Yesterday I shared the following my money mindset tip on my Facebook page, which sparked a number comments and reactions:
Bartering because you can’t afford help? This could be a barrier. What’s stopping you from making the income you need to hire someone?
One of my community members asked:
“What’s wrong with battering? Makes a whole lot more sense all the way around than spending money.”
I say ‘interesting’ for a number of reasons.
1. Your Team is an Investment NOT a Cost
I don’t believe that hiring staff is ‘spending’ at all.
I look at it as an investment in your business – especially if you hire the right staff for the right jobs.
Because as a small business owner, with only so many hours in your day, you want to make sure the activities you work on continue to get you out in front of, and connecting with, your ideal client.
Working on general administrative and other tasks that a support team can support you with will NOT enable you to work on important income-generating tasks.
One of my 6-Figure Business Success clients recently told me that she had been doing her own bookkeeping (a task she loathed and dreaded) for years. However after one of our coaching sessions, she realised just how much NOT hiring a bookkeeper was costing her.
It wasn’t just costing her the 3-4 hours it took her to enter, reconcile and report her quarterly financial information to the taxation office.
It was also costing her dearly in terms of energy and concentration.
Without fail, two weeks or so leading up to the reporting deadline she would start getting anxious and annoyed as she knew she was going to have to work on her bookkeeping again.
Her frustration prevented her from concentrating fully on the tasks at hand, which significantly impacted her energy and productivity levels.
Thankfully, she had a breakthrough and invested in her first team member.
The bookkeeper she hired took less than an hour to complete the work and my client was able to use the 3-4 hours she would previously spend on her financials on revenue-producing tasks.
This was a HUGE money breakthrough for my client AND has been so successful that she’s now in the process of hiring an administrative team member to take on some of the clerical duties.
Lesson: Not investing in team may be costing you more than you think. What’s the real cost to you and your business by not investing in the support you need?
2. What You Focus on Expands
Abundance or lack.
Guess what you’re focusing on when you barter because it’s the only way you can afford to get support?
I don’t know about you – but I certainly don’t want to expand ‘lack’ or strengthen the belief that “I can’t afford help” or “I’m not generating enough income to be able to invest in team.”
Years ago when I first started my business I didn’t have the money to be able to invest in staff either. However I knew it was important for me to have an abundance-focused mindset that was working towards growth and expansion. So, I set a clear intention that I WAS going to be able to hire team – eventually.
With every client/job I received I put away a percentage of that income specifically for the purpose of getting support.
That amount grew steadily to the point where I was able to invest in support on a casual/part time basis and as my business grew, so did my support team.
Lesson: Set a powerful intention and take the action you need to ensure you are focusing on what you want to expand. Abundance and Growth!
3. How to Avoid Disappointment
Battering relationships can turn sour – especially if you don’t have a formal agreement in place.
Unfortunately, I’ve heard of many situations where a bartering relationship has ended in frustration and disappointment because one of the parties was either not able to complete the work or it wasn’t completed to the expected standard.
To avoid disappointment make sure everything is documented, including all expectations and requirements and the required completion date.
Lesson: Document everything down so that both of you are aware of your obligations AND what will occur should either of you not be able to deliver what you had agreed to.
MY PERSONAL MESSAGE:
YOUR SAY: What do you think? Go ahead and share your comments below. It’s always good to hear from you!
This is really one of the useful article for me. From the last 1 year, I was thinking to hire a staff that could cost me a lot but I was not because of the saving that money. I was doing his job by compromising on other business activities. But I know, I could generate much more money if I would have hired the staff.
Thanks for explaining me so clearly & motivating me for not repeating that mistake.
You are very welcome Priya; by investing in staff, the time you free up can be put to much more important tasks and generating more income for sure!!
I’m more and more delegating and hiring/contracting for the more menial tasks. And, getting more and more comfortable with it.
It is indeed an investment. We have to decide what our time is worth and how to maximize and optimize that. In addition, surrounding ourselves with awesome people is important. Also an investment.
Bartering devalues. There is also a large chance that expectations are not the same on both ends — If we’re going to calculate that closely, delegating and hiring is so very much the advantage.
Great article, great resource. More women especially need to see this!
Hi Keri, thank you! Yes, you are absolutely right, investing in team and having awesome people around you is important!!