Your time has a dollar amount attached to it. It is valuable. Make sure you are using it wisely. Today we discuss making sure you are using your time as a business owner to put yourself in a position to be successful. Using the figures of a painting company in NJ we break down just how much money you could be losing each week by trying to do the bookkeeping yourself. Are you working hard, but the bank account isn’t growing? This is the episode for you, give it a listen. Check out the website for more content www.bcbousa.com
Send in a voice message: https://anchor.fm/bcbo/message
Your time has a dollar amount attached to it. Your time is valuable, and if you are not using it correctly you could be giving money away. If you are a business owner that is working hard, and has consistent work on the schedule, but your bank account is not growing, how you are using your time may be the reason why.
Dan speaks with potential customers all the time and the main hesitation he hears from potential clients is “Why would I pay someone to do the bookkeeping when I can do it myself?” It is a fair question, but it has a simple answer, and today using a metaphorical painting company in NJ we are going to break down the numbers.
The typical painting contractor in NJ can bill a client an average of $40.00 per hour for his or her services according to research. As a business owner every hour you spend in the office doing invoices, estimates, handling your bank feeds, etc. essentially costs you $40.00 a hour. Is that the best use of your time? Are you efficient and accurate enough at bookkeeping to spend $40.00 per hour on your services? For most people the answer is likely no. That time could be better spent on the job or in the field landing new clients, new work, etc. Don’t hire a painter to do your bookkeeping. Don’t hire a bookkeeper to paint your house.
If Blue Collar Back Office quotes you $100.00 per week to handle your bank feeds, create estimates, etc. and you are currently spending 5 hours per week (conservatively) doing that work yourself don’t look at it as spending $100.00 to handle something you could do yourself. Look at it as saving $100.00 per week because you have just created an additional 5 hours in your week to bill your clients or grow your business.