The freedom of growing your business by 70%
Research carried out at the beginning of this decade show that 91% of entrepreneurs experience long term stress: 24% do not sleep well and feel sleep deprived, 17% suffer with muscular pain, 11% are struggling with mode changes, 10% have stomach pain and 8% fall into depression.
In this article I dare you to see something all business owners know already: working hard is not going to accomplish you much, and why working smart could be the only answer to professional fulfillment.
Entrepreneurs work an average of 60 hours a week, and the passionate ones work in excess of 75 hours a week. For most entrepreneurs working on weekends, when others enjoy life and go away to re-charge their batteries, is, somehow, normal. How many times have you heard:
“I work so hard so my family can live a good life.”
“Weekend is old fashioned, I work in the 24 hour economy.”
“My family knows that I don’t have time for them, and they understand.”
What kind of tasks do they cover during weekend’s and bank holidays?
Here are few answers:
- “I like to do the bookkeeping – it is the only time when is nice and quiet”
- “I must launch this new client- even if I must work 24 hours”
- “Staff members are costing me more than my budget, I have a my cashflow problem right now”
There is a big difference between working hard for many hours and working smart to grow your business. One of the solutions I recommend today is outsourcing.
Our research shows that one of the main reasons for businesswomen, who are owner operators and experience setbacks in growing their business, is reaching a business plateau and being afraid or overcautious when comes to outsourcing.
Do they feel that nobody can do better than them?
Women are very considerate, and research shows that is not arrogance that holds them back, but fear and lack of understanding of the value of their main asset: time.
Time is our most important asset. How much is your time worth? Your time is not only about how much you charge but also what you spend your time on.
By definition, outsourcing is a business practice of contacting out a third party- another company or an individual- to perform tasks, handle operations or provide services that are time consuming to save costs and gain a competitive advantage. Here are few of our findings for your perusal:
Outsourcing: Pros and Cons
While loss of control over the outsourced team is often a potential business risk, you should consider carefully the pros and cons of outsourcing before making a decision.
What are the Pros of outsourcing?
There are many reasons why a business can benefits of outsourcing:
-free up your business to focus on its strengths,
-improved focus on core business activities
– delegate staff to concentrate on their main tasks
-you focus on the next big thing/ future strategy
-increased efficiency to achieve a more productive, superior quality service,
– cost-savings allows you to release capital for investment to grow of your business
– increased reach and access to developments that otherwise are not affordable
– competitive advantage by leverage knowledge and skillsets
– flexibility and adjustment to changing market conditions
– cost savings and service excellence
What are the Cons of outsourcing?
Outsourcing involves handing over direct control over a business function or process to a third party. As such, it comes with certain risks. For example, when outsourcing, you may experience problems with:
- Risk of delays on service delivery
- risk of breach of confidentiality and security
- contract/ supplier could prove too rigid to your client’s expectations
- management difficulties could enable friction between your clients and your suppliers
- conflict of interest
- your supplier could go out of business or be temporarily incapacitated
Offshore outsourcing is cost effective but present additional challenges
Although potentially more cost-effective, may present additional challenges such:
- hidden costs of provider selection or handover, severance and costs related to layoffs of local employees who will not be relocated internationally, etc.
- time zones, different languages or cultural preferences
The only way of making an informed decision is examining carefully all the pros and cons of and create a solution where the pros outweigh the cons.
Tineke Rensen is the owner of Powerful Business Academy she helps, serious businesswomen, to scale up. She studied how “Women Do Business”. You can download the free report here: https://www.powerfulbusinessacademy.com/e-book/
Founder of the “Powerful Business Women’s Network” with meetings for serious businesswomen in various countries.
Don’t miss the Official Launch of the Powerful Business Women Network in London, on 26 June 2019
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