14 Dec Highest and Best Use
Arguably one of the biggest challenges of starting your own business is the fact that you are the “_________ guy”. You fill in the blank. You started your business because you are really good at something, but now you are forced to be the head of sales, the marketing coordinator, the janitor, the bookkeeper, the receptionist, and the technician. Chances are, you have no idea what you are doing in the majority of those roles. Who can blame you?!….You’ve never done them before! Not only are these roles hard to learn and perfect, but they are also costing you time and money. Many business owners, as stated before, are really good at something – thus, the start of business – but the time they are able to devote to that area is drastically cut down once they have taken on 5 new roles. Now, it’s pretty easy to think that by not hiring someone to fill those roles (admin, bookkeeper, marketer, etc.) you are saving money. Well, what if I told you that by not hiring someone in those roles you are actually losing money. Let me explain.
You start a company that provides services you can bill at $50/hr. However, you are only able to devote 4 hours a day ($200) to billing those services because you have to clean the office, pay the bills, update the books, and manage your emails. By hiring someone, lets say at $10/hr, that can take care of all those things you are now able to spend all 8 hours in a day ($400) growing your business. Even though you have spent $40/day on your admin assistant, you come out far ahead. By hiring someone to take care of those tasks, you have grown your daily business by 80%!!
Now, the point of this post is not to tell you to go hire anyone and everyone because you will make more money. The point is for you to determine what you are best at, and to figure out a way to operate in such a way that you can devote the most time to what grows your business – your Highest Business Use.