As an entrepreneur, it’s in your nature to try and do everything within your company. At first, when funds are tight, it’s a good idea. Sales, accounting, management, trash removing…it’s all part of starting a business. But at what point should you let go and bring on other people to help you?
Take it from me: the longer you wait to delegate work, the harder it is to let go. You’ll convince yourself no one could possibly do the job as well as you. That it’s cheaper to just do it yourself. But you’re wrong. And it took me four years to find that out.
1. No One Can Do it As Good as You. This simply isn’t true. Otherwise there wouldn’t be specialists for marketing, accounting, management, etc. You’re really good at something. It might be the accounting. But if you’re the owner/CEO/founder of a business, your time is better spent managing operations and developing smart strategies for growth.
It’s a hard thing to admit you’re not perfect in all aspects of your business, but the sooner you realize this, the happier you’ll be. Trust me. Decide which things take you longer than you’d like. For my company, that’s research and graphic design. I’m capable, but these things stress me out and take me 20 times longer than they take people who do them day in and day out. So I outsource.
2. It’s Cheaper to Do Things Yourself. I hear you. But let’s assign an arbitrary value to your time. Let’s say one hour of your time is worth $100. If it takes you half an hour to update your Quickbooks, was that worth $50? Or would you rather pay someone say, $20 an hour to get it done in 15 minutes? Your $100 hour is better spent strategizing or making business deals.
And it’s more affordable than you think to get help. Start small, with part-timers or interns and build from there. You can get part-time help for under $20 an hour, depending on what you need. Or hire a firm for things like marketing, where you don’t want an amateur just to save a few bucks.
What I’ve Learned
I’ve been up and down on delegating, depending on my funds and time constraints. But the busier Egg gets, the more I have to outsource to my part-time staff. And let me tell you: there’s nothing better than having a day full of work that needs to get done, outsourcing it, and then having time to work on other things!