What is the cost of trying to DIY your business systems?
“Oh it only takes me a moment to create a graphic in Canva for my social media posts” I hear you say.
Yet if that moment is five minutes and you do it 10 times a week you’re nearly at an hour. Which still doesn’t sound like much but when you add in the blog post images you create, the late night searches for stock photos, the endless customer service emails about how to log into your membership site as well as all of the other operations and admin tasks that creep into your business, you start to realise just how many hours those DIY moments are creating.
The behind the scenes are taking over!
What is your charge out rate?
When I was a lawyer I knew what my charge out rate was. Most law firms still charge on a time based model and while that may feel old fashioned to many business owners today there is still value in knowing what your charge out rate is.
This rate won’t necessarily be one that you share with clients as you may package your services up in a different way. Yet it’s important to know what an hour of your time is worth (when you’re offering services) to ensure that you’re being paid what you need to reach your financial goals.
There is nothing worse than providing a quote, then realising that what you’ve included in your package will take more time than you thought so your income is the same as working at Macdonalds.
This is also true if you offer early bird pricing, or discounts to long term clients. You need to work your way through the figures.
Lets work out the cost of trying to DIY your business systems
Let’s say that your charge out rate is $100.
Let’s say that you spent an hour yesterday finding the perfect photo to go with your blog post.
That photo just cost you $100.
By spending that hour on finding a stock photo you’ve excluded the chance of working with a client and getting paid for your time.
Now take that hour and multiply it across all of the time that you spend on gluing together your business systems. Client on boarding process not smooth? Content creation taking up far too much time? When you sit down and work out how much those DIY systems are costing you it can be a real wake up call.
You might have a way of doing things but it’s not simple and it’s not streamlined so you spend more time than you need and that is costing you money.
What do you do next?
If you can see the cost of trying to DIY your business systems is simply too high, and you want to get some streamlined systems in place, then book in a free virtual coffee with me to talk over what you want to achieve with your business, what stage your systems are at and how I can support you.