Delegation Formula – How Much Can You Save?

Delegation Formula

Many entrepreneurs struggle with the idea of paying outside team members. They feel they can’t afford to hire outside help. But I say you can’t afford not to outsource. Studies have proven that entrepreneurs who have outside help make more money.

Web traffic and sales expert James Wedmore said the year he started using outside help was the year his business went to six figures. I can’t guarantee outsourcing will generate the same results for you, but it’s certainly worth considering. And I can guarantee that it will free you up to create more momentum in your business.

Think of your outside team as an investment in your business. And if you’re not willing to invest in your business, why should your potential clients and joint venture partners?

Eve Siegel, career and life transitions coach, said, “How much can I do and what’s it worth my time to do?” You only want to be doing the things that are worth your time to do.

I have created a delegation formula that I like to suggest to my business owner clients to help them determine how much time and money they can save by outsourcing repetitive and non-revenue generating tasks. And don’t worry, it isn’t as complicated as the one in the image above!

Here are the steps you can take to determine what you can save and what you should consider turning over to outside team members

  1. Determine how many total hours a month you work on your business

  2. Divide the total you earn a month by # of hours to get your hourly rate

  3. Make a list of everything you’re doing yourself

  4. Determine which tasks you’re doing that could be delegated for less than your hourly rate, or that someone else could do better in less time

  5. This will help you determine what that time doing tasks you don’t need to be doing is costing you in lost revenue


Would you like to know specific ways you can leverage outside team members? I would be happy to schedule a complimentary 30-minute phone strategy session with you!


Deidra Miller
Administrative and Marketing Consultant

 

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