Are you watering down your worth?
Most small business owners started on their own and filled all the roles in their company. When the business needed a CEO, that was you. When it needed a project manager, it called on you. When your business needed a bookkeeper or a secretary or a production employee or a marketer… you were it.
But that was okay. You loved your business. And you were happy to be everything it needed. You had full control, you called the shots and your business kept you busy. You’re the reason it’s successful today!
Let’s be honest for a minute: you were bootstrapping. You didn’t have the money to hire people and pay them to do the menial tasks for you. You did it all because you didn’t have a choice. And because you thought you were saving money.
You were wrong.
“But I am a success! I’m making money. Business has never been busier!” You might be busy and your business might be successfully making money, but if you’re the only person it can call on when it needs help, then you’re losing money every single day.
Let’s use an example to demonstrate. Let’s assume the following:
- You bill clients $100 per hour for your product or service
- It takes on average 0.25 hours of marketing to earn one hour of billing
- Each hour of billing requires 0.5 hours of related administration
Let’s also assume that:
- Administrative services cost $30 per hour
And always bear in mind, your time is money, no matter which task you are performing!
Now let’s compare the “do it all” strategy versus hiring help for the administration:
By hiring help – by paying someone else to take over the work you shouldn’t be doing – you’re earning $35 more per hour.
- That’s $245 more per day.
- That’s $1225 more per week.
- That’s $4,900 more per month.
You work less, and you make more money.
And since you’re a smart person, you’ve probably already figured out that while you’re suddenly making more profit, you’re also working 2 hours less per day.
That’s 2 hours you could use to develop a new product. Bring in more customers. Start on that great idea. Heck, you could even work those extra 2 hours you just created out of thin air to earn an additional $200 every 24 hours.
Less work. More money.
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