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 As a child, I loved the holiday season. It was a time of fun and festivities. I savored the break from the wash-rinse-repeat grind of school. The weeks of November and December were full of welcome disruptions from our boring textbooks. It was a carefree time of presents, holiday lights, hanging out with friends, and family gatherings where my Aunts and Uncles gave me $5 and $10 bills and encouraged me to "buy something nice, dear." As an adult, I still look forward to the holidays, although I can no longer describe them as carefree. Now I am the person responsible for the cooking, baking, decorating, cleaning, shopping, wrapping, and on and on. Holidays can be doubly stressful when you own a business or hold a senior position because that list above applies to your business life too. With Thanksgiving arriving in 45 days, it is time to get to work. And as I discussed in my recent blog, "Delegating = Valuing Your Worth," I mean finding those rare people to whom you can delegate some of your holiday tasks. I am recommending three entrepreneurs that could be the trifecta for bringing joy to your holidays.
Whether your home or your business, we all want to make a great first impression, especially when welcoming guests during the holidays. Maureen Reymann, owner, designer, and laborer of Reymann Landscapes, specializes in making properties look their best.
I've been working in the landscape industry for over 25 years and I take pride in adding my touch to nature's beauty. In addition to designing and planting beautiful landscaping features, I remove unwanted plant material, clean up existing plants and shrubs, and create custom container gardens for every season. I do my best to offer solutions that fit my clients' budgets without sacrificing the quality associated with my name. Beautiful, isn't it! And let's be honest, do you have the time and the talent to do this yourself?
Joyce Clark is the owner of J. Clark Designs. Her clients praise her ability to understand their vibe and transform a space into a place that they love, on a budget they can afford. Joyce's skills are broader than shopping and placing. She has old school skills which include designing custom window treatments and refurbishing furniture and cabinetry.
At the holidays I make custom bows, wreaths, and garlands for customers in addition to fully decorating a space. The best materials are available in stores now, which is why I encourage starting early. The sooner I know what I need, the more time I have to shop and watch for those great deals. Jwww.facebook.com/JClarkDesigns/oyce Clark, J Clark Designs (502) 608-2880
Whether you are hosting or attending, having the perfect holiday look for each occasion, be it casual or formal, gives you confidence and increases your enjoyment. Unfortunately, shopping, especially during the holidays, can be a nightmare. Whatever time you have to commit must be doubled to allow for traffic, searching for parking, standing in the dressing room queue, and waiting for a register to open at checkout.
Luckily, Marilyn Neel, owner of Expressive Image Solutions, offers personal shopping services. As a Certified Image Consultant, I have the expertise to guide individuals in discovering an authentic, appropriate, attractive, and affordable look that is uniquely their own. I assess the cuts and colors that are most flattering. Once we agree on the inspiration for your holiday look, I can shop online and in stores to find the perfect options.
As busy owners and executives, delegating is fundamental. Adding resources is the most likely way to bring your holiday vision to life without killing yourself in the process. Start your holiday shopping now with a gift or two to yourself. Your family, friends, and employees will tell you that buying less stress is money well spent.
 Last week I shared some observations with you about valuing your time by delegating. Be honest, was your reaction, "That's great, but I can't afford to pay someone else right now?" Don't give in to that thinking. Keep reading and let me show you how to do the math that might prove your automatic response wrong. |
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Opportunity Cost the value of something given up to obtain something else. |
We begin with these basic premises:
- Time is a scarce resource because it is finite - you can't create more of it.
- To calculate the value of a task, you must know two things - the required time to complete and the market value of the work.
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Example 1:
As the owner, Sam's primary role is securing new business. On average, her customers spend $10,000 in services, requiring about 50 hours of Sam's time. |
Task - Sales $10,000 / 50 = $200/hr |
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Sam's company has been steadily growing from 10 customers five years ago to five times that amount. Monthly bookkeeping tasks required an average of 2 hours per customer.
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Task - Bookkeeping 2x10 = 20 hrs 2x50 = 100 hrs |
When the business was smaller, the choice to do the bookkeeping herself didn't take up much of Sam's time. Now, there is a big Opportunity Cost. LET'S DO THE MATH.
