So if I ask you what the value of your time is, you will more than likely respond by giving me your hourly rate, am I right?
Depending on your role within your business & lets be honest most of you will be the owner, founder or director this hourly rate increases as you take overall responsibility for generating your businesses annual turnover.
I am going to share with you a formula that a former colleague & friend of mine Brian Wrigley of Maximum Profit Growth uses when working with business owners, so get out your calculator or a piece of paper.
Divide your annual turnover by 1750 (this is 50 weeks x 5 days x 7 hours) this will then give you your hourly rate as a business owner – you are responsible for the total business – scary isn’t it?
So what are you doing to ensure you achieve your hourly rate?
Is everything on your to-do list action orientated to generate that hourly rate? If not, why not?
How much harder do you have to work if you lose an hour a week doing tasks that don’t generate your business a revenue?
Now knowing your hourly rate, why would you not consider outsourcing those tasks at a fraction of the cost?
In 2012 The Department for Business Innovation & Skills undertook a small business survey the results of which you can find here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/193555/bis-13-p74-small-business-survey-2012-sme-employers.pdf on page 35 of the report it shows the average micro business turnover for 2012. Excluding manufacturing, for micro businesses under 3 years old the mean turnover was £321,000 – that’s a lot of outsourced hours for your true hourly rate.
Nobody really hires a virtual assistant for 35 hours a week as it wouldn’t be cost effective. VA’s work with multiple clients on small retained hour packages for a few hours per month.
You could get 5 hours of professional support for your business for much less than your true hourly rate.
Now re-evaluate your to-do and daily tasks and explore how a virtual assistant can not only save you money, but give you some time back for more profitable tasks.
If you would like to find out more about using a virtual assistant or would like a no obligation consultation please get in contact with us. If you are interested in what Brian has to say you can visit his website here www.mpgrowth.co.uk
E: Rachel@rhva.co.uk
T: 0843 8860136
M: 07834 166320
W: www.rhva.co.uk