If you’re a business owner, you have the temptation to stay in “entrepreneur” mode. Granted, there is a time and a place where you scrap for every last resource – where you squeeze pennies until they bleed quarters. It’s painful – but it’s also a little fun. The problem is that real businesses don’t have to scrimp and save. Real owners don’t work 120 hour weeks. The whole point of being a business owner was to work four hours a week and play golf, right?
You are in your own way. As a business owner, you “know” the biz better than anyone, right? The problem is, you need to be a teacher, not a do-er. If you are doing things yourself, then you’ll never make it. You have to teach others to think like you. That’s hard. It’s tough. It will fail more times than it succeeds. But it is the only path to success.
The first thing you have to do as a business owner is establish what your time is worth. If you can’t put a number on what an hour of your time is worth, then your time is worthless. And subsequently, YOU are worthless.
Most business owners are worth between $500-$1500 per hour. In one hour, most business people can “make” or create at least that much money. If you can’t – rethink your status as a business owner.
Once you have this number, stack this against everything else that you do. Do you enter data into Quickbooks? Do you do payroll? Do you track inventory? Create schedules? If you do – you’re wasting THOUSANDS of dollars every month. You can get software tools to automate all those things. You can get virtual assistants (look into it) that will do all your tedious work for a few dollars per hour. Yes, it’s a cost. But what is the cost of YOU doing all the mundane, little things? TENS OF THOUSANDS OF DOLLARS.
You are the visionary – the entrepreneur. You have an energy and a tolerance for risk that is rare. Not everyone can do what you do. So stop doing what everyone else does. GO BE THE CHAMPION. Leave the little details to people who can get it done – to people who are a few dollars per hour.
I’ll say it again, because it’s worth repeating: If you can’t put a number on your time, then your time is worthless.
Once you have the number, stack that against the rate of your attorney, accountant, IT guy, insurance agent, etc. If what they charge is LESS than what your time is worth, let them do the work and forget about the rest. Double check their work with a third party. If they mess up, fire them. If they work well, let them do their job.
Then YOU go do YOURS.