It’s no secret that running a business takes hard work. You have to be able to wear many hats and handle a variety of tasks. But what happens you’re overwhelmed with serving your clients, marketing your business, and managing all the moving parts?
Have you asked yourself, “How can I afford the help I need?”
If you haven’t, and you feel like you’re the bottleneck in your business, maybe it is time to consider hiring help. I know, just thinking about it on top of everything else can be too much, and it may feel like a stretch to hire someone – whether that be your first employee or a virtual assistant.
You can look at hiring one of two ways:
1. As an expense
2. As an investment
When you look at hiring as an expense all you can see is how much they are costing you. All you can see is the amount of money that is now going out the door each month, and every time you delegate or bring a new person on board it feels like you are ‘losing’ money.
This is the wrong way to look at hiring.
Instead, we want to look at hiring as an investment. We want to look at it through the lens of ‘how does this team member bring more money into the business?
Because every single person on your team should be allowing the business to make more money.
To be clear, this does NOT mean that every person on your team will be directly bringing clients in the door unless you are hiring them in a sales or marketing role.
What it means is that each person on the team allows YOU to be freed up to do the things that grow the business.
As the CEO of your company, you have a choice. You can either:
Spend your time on the backend, day to day stuff that runs the business
Spend your time on the stuff that grows the business
When we look at hiring this way, it requires that we ask ourselves:
“How does this person coming on board allow ME to continue to grow and expand the business?”
Let me share with you my perspective… Let’s say you’re a Coach or Consultant and your hourly rate is $1,500 HKD per hour, which is approximately $190 USD. On a monthly basis you are spending 20 hours on your business administration.
Would you agree that your time could be better spent either doing sales and marketing, or serving your clients, or better yet, spending more quality time with your family and friends?
Running your numbers, you’re spending $30,000 HKD per month of your time on your business administration. (20 hours x $1,500 HKD = $30,000 HKD)
So, how does the cost of your time compare to hiring a virtual assistant?
Our fees start at 10 hours per month for $3,650 HKD, so 20 hours would be $7,085 HKD.
Now, if you delegated those 20 hours to a VA, and used 15 hours to serve clients and 5 hours for family and friends, you’d be earning an extra $15,415 HKD in income after paying your VA.
Based on those numbers, it’s a win-win, and your Virtual Assistant will be able to get you out of the weeds and take those day-to-day admin tasks off your plate.
This is when hiring becomes an investment, as it gives you back your TIME to focus on the things that truly do bring more money into the business.
Here’s the bottom line…
If YOU don’t do your part – focus on activities that will grow the business – then yes, your team members will feel like just an expense because there isn’t any more money coming in the door.
Each and every time you hire someone to free you up to focus on growth, that is an investment in your business and where the magic really happens.
If you’re overwhelmed, struggling to get things done, or recognise you need some assistance, organise a call with me to discuss your business support needs.