Have you realized the true cost of not delegating?
Want to grow your business?
Would having more time in your week help you to grow?
Stressed out, overwhelmed business owners found when they did this exercise for simple delegation they:
- Overcame their fear of tasks not being done correctly
- Are surprised at how much extra time they have
- Used the extra time created to find and close new business
We’re going to talk about the impact delegating will have on your business.
Take a moment and think about the following questions.
First, pick a task that you want to outsource. How often is the task done? How long does the task take you? How much time will delegating that task save you over the long run?
Do you have the amount of time you will save yearly by having someone else do the task?
Great. Hold onto that number for a moment.
What is your time worth? Let’s say that on average, your time as an entrepreneur/coach/consultant/cat juggler is worth about $150/hour.
Take that total time you calculated that you’ll save over a year and multiply it by your hourly rate.
Awesome, that’s the amount of time/money you’re saving a year, right?
Now, what you may not be aware of is that the true value of this time is actually 2x your hourly rate. Why? Opportunity cost.
You’ve not spent $150 doing work beneath your pay grade and you can now generate $150 using the hour you’ve just saved.
So what’s your net gain of out-tasking?
It’s 2x your hourly rate, or in this example, $300.
And you’re no longer having to do those frustrating tasks yourself.
Say that you do similar out-tasking once a week and continue handing off tasks that don’t add to your bottom line. Now, you’ve realized $300x51 operational gains in your business. And that’s a conservative estimate.
Not only do you receive the operational gains from out-tasking, you save a significant amount of your time through that one action. You can now reap the benefits of it forever.
When you look at your to-do list over the next couple days, imagine how much potential you have to save time. How much time do you gain back for yourself?
If you were to out-task 3 hours a week of work, then you’ll get back 156 hours over the year (assuming 3 hours/week for 52 weeks). That’s almost a whole WEEK’S worth of time.
If you had an extra week of time, what would you do with it?
Remember — things you out-task CAN and MUST include activities you enjoy doing. The goal is for you to personally recoup time weekly that you can then use to expand your business.
Think what it would be like to sit down at your desk every morning and see all the progress made in your business WITHOUT your direct involvement. What could you accomplish? How would that feel? Is that worth the effort of successfully delegating?
Drowning in to-dos? Power through your task list this week with time to spare. Take the free “Delegate Today” Mini Course to get started.