Why Should You Outsource?
“Unless a man undertakes more than he can possibly do, he will never do all that he can”. ~ Henry Drummond
According to Sandy Botkin, attorney, CPA an former IRS legal specialist, there are two reasons why Americans never achieve wealth.
- They fail to save 10% of their income.
- They overpay their taxes every year.
As an entrepreneur, you must retain the services of a skilled accountant who understands and applies the existing laws as they apply to the business owner.
Are you frustrated with your personal finances?
So much so that as your business grows and your family grows, you literally seem to have a bill due virtually every day of the month?
Well, you are not alone. I too have struggled with these issues for years and years. During my darkest financial days, I would spend 2-3 hours per day just dealing with paying the bills, allocating my budget and taking calls from collectors.
After a while, it go so bad and out of control, with too many bills and too many due dates that I could not stay on top if it any longer.
During those days, I figured that I no longer needed to worry about when the bills were due because whey they were due, the creditors would call me, and I would make all my payments over the phone, eliminating the need to write out and mail checks.
Well as you can imagine, that was not a very good solution since too many times my cell phone would be shut off, or I would pay way too much in late fees, not to mention I was getting my credit dinged.
What I finally realized was that I simply hate accounting, paying bills, and anything to do with money leaving my bank account. I love adding money to my account, but I dislike it going out.
Finally, I tracked down one of the most successful entrepreneurs in the community. This woman was the most successful real estate agents on Bainbridge Island. When I asked her to share with me her secret, she replied, “Do what you are good at and hire others to do what you are not good at.”
This solution seemed obvious to me, so when she said the best decision she ever made was to hire a personal bookkeeper to pay all of her bills (both personal and business), I decided it was time to do the same.
Fortunately, I just happened to know her bookkeeper because of my involvement with the board of directors for our high school lacrosse team. Her name is Nancy, and she has become a godsend to my business.
I meet with her every two weeks for 60-90 minutes each time; she tells me which bills we should pay, and I put in my two cents’ worth; then she goes online and pays all my bills, both personal and business.
As a result, I have not paid a single bill in at least four years. No mortgage payments, car payments, power bill, cell bills, insurance, none, zip zero.
As a result, I have taken the 60-90 minutes per day that I used to spend dealing with finances, and now I apply it elsewhere, by prospecting for speaking engagements or being creative with my time and working on writing books or marketing my business.
Without question, hiring a bookkeeper has been the single greatest enhancement to my business and has allowed me to pursue the Affluent Entrepreneur Lifestyle.
“Do what you are good at and hire others to do what you are not good at.”
This is an excerpt from my book “The Affluent Entrepreneur”, and is one of the many topics that I speak on.
If you are a meeting or event planner looking for an opening, closing or keynote speaker I will be happy to customize topics to relate to the needs and interests of the audience I will be speaking to.
Please contact me the next time you need an Opening Speaker.