8 Myths Costing You Time & Money Series: Part 3 of 4
For the past two weeks I’ve been focusing on debunking some of the myths surrounding delegation. These myths are the top excuses I hear over and over on why you have not started hiring and delegating.
Today, I’m going to continue debunking a couple more myths (’cause that’s what I do) so you can finally take the plunge, hire a virtual assistant, start building your team and seeing how quickly you grow as a result.
The Fallacious State of Unknowning
What can I possibly delegate?
Delegating can be a difficult concept and even harder task for most of us to embrace.
However, once you see the light, delegating is what’s going to allow you to work on what you love to do. You know, that thing that got you to start the business in the first place. Immediately after the seeing the light thing, the next step you’ll probably take is to look at your enormous to-do list and ask yourself – “Where do I begin?” Am I Right?
Let’s switch gears for a sec here, for many of you the real question is not how to get more business.
Wait, before you throw tomatoes at me, don’t get me wrong, we all need more clients, they are the lifeblood of our business. But, thankfully, you are rock-n-rolling in your business and have full stable of clients.
The real issue for you is how do you grow so you can take on more work? Right?
So how do you plan to take your business to the next level? Say, from $80k to $100k or $250k to $500k and beyond when you still insist in doing everything all by your pretty little self?
The correct answer here would be LEVERAGE. In this case, leverage by way of hiring people, whether it’s your first assistant or building a team and giving them stuff to do.
However, it’s not just about randomly delegating, but strategically delegating.
Let me take this moment to quickly define what I mean by delegating – delegating means that you systematize then automate with technology or assign work to other people so you don’t have to do it.
So, you want to delegate the right tasks, at the right time and to the right person. Yes, I know delegating is an art and it does take a bit of practice, but giving away work to other people will be infinitely harder when you don’t know what makes sense to hand off. And more so if budget is an issue.
You wouldn’t believe how many entrepreneurs start delegating the farm without being crystal clear on what they should delegate. Then when things don’t workout they revert back to doing it all themselves and once again become the bottlenecks of their business. Then Poof! Overwhelm, exhaustion and burnout sets back in.
Before, you start giving away work, the key is to be clear on what makes sense to delegate.
My suggestion when making decisions about what you should give away is that you determine the return on investment. The tasks you decide to delegate will contribute to your ultimate goal and quickly.
Choose tasks that fall into the following four areas – anything that:
• Does not bring in the cash
• You hate doing (seriously!)
• You don’t know how to do
• You don’t have time to do
The other thing you can do to help you decide what to delegate is knowing your hourly rate. How much are you worth per hour? Can you rattle off the number quickly? I hope so.
Because, here’s the deal, say you want to make 200k a year and you work 40 hours per week, then your hourly rate would be roughly $100.
But, say yesterday you spent 3 hours uploading and formatting your latest blog post to your website so it’s perfect. Or how about you were doing ‘research’ (OK, let’s be honest ‘surfing the Internet’ is what research really means.) Or, here’s a good one, you futzed with your shopping cart and payment gateway.
Can you honestly say, these tasks are worth $100/hr.?
There you go, I just helped you figure out in less than 5 minutes the first three things you need to get off your plate! Give these tasks to someone that will be thrilled to take care of it for you and for a hell lot less than $100/hr.
One last tip on what you can delegate, and this one is for those of you who are muttering, “Yvette, that’s a nice idea and all, but I just don’t have the money to hire someone to get stuff off my plate!” (that just so happens to be the first myth I debunkedified.)
What you are going to do is delegate tasks from initiatives that are already bringing in cash.
Ask yourself – What project has been making me money?
I know this sounds really basic and all common sensy, but if you are doing well with a particular marketing strategy, then hire someone to help you do more of what’s working.
For example, if commenting on websites and forums within your industry is bringing you lots of ideal leads your way, then hire someone to help you increase how many times you comment on those websites and forums. Make sense?
Look for what is making money right now and hire someone to do more of it. The more income you generate the more things you can delegate to your new found sanity savior.
A Mysterious Fear of Freedom
I’m delegating – Now What? What am I going to do with my time if I delegate “everything” to someone else?
This myth couldn’t be funnier, but it’s something I hear from women time and time again! I pinky swear it’s true.
So, here’s what you’re going to do: Engage in ONLY the highest-income generating activities!
That means more strategizing, more creating, more relationship-building – stuff that is going to bring in the cash and are a helluva lot more fun to do!
Three you have it, another fab episode on “Debunking the Untruths of Delegation”
Come back next week, same place, same time for the last two myths of this series.
In the meantime, I’m going to go a little woo woo on you today.
You know you must delegate if you want to grow your business, but you are having a hard time making the decision. Many of the things we do or don’t do are based on what we believe.
So, I’d love to know what beliefs do you have that are holing you back from delegating?
Just a little homework assignment for ya!