Updated: Apr 13
Time. Time is what you need every single day, to enable you to grow your business. Time is what you sell, so the less you have, the less income potential there is. Growing a business is hard enough, but if you're using up most of your time on things that aren't actively helping you to grow your business, it's even harder.
It can seem counter-intuitive to pay someone to free up your time, what's the purpose of using money to free up time to make money? Well, the money you're going to pay out to someone to help free up your time, is far less than the income you're going to make by using your new-found time to grow your business.
It's really very simple. Every job you do day to day should be work that is going to help you bring in more revenue, and believe it or not, chasing payments or sending invoices isn't going to do that. Therefore, you should be getting smart about the work you're doing and get clear about what is and what isn't going to generate money.
It's hard to let go, you often feel that you're the only person capable of doing the jobs you do each day in your business, but that isn't true. To make things easier, you need to draw up two lists. One list should include jobs that you do that actively contribute to bringing in money. This might include things like networking and prospecting because although they are time-consuming tasks, they have the ability to bring in new business. Sending invoices, creating infographics, onboarding new staff, and developing training programmes are all tasks that are not going to directly contribute to your bottom line.
Once you have your two lists, one that includes jobs that can bring in revenue and one that does not, now you need to decide what you can outsource from the list of jobs that aren't ever going to bring you in cash. How long do these jobs take you each week? Work it out, and add up the time. Now, can you afford to outsource all of that time? If not, how much of it can you afford to give to someone else? Some time is better than nothing at all. Pick the most time-consuming jobs, the jobs you really hate doing and get rid of them. Now you have more time to put yourself in roles or projects that are going to actively give you an opportunity to bring in money.
Choosing a VA instead of employing someone gives you more flexibility and better control of your budget. You have the freedom to cancel your plan at any time or pause if need be. You can't do that with an employee. You're also much more likely to find a willing VA who will work for 10 hours per month than you will someone who wants solid employment.
On top of that, you have no recruitment costs to worry about, and no issues with things like pension enrollment, benefits, or sick pay. Perhaps employing a VA is a temporary measure as you grow your business, putting you in good stead before you move on to employment.
The ultimate goal is to free up your time because, without time, you can't scale. The next step is getting over the fear of letting go and we have all sorts of blog posts to help you with that, feel free to check them out.