Self Help | Self Improvements | Personal Development
 

Using Outsourcing to Master Your Time

Are you starting to realize that your time is so much more valuable than money?

If you already have (or are interested in) creating wealth by escaping the hours for dollars trap, you've probably realized how important it is to make wise use of your time.

But how can you clear your plate when you have so many opportunities and they're all important?

The answer is mastering the art of effective outsourcing to double your productivity...

The First Question: to Outsource or not to Outsource

Before you start outsourcing, it's important that you determine two things: how to decide what to outsource and how to let go of responsibilities.

The second of these is the most difficult for driven people who feel that they are always the best person to do a job.

These are the people who are trapped working as employees of their businesses instead of being business owners who have the free time to build and to visualize and to create thriving organizations.

Letting go is also difficult for people who fear that outsourcing is going to "cost them money," and that's why smart outsourcing starts with knowing when to outsource and when not to.

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The best way to determine when to outsource something is to calculate the "opportunity value" of your time in comparison to the cost of hiring an outsourcer.

In other words, determine how much your time is worth per hour...how much can you make if you're focusing on what you do best? 20, 30 or 40 an hour?

If you're making 30 an hour, and if you have a task which is taking you 5 hours a week to do, that means you're investing $150 a week to perform that task.

Is this something that you can outsource to someone else and pay them $50 a week to do? If so, it's actually costing you more NOT to outsource than it is for you to do it yourself.

And this approach can be used to analyze all of the tasks on your plate and determine whether or not it's wiser to outsource it.

The other thing to consider is the quality of the outcome when it comes to the task that you're doing as opposed to the job that an outsourcer could do.

In other words, if you're trying to design your own website, you're not only taking time away from something which you could do to earn quick certain money, a professional web designed is going to do a much better job that you are (unless you're a web designer by trade).

It's important that you consider this also in regard to tech support for your company, design, programming, voice over talent, video talent, legal tasks (taxes etc), bookkeeping, customer service.

If someone else can do it much better, better to outsource it so that you can commit your time to doing what you do best. So now that you know this...

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Where do you find good outsourcers to handle your extra tasks?

The easiest place to find good outsourcing talent is Elance, Getafreelancer, Rentacoder, Odesk.com, and Scriptlance. On these sites, you can post your job and within just a few hours have several bids from outsourcers interested in doing your job.

You can view each of their profiles and see what kind of feedback their past customers have left for them and see the kind of work that they have produced.

The best thing about these sites is that the payment process is set up in such a way that you can put the money in escrow and neither you nor your outsourcer can touch it until the task is completed to your satisfaction.

Finding the outsourcers requires you to be clear about four things:

*What you want them to accomplish

*The resources you'll have available to do the job

*Your deadline

*Your Expectations for the Process (communication with you, updates etc.)

Now look at your tasks and determine where you can better leverage your time by outsourcing to someone who will do a great job. Then you can focus on doing what you do best and build a successful company.

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Posted at 3:15:am 01/18/12 by Lindsay Lonewell from New Jersey

Outsourcing Tips

Ever feel like there is so much to do and not enough time to get it done? Or do you feel like you could be making more money if you didn’t have to deal with smaller projects? Then it might be time to think about outsourcing some of the smaller more tedious jobs you have to deal with day-to-day.

When deciding to outsource you need to make a couple decisions first: you have to decide what to outsource and how will you let go of those responsibilities. The second of those two questions is the most difficult because we all feel like we are the only ones who can do the job properly. This puts you in the position of working as an employee instead of as the boss. And the problem with that is that now you are doing other things instead of focusing on your business.

The best way to decide when to outsource something is to take a look at the “opportunity value” of your time versus the cost to hire someone. What do you make when you are focusing on what you do best? If you are making $25.00 an hour, and you spend 5 hours a week billing clients, you are investing $125.00 a week to that job. If you can outsource that job to someone for say $10.00 an hour, or $50.00 a week you are actually losing money by not outsourcing.

Also, by outsourcing those hours, you now have those hours more to focus on your business, making more money and growing your business.

Another thought is deciding who will do a better job, you or outsourcing. If you need to bill your clients and you are not great at accounting, then not only could you make mistakes which costs you money, but it could also take you much longer to do the job, which costs you money.

Once you decide a particular job should be outsourced you need to find the right place to get the job done properly. You will want to look for a company that does outsourcing, and you will need to decide a few things before you hire anyone. You will want to know exactly what you want them to do for you, decide how much money you have available to do the job, when the job needs to be done by, and what expectations you will have, for example, communication with you and updates of how things are going.

You and the future of your business are worth looking at outsourcing. The more time you can dedicate to your business the more money you can make and the more you can grow taking your business to the next level. If your business is more stable, you can outsource more jobs, giving you even more time to either work on your business more or maybe take a little time for yourself. Relaxing allows you to refocus and do a better job at what you love and make more money, allowing you to outsource even more, building an even more successful business.

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