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Opportunity Cost 100 hrs bookkeeping = 2 sales $20,000 income |
Bookkeeper Cost $500/month ($6000 annually) |
Contracting Bookkeeper Yield 70% Return |
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Example 2:
Jen's administrative assistant works three days per week. Jen bills her clients by the hour, and because of her unique skills, she commands $150/hr. Jen pays her assistant $15/hr. Some recent positive press has increased potential customer inquiries, and Jen cannot keep up with the number of proposals that she needs to write and send. Jen thinks that she needs to increase her administrative support to 5 days per week, but she is not sure that she can afford to do so. LET'S DO THE MATH. |
Admin Cost $15 x 24 hrs = $360/wk Jen's Target Revenue $150 x 30 hrs = $4,500/wk |
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Opportunity Cost Lost Revenue writing proposals $150 x 8 hrs = $1200/wk |
5-day Admin Cost $20 x 35 hrs = $700/wk |
Net Gain $500/wk |
There you have it. Jen can afford to have an administrative assistant in her office five days per week, and she can increase the skill level to handle the more complex task of proposal preparation. Not to mention, reducing Jen's stress and longer workdays will increase the quality of her work and her health.
The math may be compelling, but there is one other essential ingredient, money. Even though business owners recognize the opportunity cost, the reality is that their time doesn't require them to spend money. Committing to the expense line takes courage, conviction, and sometimes a good business banker.
Meet my favorite business banker, Amanda Vandervort. She is a VP of Business Banking at PNC, and she sets up short-term borrowing to help a business maintain the cash flow needed to invest in their business and themselves. She advocates the importance of establishing a financial relationship.
I want every business to have the opportunity to grow. Twice a year, I have an open dialogue with my clients about the cash flow of their business and what they want to achieve. My objective is to provide guidance and make their banking experience smooth. - Amanda Vandervort, Amanda.vandervort@pnc.com
Opportunity costs may be old school, economics 101; but sometimes the oldies are the goodies. Doing the math can give you, and your banker, the confidence to invest in the growth of your business. And if you need to connect with a business banker, Amanda is ready to start a conversation.
Almost all foundational leadership and management programs in business teach the skill of delegation. Business publications regularly include features such as this one in Inc. Magazine (2015), "7 Strategies for Delegating Better and Getting More Done." This best practice is no longer limited to business. Delegation is a life skill that we all need to master - here's why.
In my practice, I frequently talk with successful small business owners who are struggling to manage multiple competing demands. Those demands come from all areas of life, not just business. Regardless of the source, they create a vortex of energy depletion that is real and seemingly impossible to break. The price you pay is also substantive.
In my practice, I frequently talk with successful small business owners who are struggling to manage multiple competing demands. Those demands come from all areas of life, not just business. Regardless of the source, they create a vortex of energy depletion that is real and seemingly impossible to break. The price you pay is also substantive.
 Does this look like you, trying to partition your energy evenly among multiple demands? | Lack of efficiency, creativity, and thoroughness resulting from mental and physical fatigue, lack of focus, time away from work, etc., eventually hit the bottom line as reduced revenue or increased costs. Can your business afford those losses? |
Within the angst and weariness lies the possibility of a powerful breakthrough rooted in the concept of delegation.
Identify your unique contributions
Being the jack of all trades is easy but usually not effective or profitable.
Value your contributions
Every "Yes" is also a "No" to some other opportunity.
Do the math
Focus your time on the things that create the greatest return and delegate the rest.
My CEO coaching work services small business owners, many of whom have very few employees. Owning their business and serving their clients is demanding, and yet it is a bright spot in their lives because they love what they do. Most often, our conversations about delegation are not about managing their business. Instead, it is about handling the other curveballs of life.
Curveball #1Jane's mother fell and broke her hip. After surgery, her insurance covered a week's stay at a rehabilitation facility. Jane wanted her mother to stay at her house when she was released from the facility to make it easier for Jane to provide care and transportation. Jane's mother wanted to return to her own home. Jane expressed her anxiety about juggling her clients around trips to PT and the doctor's office. DELEGATION SOLUTION: Granny Nannies of Louisville and Southern Indiana (502-454-9134) |
Stephanie Riggle has owned her Granny Nannies franchise for over a decade and personally meets with families seeking care services and individuals seeking employment as a part of her team. "We are committed to creating affordable and flexible care while maintaining the highest quality experience for our clients. We take the time to understand what is valued by each client when establishing his/her individualized care plan. Our clients appreciate the consistency of care they receive by having the same caregiver regularly attend to them whether that is one hour a day, 24-hour assistance, or once a month."
Curveball #2 John's father passed away just three months after his mother. As the only relative who lived close to his parents, the responsibility to clean out his parent's home and get it on the market fell to him. His Saturday's were committed to traveling soccer team with his son and Sundays were his only day to relax. The large house had over 50 years of collected items to be sorted through. John was exhausted every time he thought about it. DELEGATION SOLUTION: Sarah Hodge, Downsizing and Organizing Coach (502-777-2969) |
"As a downsizing coach, I offer my clients a system that helps them sort through a lifetime of memories and belongings. Being emotionally unattached to the items, I provide a different perspective and resources to help clients decide what to do with all the possessions after a loved one passes." Downsizing and Organizing Coach Sarah Hodge, Owner of Property Partners 502.
Curveball #3 Tax season was Janet's busiest time, and her clients were counting on her. Everyone in her life knew the drill - 12 hour days, 7 days a week. Now was not the time for her roof to start leaking. She couldn't find the time to source a roofing company, and waiting for hours at her house for someone to complete the estimate, and subsequent repair was impossible. What Janet needed was a stay at home wife who could handle these things. All she had was her fluffy white cat, Snowball. DELEGATION SOLUTION: In Sync With You, Lifestyle Management & Concierge Services (502-802-9335) Cathi Bingaman, Owner of In Sync With You, has a liberating motto, " If it doesn’t bring you joy or make you money, it should be on our list, not yours!" Her value proposition is simple, "Often people think it will save them money to handle ALL of the tasks associated with running a business and a home. They underestimate the level of disruption as well as the time and energy associated with handling everything on their own. Sourcing, scheduling, waiting, all of these can create missed opportunities to generate income and distract you from the essential priorities in your life!" |
The US service economy is ripe with opportunities to delegate activities that divert our energy and attention. I admit that I'm using the term delegate loosely, as the examples provided above require payment for services. Nonetheless, the principles of effective delegation apply. And most importantly, when my clients do the math, the money earned working in their business exceeds what they spend getting the help that they need.
Your time is a precious and limited resource. Your time is quantifiable as a monetary value. To quote a British adage, don't be penny-wise, pound-foolish.
Do the math, then delegate.
Your time is a precious and limited resource. Your time is quantifiable as a monetary value. To quote a British adage, don't be penny-wise, pound-foolish.
Do the math, then delegate.
If this article speaks to you, let's talk. The first conversation is free! Just click the button above and schedule your free coaching session.
This past weekend was an exciting one for tennis fans, including my husband and me. As the tournament progressed to the semi-finals rounds, two veteran singles champions were favored to take the title once more. Each player, beyond the age of thirty, chased a record-making Grand Slam win. In both the women's and men's final, the play was epic, hard-fought, and ended with headline-making finishes.
During the post-match interview, Andreescu talked about her strategy and preparation for the match against the powerhouse and comeback queen, Serena Williams. Although crucial to her victory, this is not what she named as the key to her triumph.
"After I won the Orange Bowl back in 2015, a couple of months later I just felt like I could do really big things in this sport. So, I just grabbed a check and wrote the prize money... I just kept visualizing that moment since that day." [Read the full article here]
Nadal was heavily favored to win the match against Medvedev who was making his first appearance at a Grand Slam final. Factoring in the intimidation of Arthur Ashe Stadium, Nadal's popularity with fans, and the nervousness of the moment, Nadal was expected to consolidate his 2-set lead into a quick victory. Deep in the third set Medvedev won the respect of the crowd as he calmly played through some of the most extended rallies of the tournament including a 24-shot rally that ended with an error by Nadal. [Read more here]
In the post-match interview, Nadal gave the highest praise to his opponent saying of Medvedev, “The way he played is a champion way.”
Q4 is quickly approaching. When the year comes to a close, will you be the champion of your goals? Maybe these lessons from the 2019 US Open Tennis Championships can fuel you through the finish line.
- You're never too young or too old to be at the top of your game.
- Visualizing your success every day creates beliefs that give confidence and guide your thoughts and actions.
- Being down doesn't mean you've lost. Mixing it up and trying something new can get you back on track.
- Every point is an opportunity. Letting go of mistakes and focusing on consolidating each win is the only path to victory.
- Even when you don't achieve your goal, you can emerge as a champion.
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