SHOULD YOU SAVE MONEY OR BUY TIME?

Should You Save Money Or Buy Time?

This edition of #PGsTips starts a bit strange I know…but bear with me.

So, just the other day I was sat in the sauna and overheard a couple talking about how they were going to prepare their company’s year-end accounts. Strange place to have a conversation like that, but there you go…

The man was all for completing them in-house. “After all it would only take a few days and we’d probably save a couple of grand doing them ourselves. We could just quickly show them to the accountants once everything is pretty much done, make a few final corrections and we’d be done” he boldly said.

The woman was disagreeing entirely. “We should just hand them over to the experts and get on with running our business. We could be signing up that deal with X company…going to that Y networking event we did so well at last year…and setting up that joint venture with Z. That could be bringing in way more money,” she said in a rather frustrated tone.

At this point, I decided to leave before it got even more #awkward 🙂

However, I couldn’t help thinking to myself there was a definite right and wrong answer here.

Who do you think is right?

Now the fact that they’re talking about their accounts is just one small aspect. It’s the overriding high-level thinking here that’s important.  Well, at least I think so from my own experiences.

You see…successful people buy time (and expertise) they don’t try and save money. FACT!

Ask any successful entrepreneur and they’ll tell you that their time is their single biggest asset.

They surround themselves with good people so they can focus entirely on what they do best and what they enjoy doing the most.

They buy time so they can create space for more success.

Now when looking at the scenario I shared at the start of this post it is, perhaps, quite easy to see that one scenario will help drive the business forward, whilst the other will just ensure the business stays exactly where it already is. However, this isn’t so easy to spot when you’re looking at your own business and especially your own life.

Look at everything you do and ask yourself do you really need to be doing it…do you really enjoy doing it?

As an entrepreneur, you need to look at your entire life. Let’s face it, you don’t work 9 to 5, do you?…! So, therefore consider what chores you do that mop up your time and your energy.

Do you find yourself torn between writing that proposal, paying the bills, delivering for your clients, processing orders, answering emails, planning your marketing, writing a blog, sending out your newsletter, talking to your customers, prospects, and new leads,

And when you are not working you’re probably rushing around, shopping, cleaning, ironing, gardening or mowing the lawn, etc. These are all tasks that distract your focus and draw on your energy levels. Best of all, there are people who run businesses doing these jobs because they enjoy them…hand them over I say…as quickly as you can.

Stop trying to do everything right now, you’re not Superman or Wonder Woman… no one is.

Here’s my top tips and exactly what I did.

  1. I listed out the tasks I hated doing and group them together in logical groups. I reached out to my network and ask for recommendations for people who could help with these tasks.
  2. I listed out the tasks I love doing and again grouped them together in logical groups.
  3. I asked myself if the tasks I love doing are really adding value to my business, or my life in general, and if they weren’t I moved them to my ‘get someone else’ list.
  4. I looked at where my time goes outside of work and challenged did I really need to do those tasks.
  5. I planned out my ideal week making sure I had plenty of time to get the important and enjoyable tasks done where my input is essential.
  6. Finally, I set about outsourcing everything else in work and in life generally.

Just over the last couple of days, whilst I’ve been sketching out this blog our house help, Lisa has visited cleaning and ironing our stuff, our gardener Pete has mown the lawn, my PA Liz has been working her magic with my admin tasks, my SEO guru Ron has been working on one of my upcoming projects and my website guy, George, has been updating a few things on my websites.

How did I ever think I could do all that…? It’s quite funny now I look back, that’s after I’ve stopped kicking myself for taking so long to realise it!

Oh…I was so wrong!

OVERCOMING THE OBJECTION – “I don’t have the money to pay anyone to help.”

Well, quite frankly, if you want to change the situation you’re in you need to change your thinking.

I remember the first task I outsourced very clearly, it was some website work I needed doing and I’d got so much on my plate I kept putting it off. Stupid, because it was a great niche website opportunity I’d spotted which I knew would make money. I made a small change to my lifestyle, saved up a little money, and went out and found George via a website which was then called Elance, now known as Upwork. He finished off the site in a few days and helped me launch it. Shortly after the website was earning enough to pay George full time and he’s been with me ever since.

So what made me take action? Well quite simply reading this book did <Do Less, Get More>. It made me realise I was world-class at trying to do everything myself. If you like I was a master at >Doing More, Getting Less< I mean, who could possibly do it better than me…right?

Grab a copy of this book now. Read it over the next 7 evenings (instead of watching that repeat on the TV!) and start investing in a team around you so you’re buying the time… space…you need to create your own success.

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To your success, all the best

Phillip Gibbs Signature

P.S – Check out these websites to help your build your own team:- Upworks  –  People Per Hour  –  Fiverr  –  Elance

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