How to Make Outsourcing (or Hiring) A Revenue Generator Rather than an Expense

Posted by Josh Turner in Entrepreneurship

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Is your business looking to expand but seems to be hitting a plateau? If so, it might be time to consider what projects or initiatives need a new hire OR to be outsourced to an expert. Read below to learn how I've re-framed the conversation in my business to make the right hires at the right time.

Do you need to hire some help? Maybe there’s too much to get done, maybe you’re procrastinating on stuff because you don’t like doing it, or maybe you’re not reaching your numbers because a certain project isn’t in your area of expertise.

The simple solution might be that it’s time to hire or outsource. And while it sounds simple, it’s common especially for smaller businesses to be reticent when making that decision. You don’t want to hire too soon (or the wrong person).

We’ve been blessed and have a team of over 50 employees at LinkedSelling these days, but in the back of my head I’m still asking myself questions like this:

“Will I get an ROI on this hire or contractor?”
“Can I actually afford to hire someone right now?”

If you’ve entertained those thoughts at all - keep reading. I’ll tell you right now, you need to start by reframing the internal conversation.

First: Outsourcing Shouldn’t Be an Expense, It Should Always Increase Your Time and/or Revenue

Do the math:

If you have goals you want to reach, start at the goal and work your way back. So let’s say you want to reach a certain financial goal in your business this quarter. Let’s say you want to see $50K per month.

How many clients do you need to reach that number? Let’s say for your business it’s 10 full-service clients.

How many people do you have to talk to in order to close 10 clients? To keep the numbers simple let’s say based on your typical closing rate, it’s 100.

And if you talk to 100 prospects a month, how many leads do you need to have in your pipeline in order to get 100 people on the phone? Let’s say you need 1000 in your pipeline before 100 people book an appointment with you.

Do you have the ability to keep your pipeline full, talk to 100 leads, and close and service 10 of them currently? If not, is the answer to lower your revenue goal? Or to get some help?

Outsourcing is one of the top ways to rapidly grow your business simply because you can only do so much yourself.

In fact, one thing I’ve learned in growing my business from $0, to getting to the six-figure mark, and then making the leap to seven and multiple seven figures...when I look back, I wish I would have gotten some help earlier.

The truth is, making tactical hires or outsourcing to experts is the only way you can continue to grow year after year after year. No matter if you are a solopreneur or Elon Musk, there’s a limit to what we can all accomplish alone. And if your business is steady and you are comfortable at where your business is now by all means stick with what’s working and continue to hit the goals you’ve set.

However, if sustained growth is your ultimate goal without a plan to delegate and work with others, you’ll stay trapped at your current level, confined within the boundaries of what you can do yourself within 24 hours.

Outsourcing is a way to not just manage your time but to CREATE more time, which directly translates into more results and more revenue.

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Second: Simplify Your Workflow to Focus On What You’re Best At

As you grow your business, the more you can get off your plate, the more it allows you to focus on your core competencies (what you’re best at) and the faster your business is going to grow. The most successful businesses outsource and they find the best service providers to get in your corner.

So what should you consider outsourcing?

1. Tedious Repeatable Tasks

Repeatable tasks are something that you can streamline by hiring a virtual assistant or someone in-office to help you get through them. This often saves a few hours of answering emails and social posts, collecting data, or whatever else you find yourself doing on a regular basis. Allowing you to focus your time and energy on the big-ticket items that will move your business forward and strengthen relationships with your clients.

2. Accounting

For many people bookkeeping is a big one, especially if it’s not your strong suite because it can be very time-consuming. As you grow, outsource this to someone capable who you can trust.

3. Content Creation: Writing, Design, etc

While there are some pretty cool applications (like Canva) that can help you put out nicely designed graphics, or even if you’re a whiz at Photoshop and love to write, content creation is time-consuming - whether that’s blog posts, white papers, or newsletters, emails, etc. And that’s why too many businesses struggle with it, so they put it off. If you want to keep up with your content marketing (and you should if you want to increase your influence and authority in the market), you can hire people to do this for you, amplifying your reach and ensuring that you’re consistent in putting content out.

4. Social Media

This follows the same vein as content marketing outsourcing - social media posting is essential in this day and age, but it can take time. So be honest with yourself, if you’re not able to put in the time, you should look to have someone take it off your plate. Otherwise, it can cost you your positioning in the market place and puts you at risk to lose clients and sales.

5. Lead Generation

Without a consistent flow of leads and opportunities, a business will inevitably be on life support. There are many ways to get leads (content marketing and social media marketing included), and sometimes it’s too much for one person, or even a small team to handle. Yet, leads are literally the lifeblood of your business - you NEED them coming in consistently. If you find yourself struggling to keep your pipeline full, you’ll want to consider options to either take this off your plate or invest more of your time on fixing this. We don’t view lead generation as a cost - it’s a pure investment. This will not only give you business ample fuel so you can book appointments, close deals, and grow your business, but anything you spend on lead generation will pay for itself.

6. Sales

Piggy-backing on lead generation outsourcing, if you have enough leads booking calls to support a small sales team - do it. Again, it’s not an expense, it’s simply a sign that you’re growing. Doing so will only give you the means to reach greater results and higher levels of success.

Helpful Tips

Trying to decide between outsourcing or hiring for a role internally?

1. If you are directly managing the person that will fill that role, ask yourself: "Do I have enough expertise to lead that individual?" If not, outsourcing to an outside expert may be the better route.

2. Consider if this task is part of your core business or differentiator. Outsourcing your competitive advantage in the market can be damaging to company culture and health. 

Third: What’s Your Priority?

At the very least, every business works to survive, but if you’re here right now, I know that you’re not satisfied with that: I’m betting you want to thrive. So how are you planning to do that? What’s your top priority to catapult growth and make it happen this year?

At LinkedSelling, our priority is to help businesses grow. Period. We have systems and services that will support you in doing this, and the best place to start is at the beginning by creating the right plan for your business.

Access our workshop on the L.E.A.D. Blueprint by registering today at the link below.

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