Two Ways To Outsource While Cutting Costs
It's possible to hire help in your business AND see a return on your investment.
Almost every entrepreneur will eventually reach a point where they can no longer "do it all" in their business. I'm sure you know it's essential to start outsourcing if you want to scale your business. But it can also be scary to spend a bunch of money on a new employee.
It requires a huge mindset shift to be able to outsource and see the cost of that employee or freelancer as an INVESTMENT, rather than an EXPENSE. While you're working through that super common mindset block, here's two concrete techniques you can use to see a return on investment with the folks you hire:
So many reasons why this is what you need to listen to:
1. Use analytics to figure out exactly how many new clients your employee is bringing your way.
If you're hiring for a social media manager, lead gen specialist, ads manager, copywriter, etc. there's a ton of data available to you that you can use creatively to assess the value of the work this person is doing for you.
For example, if you hired Sarah to do engagement on your social media accounts, you can look at how many leads she's talking to in the DMs and what the value of that potential future client would be. As time goes on and those leads convert into clients, you'll see a direct return on investment from Sarah nurturing leads to turn them into clients.
2. Have your Virtual Assistant or OBM look for ways to cut costs in your business.
This is a totally different way of looking at ROI. For the people you hire for more generalized or backend roles that aren't directly bringing new clients or sales to your business, this is a creative way to have them give you a return on your investment in them.
For example, I have my Virtual Assistant look for redundant systems or overlapping platforms where we might be able to get rid of one altogether. We recently started using a more overarching system for my business's operations and this is allowing us to stop paying the monthly subscription fee to the separate email marketing tool. So, everytime my VA finds these small places where we can cut costs, she's giving me a small return on my investment in her.
If you've been considering outsourcing some part of your business but are feeling that mindset block, be sure to check out this recent episode of Through The Marketing Lens where we talked about hiring for a return on investment.