How Outsourcing Can Save You Time And Money As An Entrepreneur

I read the instructions thoroughly and counted all the parts labeled A through F. I had everything right down to the “6 x mid-length screws”.   After ensuring once again that I understood everything, I began to put the desk together. It seemed simple enough. The majority of the desk was already pre-assembled, and it had pre-drilled holes.  All I had to do was assemble and install the drawers and attach the legs. “This should be easy.” I thought. “I’ll be done in 30 minutes.” There’s no need for outsourcing here.

If there was a saying called “famous last thoughts,” that one surely qualified.  After realizing that the pre-drilled holes didn’t align properly, that I really needed power tools instead of a crappy allen wrench, and that all of the sides on part D were not equal, I emerged from my office 3 ½ hours later. I still hadn’t completed my desk, but I had wasted oodles of time.

I wish I could say that I only wasted time on home projects, but I’ve wasted tons of time attempting to DIY my business too.  My attempts at business do-it-yourself include:

1) attempting to learn illustrator to create my own custom branding,

2) studying a little code because I wanted to tweak a WordPress theme,

3) Facebook ads,

4) accounting,

5) bookkeeping, and

6) attempting to learn Photoshop to “touch-up” my own photos.

While I console myself by appreciating that I learned some valuable lessons in those attempts, I recognize now that the most prudent business decision would have been to outsource those tasks. Instead of futzing around for hours and doing a mediocre job, I could have been and should have been closing more business.

What Is Outsourcing?

Outsourcing simply means that you offload tasks in your business to someone else. Usually, that person is a contractor with expertise in a particular area. However, you can also outsource to assistants and business managers who will handle a wide variety of general tasks too.  

When it comes to virtual companies, entrepreneurs outsource to national and international contractors. The name of the game there is cost savings. Often times you can find expert international contractors who charge significantly less than the prevailing rate for domestic help.   In doing so owners are able to cut cost and stay focused on the core competencies of their business.

How To Outsource?

When you start your own business, you quickly realize that time is your most valuable resource So figuring out how to use it wisely is an important skill.  Unfortunately, most entrepreneurs learn effective time management skills the hard way.

We end up doing everything ourselves because we believe that we can’t afford to hire help. We wait to hire until we have enough revenue to justify the expense.  What we don’t see is that outsourcing is one of the best ways to generate the revenue we seek. By outsourcing, we make an investment in our businesses giving ourselves the time and energy to focus on the core aspects of our business – marketing our services and delivering them with excellence.  The more time we free up to do that – the faster our bottom line will grow and the faster we will get things done.

To outsource with limited cash flow, start small.  Look for 1 or 2 tasks that take you 10 to 15 hours to complete each month.  Then resolve to outsource those tasks to an independent contractor next month.  You may have to dig into savings, eliminate expenses, or break out the ol’ credit card to do it, but trust me it’s worth it. You’ll have more time to work on growing your business instead of growing busy with work that isn’t generating revenue.  

What To Outsource?

If you are used to multi-tasking and doing everything yourself like most professional women, it’s hard to know what to outsource because you aren’t used to asking for help. However, the best tasks to outsource fall into 3 major categories:  

1) highly repetitive tasks such as social media posts and blogging,

2) highly-skilled, executive expertise like an accountant/bookkeeper or online business manager, and

3) specialized skills such as a website developer or graphic designer.  

Take the time now to list the aspects of your business that might fall into those categories. Is there something in one of those categories that you would like to off load immediately?

There are also tons of strength finder assessments out there to help you uncover your core competencies. Once uncovered, you should try to outsource those necessary business tasks that fall outside of those strengths as you can. You can find several free assessments here.  

The Bottom Line

If you want to grow your business quickly, you must outsource way before you are ready. To hire help when you have limited cash flow is challenging but not impossible.  By doing all you can to outsource 10 to 15 hours per month you can transform your business because you will have more time and energy to focus on what’s most important.

What tasks do you outsource in your business or wish that you could?  Let me know in the comments.