Outsourcing – what is it? What are its advantages and disadvantages? And what are some of the most common outsourcing mistakes?
In this episode, Steve explains his three outsourcing mistakes when he started. And how they cost him dearly in money, time and as well as opportunities.
Listen in as he shares how to avoid these pitfalls, from expensive staff to costly software.
Delegate your low-value tasks to people in your organisation, and dedicate your time to high-earning critical tasks which require your expertise.
Be careful not to pay too much to delegate your tasks, especially at a startup phase when every penny counts.
Lower the bar to entry in a way that you’re not lowering the quality and efficiency of the work that’s being done, so you also don’t need to hire an expensive professional. Do this by creating operations systems that train new staff and, at the same time, maintain the standards.
Do not overcomplicate your operations and systems. Make sure not to spend on expensive apps and software that you don’t certainly need.
Minimise your requirement for extra staff by thoroughly studying your systems. Not only on systems but also to spend only on apps essential to your operation.
1:10 – ‘You have to understand that your time is valuable. You are your business’s best employee and every minute you waste doing the wrong things is time you could have spent doing the right things to make your business a flying success.’
3:36 – ‘Paying someone to do your lower value, entry-level work will undoubtedly make you money.’
5:32 – ‘What if there’s a way that you can increase the efficiency, increase the quality, increase the speed but keep the costs the same or even reduce them?’
12:15 – ‘I decided I was going to focus on how to get my work done to a high standard consistently without my involvement. And without using any unnecessary apps. Then literally, overnight, we went from losing thousands of pounds each month in the business to finally having a profitable business.’
13:02 – ‘We cut down my staff from 14 at the time to 4 just because of this big move of simplification, getting rid of the noise, getting rid of the complicated and also expensive apps.’
Facebook Group: Facebook.com/SystemsAndOutsourcing
ABOUT THE HOST
Steve used to be a slave to his business, but when he moved to Sweden in 2015, he was forced to change how he worked. He switched to running his businesses remotely. After totally nailing this concept, he also spent his time helping other small business owners do the same. Steve’s been investing in property since 2002, has a degree in Computing, and worked as a doctor in the NHS before quitting to focus full-time on sharing his systems and outsourcing Methodology with the world. He now lives in Sweden and, at the same time, runs his UK-based businesses remotely with the help of his team of Filipino and UK-based Virtual Assistants.
Most business owners are overwhelmed because they don’t know how to create systems or get the right help.
Our systems and outsourcing Courses and coaching programme will help you automate your business and work effectively with affordable virtual assistants. That way, you will stop feeling overwhelmed and start making more money.
To learn more about outsourcing, check out this episode:
Outsourcing – What, Why, and How
You might also like:
What Tasks Can You Outsource In Your Property Business? Interview with Asset Living CEO, Andy Gaught
What are the common outsourcing mistakes you made when you started your business? How did you overcome them? Let us know in the comments!
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