Are You Cheating Your Own Business?
March 7th, 2010
Are you thinking about outsourcing, but worried that it’s too expensive to pay someone else to work for you?
If you outsource in the right way, the outsourcing you do should save you money. It’s about more than just getting a job done, it’s about freeing up your time.
I want you to do a simple exercise that will help identify which aspects of your job you should be outsourcing, and how outsourcing can save you money. I want you to work out what your time is worth. Now, this is not necessarily the rate you are charging your clients. But this is the amount that you need to keep in mind when you are doing every task you do during a work day.
1. Write down what you want to earn in the next year.
2. Write down how many weeks per year and the hours per week that you want to work.
3. Using these figures, calculate your hourly value.
4. Keep that number in the front of your mind throughout each work day, for a week.
Say, for example, your goal is to make �250,000 in the next year. You want to earn this amount by working 30 hours a week for 46 weeks. This would make your hourly value �181.16.
Whatever this number is, stick it above your desk, put it on your screensaver, write it on your day planner. Then, as you go about your working day, you should be asking yourself constantly, “Is what I’m doing right now worth �181.16?”
Or, more importantly, ask yourself, “Would I pay someone else �181.16 per hour to do this?”
I guarantee that if you do this for just a couple of days, you will immediately find many areas where you are wasting time. For example, you might spend an hour on a phone call with someone who is just chatting with you instead of helping to grow your business. When you see the figure “�181.16″ written by your phone, you’ll quickly realise that this phone call is not a good use of your b Read the rest of this entry »
