do it, but neglecting it can lead to serious repercussions.
Instead of having in-house bookkeeping services, or doing it yourself, many businesses are finding a multitude of advantages to outsourcing their bookkeeping.
Outsourcing these tasks gives you a great way to have full-time knowledge on your team without having to pay for it around the clock. By putting your books in the hands of a highly skilled staff who understands the best practices and how to properly staff for certain tasks, your job of making sure your books are in order becomes a whole lot easier, and effective.
You can try to do a lot of things in your business that you really shouldn’t be doing, and if you make a mistake, that’s usually okay. But you really don’t want to make mistakes when you handle the finances of your business. Best to leave it up to the professionals to crunch the numbers while you focus on more important things.
Kick Your Old School Mentality
If you find yourself constantly thinking that you need to figure everything out for yourself, you might be battling an old-school mentality in business. You probably think it will save you money to do it all by yourself.
Does any of this sound familiar when you’re faced with a new task?
“I don’t know how to do that, but I’m sure I can watch a YouTube video and figure it out.”
“How much does that cost? Really? I could build that.”
“I’ll just figure it out. I’m smart. I’m resourceful. I’m creative.”
“I’ll figure out how to do it myself.”
“I’m not paying for an expert on this.”
“I’m not paying for a service to do that.”
“I’ll hire someone to do that when my business is making more money.”
That’s the way of the old school entrepreneur.
If you’ve wasted time trying to figure out how to do things that you have no business doing, you may have been taught that if you want to save time and money, you have to figure out how to do it yourself.
This is not to suggest that you shouldn’t know anything about these tasks. It is important to figure out enough to know whether or not you need it and just enough to know if you’re being taken advantage of. You don’t need to figure out how to code a website, but it’s up to you to know if the person you’ve hired is a scam artist or not and if what they’re telling you is what you really need.
When you outsource, you can focus your time, attention and resources on your company’s core competencies, and spend your time setting new goals and finding ways to achieve them.