Many successful entrepreneurs believe that they are
actually being frugal by not getting the help they need.
Some assume that by doing everything themselves, they are
saving money and thus earning more. In most cases, this
simply isn’t true. When you use your valuable time
performing the tasks that generate the most profit for your
company, you are using your time to its full income earning
potential. If you are like most small business owners
however, a great deal of your time is likely spent on
paperwork and other administrative functions that are
necessary to the success of your business, but don’t
directly generate income. Imagine how much more profitable
you could be, if you could virtually erase this clerical
time from your task set.
In order to illustrate this point, let’s use the
example of an entrepreneur who works an 8 hour day, and
earns on average, $400 per day. This would mean that this
business owner earns an hourly wage of $50. But, 2.5 hours
of his or her day is spent on administrative functions. If
we were to eliminate the time spent on these tasks, the
entrepreneur would be earning close to $73 per hour for the
remaining 5.5 hours. Now imagine if the entrepreneur could
spend a full 8 hour work day on the tasks that generate the
most revenue for their business. He or she could
potentially be earning $584 dollars a day minus the cost of
outsourcing the clerical work, which should be
significantly less than the $184 per day gained.
Until recent years, the thought of getting the
administrative aspects of your business off of your plate
meant that you had to hire an employee. But, for many
entrepreneurs this was not feasible due to lack of space or
monetary concerns. This left many business owners with few
options, except to continue doing it all themselves.
Luckily, in today’s world of advanced internet
technologies, there are alternatives. In fact, there are
very few tasks today that can’t be outsourced. There
are companies that specialize in customer service, Virtual
Assistants for a variety of administrative functions and
Accountants and Bookkeepers for financial matters. A
simple Google search for just about any task on your to-do
list should give you a variety of companies that specialize
in the outsourcing of this service.
Virtual outsourcing is a means to accomplish the tasks you
need performed without the significant cost of hiring an
employee. Contracting the clerical aspects of your
business on an as-needed basis means that you are paying
only for the exact task you need accomplished. If this is
a couple of hours of bookkeeping or administrative duties,
it shouldn’t cost you a fortune, and in fact will
likely cost you much less than the money you could be
earning by using this time on your company’s primary
income gaining functions.
How much is your time worth? If you do the math, you might
be surprised at how much you could benefit from getting
qualified help. Virtual outsourcing will likely make your
business more profitable.
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Kelly Sims is a Virtual Assistant and Owner of Virtually
There VA Services. To sign up for her free newsletter
providing useful information that enhances and simplifies
the lives of busy entrepreneurs, visit her website at =>
http://www.virtuallythereva.com .
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