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Is trying to do everything yourself a false economy? 

In the early stages of a business, cash is often very tight, so it’s tempting to try and do everything yourself. But, is it a good plan?

There are always going to be a few things you do really well. Some tasks you can make an okay job of. Then there are other things that you find really difficult (and boring)…. and maybe don’t do them very well, so you spend a lot of time correcting  mistakes.

Here’s a few things to think about to help you decide whether to keep trying to do it all. And when activities might be better out-sourced:

 

  • Why did you set up your business in the first place?

    I’m guessing you were either already very skilled in providing the service you offer and / or it was something you loved and have a real passion for. It’s likely these are the things that generates your revenue. Plus, they’re what you enjoy doing the most. Think about how many hours you spend doing these and divide your revenue by the number of hours you spend on them. This’ll give you a good feel for how much you could be earning, if you were spending all your time working on your revenue drivers.

  • Now consider the amount of time you’re spending on other activities.

    How much of your time are they taking? It’s usually the case that things we’re not as good at take a lot of time. And they’re often things we put off, do slowly and badly. Even though they’re essential and we know they have to be done. Start by looking at the things you find the most difficult and find out how much it would cost to out-source them. Compare that cost to how much you could earn if you were spending this time doing revenue driving activities. You may well find that it makes economic sense to bite the bullet and out-source these tasks. And you’ll feel so much better if you do.

  • Is there an opportunity cost to doing the thing yourself?

    There are lots of tasks that we can do, with the help of Google. And we’ll eventually make an okay job of most of them. But, how much more money could you be making if the task had been done really well and you’d spent the time on the activities that make you money? I’d particularly recommend thinking about this in relation to things that can have a high impact on your revenue generation. For e-commerce businesses, your website would top of the list. A really good website will have a much higher conversion rate and rapidly pay back your financial investment. Similarly, an effective email platform, with automated nurture sequences, can really help your growth. Giving rapid payback of the cost of getting a professional to set it up.

  • Getting the most from your advertising budget.

    There’s lots of advice online for setting up ads on Google, Facebook and other platforms. But every business is different and you won’t find anything specific to you and your circumstances. So, it can be hard to know how to spend your budget effectively. If you choose to work with a professional, you’ll benefit from all their experience and training. And, if they’re good at what they do, they’ll know how to make the most of your money. Getting a much better return from the ad spend, than you could hope to achieve. In this case, I’d definitely recommend investing in some one-to-one training, if you don’t think you can afford full campaign management.

  • Spending time on tasks you hate saps your energy. And takes the joy out of running your business. If you have any tasks that fill you with dread, think about outsourcing them. It’ll be better for your mental health. And keep you in love with running your business. A person who loves them is also likely to do them better!

 

When I started my Business, I was really clear that the hours I spend working on creating and optimising advertising campaigns, are where I can deliver the most value for my customers and revenue for my Business. I manage my Business in a way that ensures I maximise the hours I spend doing this.

I’ve previously been a Marketing Director and had some knowledge of Accounts. But I’m not an expert. And it’s not something I enjoy. So, I chose to work with an accountant from the outset. Knowing this would free up time for the activities where I can add real value.

  

I highly recommend taking the time to understand which of your business activities only you can do. And what their revenue potential is.

Then consider whether spending more time on these activities and outsourcing others would make for a more profitable business and enjoyable life.

Contact

07534 167953
helen@remixmarketing.co.uk

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