Wednesday, November 29, 2006

The value of time.


Your goal as an entrepreneur isn't to work forever - it's to create a business that will generate the money you need. You need to be thinking about HOW to replace yourself. 
The first thing you need to replace is your customer support. Then follow it with website design, 
writing, research... anything and everything else you can until your business can run without you. 
That should be the end goal of your business. 

Replace yourself by either outsourcing the tasks you currently do - or hire employees.

Outsourcing is the practice of contracting out certain business functions or processes to external service providers. This can include tasks ranging from customer support and information technology to manufacturing and back-office operations. Outsourcing is commonly used by businesses to access specialized skills, reduce costs, and focus on core competencies.

Benefits of Outsourcing:
Cost Savings: Outsourcing can often be more cost-effective than handling certain functions in-house, 
especially when labor costs are lower in the outsourcing destination.

Access to Specialized Skills: Companies can tap into the expertise of external professionals, 
accessing specialized skills and knowledge.

Focus on Core Competencies: Outsourcing allows businesses to concentrate on their core activities and 
strategic objectives while external partners handle non-core functions.

Flexibility and Scalability: Outsourcing provides flexibility to scale up or down based on business needs without the challenges of hiring or downsizing internal teams.

Global Reach: Outsourcing allows businesses to leverage a global talent pool and expand their reach beyond geographic boundaries.

Finally.

Charge for your time. You should not be giving away your most valuable asset for free. Every second that you are spending with a client, you are not able to spend with your family.
... how much is your time worth? 
As you grow in your niche, people will start trying to get your time for free.
Beware of this - because it will quickly kill your productivity and your business.

Every time you start into a project, you are interrupted by email, phone calls, instant messages....
Learn to cluster your time - take 60 minutes at the end of your workday when you are less productive... and then (and only then) answer your emails - and make phone calls back.

I wish You Success.

No comments: