Doing It All is Costing You More Than You Think: The Real Impact of Not Delegating

As a business owner, you wear many hats. From marketing to finance, to customer service, you may feel like you have to do it all to ensure your business succeeds. However, this mindset can be detrimental to your growth and success. 

As a productivity consultant, I've seen firsthand the negative impact that failing to delegate can have on coaches, consultants, and small business owners. While it may feel like you're being efficient by handling everything yourself, the truth is that not delegating can be costly in more ways than one.

REAL COST #1 - WASTED TIME 

First and foremost, when you don't delegate tasks that could be handled by others, you're essentially wasting your own time. This means that the time you spend on those tasks could be better spent on activities that generate revenue or grow your business. If you're spending your days answering emails, scheduling appointments, and doing other administrative tasks, you're missing out on opportunities to focus on the big picture and drive your business forward. 

REAL COST #2 - LIMITED GROWTH 

REAL COST #3 - DECREASED WELL-BEING

Another important factor to consider is the impact that failing to delegate can have on your overall well-being. When you're taking on too much, you're likely to experience stress, burnout, and a decrease in job satisfaction. These negative outcomes can have ripple effects throughout your personal and professional life. When you delegate tasks to others, you're able to focus on the work that you enjoy and that brings you the most fulfillment. 

REAL COST #4 - FINANCIAL LOSS

The biggest cost of not delegating is financial. When you're doing everything yourself, you're essentially paying yourself a much lower hourly rate than you could be earning if you were focusing on revenue-generating activities. This means that failing to delegate is costing you money - and potentially a lot of it.

Let's take a look at an example. Imagine that you're a consultant who charges $200 an hour. You spend an average of 10 hours a week on administrative tasks that could be delegated to an assistant who charges $25 an hour. If you were to delegate those tasks to your assistant, you would free up 10 hours a week that you could spend on revenue-generating activities. In other words, you would be able to bill an additional $2,000 a week - or $8,000 a month. Meanwhile, your assistant would be doing work that they're qualified to do, and you would be getting a much higher hourly rate for your own work. It's a win-win situation.

If you're not sure how much money you're leaving on the table, I encourage you to download my "Calculate The True Value of Your Time" template. This tool will help you put a financial value on the time you're wasting by handling everything yourself. Once you have a clear understanding of how much money you're losing, it becomes much easier to see the value in delegating tasks to others.

FINAL THOUGHTS

While it's tempting to do everything yourself, it's essential to think of delegation as a way to grow your business, not just your to-do list. By letting go of tasks that can be done by others, you can focus on the activities that will bring in more revenue and drive your business forward.

So, if you're serious about taking your business to the next level, it's time to start delegating. Form a team that can help you achieve your business goals and enjoy the benefits of increased productivity, growth, and success.