Is It Time To Hire An Assistant?

The transition from a one person business to a 2 person business is a very large step. After you have grown to the 20 employee stage adding one more employee is easy, but doubling your workforce from one to two is a game changer.

Often the biggest issue is in your head. Do you see yourself with employees or are you scared to grow your business to that stage?

Here is a decision maker for you. Keep track of your time for a week or a couple of weeks. How much time do you spend doing tasks that someone else could do? How much do you charge for your time or which tasks do you do, that only you can do? What are the key activities which make you successful in your business? How much would your net income increase if you could do more of the tasks which make your business successful and hire someone to do all of the other tasks?

Bookkeeping is an example that applies to many businesses. Let's say you are a plumber, and you are doing your own books. There is some bookkeeping that you need to do yourself but other tasks can be done by someone else. Let say you write your own cheques and make your own deposits, but you hire a bookkeeper to enter your transactions in Simply software and prepare your HST returns. The bookkeeper probably costs $45 an hour, but you normally make $100 an hour and it takes you 3 hours to do what the bookkeeper does in 1 hour. So you are losing $300 in revenue if you spend 3 hours on your books. If you subcontract that work it will cost you $45. You have just increased your net income by $255! There is also a chance that you did not like doing the book work to begin with so that is a win win situation. If your bookkeeping takes longer than a couple of hours a month then maybe you should hire a part time assistant who could do more administrative tasks for you.

A rule of thumb is that if you are spending more than 20 to 30 percent of your time doing tasks which could be done by others then you should hire an assistant.

Sometimes we are comfortable doing the easy work and we don't want to give away any tasks that give us a sense of accomplishment. However if your financial goals include growing your business, it won't happen if you continue to do all of the work yourself.

Debi J. Peverill CA is an accountant with a sense of humour. She has written 11 books for business owners and is in demand as a speaker. Learn more business strategies at Http://www.Peverill.ca

Source: http://ezinearticles.com/6328006

antichrist charlotte gainsbourg clip art moroccan oil airmax local news