Wealthy Mindset Series #27

Delegate or Outsource   

As you know, one of the most important keys to creating wealth is the right attitude. In Series #26 we spoke about how the wealthy look at the opportunities versus obstacles to creating wealth.

In the series today we will talk about how the wealthy delegate and outsource certain functions of their life and/or work.

In an earlier email of the series I said that the wealthy do not have a lack of time because they set priorities. And I mentioned when they have several things that need to be done in a limited amount of time, they will delegate certain tasks to an assistant, or hire someone who may be more skilled at the task. The wealthy pick the task with the highest return on their time.

Here is the paragraph from Series #24 (Time versus Priorities):
And, I think I discussed in the wealthy attitude series of emails that someone else can go to the post office and bank for you. Who says you are the one who has to go?

You may have thought, “He didn’t write about the attitude of delegation.” Well, it looks like you are right; I didn’t write about that until today. So, here is that conversation and why someone else should do some of the things that you might be doing.

You might be able to learn how to use Infusionsoft or 1ShoppingCart, or Lead Pages, or any one of the myriad of programs that can support an online business. You could learn graphic design for Power Point, or typeset a book. But where is your highest and most profitable use of your time?

If you coach a client and earn $100 per hour, or you manage real estate and that earns you $200 per hour, or you practice law and bill out at $400 per hour, should you transcribe your own notes? Would you pay someone $100 per hour to transcribe your notes? That would be a tremendous waste of money when you can hire a quality transcription service for $35 per hour.

Would you pay someone $100-400 per hour to take packages to the post office or operate Infusionsoft, when you can pay someone $25-35 per hour to do that for you?

If you are doing those tasks, then you are using your time ineffectively. It makes more sense for you to make a sales call, book a coaching client, or install orthodontia than to spend that same amount of time going to the post office. You can even outsource your marketing by hiring virtual assistants for as little as $5-10 per hour to do that for you.

This is how the wealthy think. This is the attitude that they operate by to increase their wealth. They do what they do best. They use their time to work on the tasks that make the most money, or the tasks that an assistant cannot do.

Now, if you are looking to scale your business, you need to train others to do the functions that you will no longer do. Or you can hire someone more competent than you, to do the training. These new employees could handle your accounting, sales calls, coaching calls, computer repair, email creation, book appointments, or set up radio interviews.

It is your business. You get to choose what you will do and what you can delegate or outsource. What are the first three tasks you would delegate to someone else? (And it can even be, who would clean your house or cook your food.)

In the next article of the series (#28) we will talk about the power of a decision. You will see how a poor child in rural Kentucky became a doctor, based on a decision she made at age 13.

To your prosperity,