- July 7, 2014
- Posted by: Paul Foster
- Categories: Business Growth Advice, Grow a Business
Business owners, in particular startup business owners, must wear many hats for business success. At times it can feel very much like we’re a ‘jack of all trades, master of none’!
It might be time to ‘rent some brains’.
First you must determine which of your business activities make your company the most money.
(Related Article – One Thing All Successful Businesses Do)
“Well, sending invoices makes me money!”
(Related Article – How to Build a Business System For Freedom and Profit)
Business activities that can make you the most money might include:
- Calling past clients and asking for referrals
- Following up on sales leads
- Working on new product development
- Managing employees, ensuring they’re properly trained and educated on all your product and services
Now that you’re committed to focusing on areas in your business that will grow your business, it’s time to consider ‘renting some brains’. Where should you begin?
- Tasks that are necessary, but simply beyond your skills set (legal advice, tax advice, website development)
- Jobs that don’t make you money by doing yourself – (payroll, invoicing)
- Tasks that you simply don’t enjoy doing, don’t excel at, don’t have time to do, and don’t make your company money
It can be difficult and scary to let go of control and trust another person, but to grow your business for cash, freedom and profit, it’s essential.
(Related Article – Tips to Improving the Hiring Process)
Here’s a simple example of how to determine the return on investment on renting some brains:
Let’s say you value your time at $50 per hour. If you are doing bookkeeping for 10 hours a week, that costs you $500 a week. If you hire a bookkeeper for $25 per hour and they can do the job faster than you (which surely they can), your cost will be less than $250 per week. There is also the happiness value of delegating a job you didn’t want to do anyway!
Can you spend the 10 hours a week you just freed up making more than $250? Of course you can!
When did you take your first leap to ‘rent some brains’?