Here it is, the business hack you’ve been waiting for… Delegation.
Ok, so this isn’t a new concept, but stick with me because I’m going to share my “formula” and rules that make this a game-changer for your business and life. While the idea of delegation is quite basic, it’s often not used to its full potential – if at all.
Just my two cents, but “You simply cannot and should not be doing everything yourself.”
I understand that it’s hard either giving up power or money, but this is exactly the reason you SHOULD. You’re not being efficient, it slows you down and you could end up potentially losing money as well.
So how do you know if delegation is right for you? The following two rules will help you determine if you can afford to delegate or if your business is at a point to delegate tasks.
- If you can hire out the task for less than you currently value your time at, then do it!
- Even if you have to hire it out for the same value as what you value your time at (or slightly more), and if it is delegating a non-income-producing activity, then do it.
Here’s how to estimate the hourly value of your time:
Take your gross revenue (or your estimated gross revenue) and divide it by the number of hours you put into your business. This is typically 2,080 hours a year (52 weeks x 40 hours a week). Example, if you made $80,000, your hourly rate would be about $39/hour.
If delegating a task would be less than this – do it! And keep in mind that even if it’s a higher rate, it will likely still save you time (which is ultimately more money).
And don’t forget, when you delegate you’re putting more jobs out into the economy as well. Not to mention you’ll likely be passing over duties that frustrate you Arrive In Style Limos. In turn you’ll likely feel a weight lifted – and be a happier person! I can tell you from experience that when you’re happier, you attract more customers/business.
I encourage you to start before you’re ready. Stop doing the things you hate. And spend time doing more of what you love – growing your business and having more fun with it.
To help you see where some of your inefficiencies are at (whether you’re an entrepreneur or business leader), be sure to make this list:
- What’s your hourly value?
- List every activity that you currently do to grow your business that somebody else could be doing that falls under your hourly value.
- List things that cost the same as (or a little more than) your hourly rate that you’re currently doing, but would save you hours.
- Add anything else that you could delegate ¬– get creative!
What were your results? I would love to hear! Be sure to tag me on Facebook or IG!
Now, go get delegating!
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- Business Hack
For more stories and tips on becoming unapologetically wealthy, follow me @Chriswharder on Instagram and check out www.fortheloveofmoney.com.