By Tracking Your Time, zapier.com
July 12, 2018
Running the numbers
Your mental health is the most important factor here, but you are running a business, so you need to take a look at the bottom line and weigh that against any impending burnout. When it comes down to it, you need to be sure that hiring a virtual assistant will save you more money than they’ll cost, so you should be running the numbers!
Start by tracking your time. That’s something you should be doing anyway: It’s an easy way to spot inefficiencies and see exactly where your time is going—compared to where you think it’s going. Check out our list of the best time-tracking tools to get started and find the best choice for you. Once you know how much time you’re spending on each task, it’s time to do some math.
When setting up a time-tracking solution, you don’t want to get too granular with your tasks, but just enough to see patterns. For example, you might track things like “social media” or “press and PR,” but you’ll also want a general “administrative” category for things like scheduling appointments or calling suppliers.
Running the numbers – Scenarios
- Scenario #1: You spend six to eight hours/week dealing with customer questions via phone and email. At $22/hr, that would cost you $132-176/week to outsource to a virtual assistant. In that same six hours, you could be doing something else (billable client work, increasing marketing efforts on Instagram, whatever makes sense for your business) that would make you $300-400. In this case, the numbers show that getting a VA makes financial sense for you.
- Scenario #2: You spend three hours/week dealing with a higher-level administrative task that requires some background knowledge of both the industry and your business/product (e.g., talking to manufacturers). You’d have to find a VA that has the same level of background knowledge you do (and pay higher rates accordingly—say, $30-35/hour), and you don’t have an immediately profitable task you could be doing with the time you’d save. In this case, hiring a VA isn’t worth it for you—yet. Once you have enough other tasks to delegate, you can hand this off, but for now, it makes the most financial sense to keep trucking along yourself.
- Scenario #3: You’ve analyzed your time logs and found that you’re spending five to seven hours/week on administrative work. You have around two to three hours of profitable work you could be doing in that amount of time, so you would more or less be breaking even by hiring an assistant. This is often the trickiest position to be in, since there’s no immediate monetary gain to be had. If you hate the admin work and just want it off your plate, hiring an assistant is worth it—if just for your peace of mind and to avoid burnout.
NOTE: It might also be a good idea to hire an assistant now, especially if you have a busy season coming up in the next few months: By the time your busy season hits, you’ll have your VA fully on-boarded. If, however, you enjoy using those administrative tasks to wind down at the end of a work day, then the delegating pressure is off.
If you are done running the numbers and are ready to investigate how to go about Hiring A Virtual Assistant and Start Delegating, contact us for a complimentary discovery call by clicking the link below:
CLICK HERE FOR A COMPLIMENTARY DISCOVERY CALL
or call us at 732-707-5307
www.LotusBusinessResources.com
#smallbusinessowners #hiringavirtualassistant #socialmediamanagement #entrepreneurs
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