The Power of Outsourcing as a 10x Factor

Entrepreneurship can be one of the GREATEST journeys you can ever start but...it can also be the worst. We can get stuck wondering what work/life balance is and when we'll see the light at the end of the tunnel!

In my first business, I can honestly say it wasn't too bad. My MGA and the different insurance companies did most of the heavy lifting. I was expected to attract, retain and grow my customer base while they performed most of the other functions. I do have to say, 100% commission can be an entertaining battle in itself.

My experience in Venture Capital, Investment Banking, and GROE Business Development have taught me a lot. What may surprise you is...a lot of these problems are common, easy to fix and have a huge impact on your overall health and well-being!

As entrepreneurs, we get used to doing everything ourselves. We always have our fingers on the heartbeat of the business. Our roles and responsibilities seem to be neverending! This is where the most common problem comes in: We Don't Delegate! Our employees are only partly engaged because we haven't entrusted them with any authority to make decisions.

Now, this is where the 10x factor comes in. If you're always focusing on the minimum wage work...how do you expect to make a premium wage. As entrepreneurs, we need to focus our time where we get the most value and delegate the rest. It's cost effective to have a core team to perform the essential functions and outsource at a reduced cost some of the smaller or more specialized functions.

What do people recommend YOU for? What part of your day do you truly enjoy? Think about these 2 questions for a moment. Write down your response and think about your team. Can they start doing any of the tasks you hate? Is there anyone better at any of the tasks you perform?

Essentially, you're duplicating yourself every chance you get so that you can focus on only the high-level aspects of building and leading your business. I challenge you to record everything you do for the next week. Carry around a notebook, track your hours and observations. Nothing is too small!

After that week, it's time to review and make some changes. You won't believe how much your significant other, friends and employees will appreciate the changes. REMEMBER, people are what make a business. If you have the right people doing the right things, that's what drives value!