As Fabulous Fempreneurs, we are each adept at wearing many hats. We don’t just make and sell our fabulous products and services (let’s call these our “Fabs”), we also market those Fabs, negotiate with vendors on supplies, do our books each month, attend trade shows, give presentations, do research, work on newer and better Fabs, etc…
In other words, many of us wear all the hats. It can be exhausting…and it could be holding you back from taking your business to the next level. There are only so many hours in the day. If you spend half your time building Fabs (earning income) and half your time on running your business, you are significantly limiting your potential growth.
Think about what your business would look like if you could spend, say, 75% of your day making Fabs instead of 50%? What would that do to your income, your client base and your overall success?
If you have more Fabs orders (demand) than you can fulfill (capacity), it may be time to free up some of your capacity by delegating certain tasks to vendors. Vendors can take away your nonessential workload, allowing you more time to generate income and focus on the high-skill activities that only you can perform.
For example, let’s say that you can build four Fabs in an hour. You sell them to an eager audience for $25 each. That means your time is worth $100 an hour. If there are essential business activities that you can pay a professional to do for less than $100 an hour, then it makes financial sense to delegate. It may take you five hours each month to balance your books when you can hire a savvy bookkeeper for $50/hr who can do it in three. Instead of spending $500 worth of your time doing the books (5 hours x $100/hr) you could hire a bookkeeper to do the same job for $150.
You see how delegation can work in your favor?
Some of the most common vendors that business owners use are bookkeepers, virtual assistants/research assistants, copywriters, website designers, sales people, marketing experts, and search engine optimization experts.
In many cases, vendors won’t just save you time, they’ll also do a better job. A professional website designer, for instance, can probably create a much better website than you can on your own. Delegating tasks to vendors will save you time and help improve your business as long as you do your homework, hire talented individuals or companies, and communicate effectively with your vendors so that they understand your expectations. They become a valuable part of your Hub.
I also firmly believe a business coach should be on your list of vendors. You can’t necessarily delegate tasks to a business coach, but we can help you become more productive, guide you towards growing your business in the right direction, and help you find the right balance to enjoy your business success!
Have you already hired vendors? What do you think? Have they helped free up more time so you could improve your business?