In life, we always want to spend time doing things ourselves – mainly through fear of someone doing it wrong. Sometimes, though, we’ll go to take on a task that is simply beyond us. Also, most of us don’t like having to spend money to get someone to do something we could do ourselves. If you take on something you are not quite equipped to do in place of doing something that is more your natural forte, though, you are saving nothing.
Outsourcing to professionals who know the task you are looking to complete will cost you money, yes, but it might save you more than you would lose. Taking on a task you are not suited to will cost you more time but it will also cost you money, as that time could be better-spent doing something you are skilled at. Instead, you should look to use outsourced professionals to help you be more efficient with your time.
Calculating Your Value
So, start off by calculating your weekly business income, and then divide it by the hours that you work. This is your hourly rate. So if you made $1,000 that week, and you worked 40 hours, that’s exactly $25/hour. So, if a task was going to take you more than an hour to complete but $25 or less to outsource to an expert and let you work on normally, it’s worth it.
It’s the same when choosing good quality software to use. If you were to outsource and manage your accountancy through a platform like QuickBooks online, for example, it costs you just $5 per month. A rival to their service, Xero, charges $25/month.
However, it’s far more intuitive and user-friendly, and it automates a lot of the challenges you face when managing your books. It costs you more per month, but it saves you a lot of time and effort. Xero would mean spending far less time doing your accounts and far more time earning money running your business.
Even if it only saves you an hour or time, it’s still another $25 in your pocket, isn’t it?
This TEDtalk really inspired me to evaluate my value, have a listen and hopefully it too will help you https://www.ted.com/talks/casey_brown_know_your_worth_and_then_ask_for_it
Learn how to make massive savings on household expenses using a combination of Xero Accountancy & Best-selling book The Barefoot Investor and Sally Hams and her experience and success with personal finance.
Using the above platform, you could make incredible savings simply by outsourcing using accountancy software in particular. By combining Barefoot methodologies with Xero accountancy, you can make a wholesale shift in the way that you spend money – and save money. I’ve managed to save an unbelievable $1,700 on average in six months alone on household bills and costs that I could have avoided if I’d been more methodical with my time/money planning.
Time is money – it always has been, always will be. Even when it comes to basic things like shopping, you can save money. Do your shopping online; its easier to stick to your pre-determined budget and, even with add-on fees from delivery, can save you hours of mulling around stores.
Using the ideas above and a mixture of The Barefoot Investor and Xero, anyone can make sure they are far more in command of their finances & their budget while seeing gradual, continuous spending improvements leading to more money being left in the bank!
If you want to discuss more about Barefooting, or talking through the book and my experiences then please don’t hesitate to book a time here https://calendly.com/balancebooks/15minutephonecall to speak with me personally as I’d love to help you in any way I can or hear your success with the book. Here’s to a healthy financial future.
Disclaimer: The advice contained in Balance Books blogs and newsletters is of a general nature only and may not apply to your individual business circumstances. For specific advice relating to your situation, please contact your Accountant or other professional adviser to discuss further.