There’s one question I want you to answer today. The answer might not be one you’d like, but it could be a huge turnaround in your business:
What is your hourly rate?
For example, if you sell products and services online, calculate how much your time is worth. If you’re worth your salt, your time could be worth in the 3 figures.
The point is that you have a hourly rate, and it should determine what you do in your business and what you should outsource.
For example, if you’re stuck doing customer support, outsource it to a virtual assistant. It can get done quicker and cheaper than if you did it yourself.
If your time is worth 100 pounds and you just spend 3 hours doing customer support, you could have just wasted money. Because you could have gotten someone to do it for much less than that, so you can concentrate on the tasks that make you money.
Further, if you mow your own lawn, you need to hire someone to do it for you. You can easily get someone to do it for way less than your current hourly rate.
It’s all about leveraging time and resources. The savvy entrepreneur will recognize the valuable tasks (and their hourly rate) and delegate tasks that don’t match his/her hourly rate.
Yet many beginning marketers do everything themselves. They don’t realize the value of leveraging time and resources so they can concentrate on the money-producing tasks.
What are these tasks? They could be writing copy for your next promotion, working on the next joint venture deal, or preparing for a sales webinar. This is the stuff that’s going to make you money.
Not customer support. While necessary, there are too many marketers who do their own customer support. Of course, this shoudn’t be neglected, but it can easily be outsourced to someone who can do it for way cheaper than your hourly rate.
So the next time you start working on your business, ask yourself if what I’m doing is worth my current hourly rate. You’ll find many tasks that you could delegate, allowing you to concentrate on moneymaking tasks that could boost your hourly rate even more.
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