At a conference this year, I heard many self employed and small business owners lamenting how hard they were working, yet not gaining any new business growth or profit. In today’s business environment many emerging entrepreneurs mistakenly attempt to wear all the hats when running their business. Instead of hiring someone to conduct some of the work for them, they mistakenly believe that they are saving money by doing everything themselves.
For every hour you spend during prime business growing hours working on tasks that are costing you (ie your website, your marketing copy, accounting) you are actually losing up to twice that amount in potential business growth. Many entrepreneurs lose sight of how much it actually costs them to wear all the hats.
As an example, if your goal is an income of $100,000 in a year, (for 8 hours a day, 50 weeks work and considering 2 weeks for standard vacation) your hourly work value is $50 per hour. So, if you could hire someone for $20 hour to manage your bookkeeping, and instead you do it yourself, it is now actually costing you $100 an hour. How? If you paid someone $20 from your $50 hour, you have a potential profit of $30 in that hour. If you do that job for yourself, you are now paying $50 for the hour (your hourly value), and since you are not producing any income during that time, you are losing another $50 of your potential income. Plus, many times it will take you twice as long to do the job that the bookkeeper can do because it is their expertise, and you may have a learning curve.
Years ago, I heard a statement “there is no such thing as a free lunch. Everything has a cost against your bottom line”.
Check it out for yourself and see if this is true.
Someone was bragging recently that she got free software to do the graphics for her website, so she doesn’t need to hire a graphic artist anymore. However, she now has to take the time to learn the program, and learn how to make her graphics look as professional as if a professional did the work. All the while taking away from doing her own business and producing an income.
If you believe you must do it all, then schedule any non-income producing tasks in your non-income hours instead of watching TV you will find more profit in your business. If you are wearing all the hats because you believe you must keep expenses down, energetically you are giving out the message that expenses are bad. People can feel that from you. Just remember, what is income to you, may be someone else’s expense. Since energy is reciprocal, what you are willing to give to others will return to you.
Delegating and hiring others to do what they do best, and do it for you, opens the field of energy for people to pay you for your products and services.
Focus on abundance for your business. The more abundant your business, the more you will see how expenses are taken care in the flow of abundance.
I am a real nag about planning. When you write an effective business plan or a marketing plan, you are focused on results. You have a blueprint to follow which can be adjusted as you grow. When you focus on your business growth you will find more ways to grow your business. Some things you may not have seen before will suddenly be in your line of sight. A support person will show up, or a new client will be referred to you. Those daily miracles occur. I suggest that you spend your time wisely and realize the value of your time.
Sumner M. Davenport is an Entrepreneur Coach, Self Worth Advocate, Author & Speaker. Her greatest passion is seeing people live the life of their dreams while assisting others to do the same. She encourages people to question their premature cognitive commitments and discover their own answers for their lives.She is quoted often and one of her quotes was voted to be included in the Top 10 Healthy Thoughts of 2007