Wise words: You need to establish your value within your business, buy your own time, and outsource everything else. Click To Tweet
What does it mean to buy back your time?
I’m sure you’re thinking “what the hell are you talking about”, right? We are talking about the black hole of losing money until you define your practice and buy back your time.
Let me explain.
Buying back your time consists of doing the tasks that generate new clients or revenue for your law firm. If your doing anything that can be delegated to a Paralegal or Assistant, your losing money. The point of business is to make money, not lose it. You need to establish your value within the business, buy your own time, and outsource everything else. Outsourcing work to a virtual legal team of Paralegals, Legal Secretaries, and Virtual Assistants can be a good way to expand your firms potential without the need to hire permanent employees.
“The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it.” –Theodore Roosevelt
When you work in your business, and not on your business, you are costing your business 40-60% of lost revenue. That simply does not make sense.
80% of your time should be focused exclusively on high revenue producing projects and activities that create the most value for your business. Allowing yourself more time to plan, strategize, market, network, and create and deliver your services, the more opportunity your business has to grow and profit.
What are the benefits you can have by hiring a virtual assistant?
- More Time. You’ll have more time for the productive work to grow your business, and to enjoy a work-life balance.
- More Focus. You will not be distracted or overwhelmed with work you should not be doing, and can work on growing your business.
- More Productivity. With more focus, you can delegate work to make you highly productive and effective, which will allow you to get more done in less time.
- More Energy. With more focus and productivity, you’ll have more energy by letting go of work you can delegate.
- Less Stress. When you are getting things done and making progress in your business, you can achieve a work-life balance.
- Increased Profits. Hiring a virtual assistant allows you to work on your business, not in it, which translates to more revenue generating activities you can perform.
- Stronger Foundation. Establishing a working relationship creates a strong foundation for the continued success of your business which leads to productivity and profitable growth.
Burning out is no good for you or your business.
One of the biggest reasons why business owners continue to struggle to grow their businesses is their attempt to wear too many hats. You can’t be both the owner and manager of your business as well as your most dedicated employee. It doesn’t work, there’s not enough hours in the day and going this route leads to burnout.
Burning out is no good for you or your business. Like we said, you need to establish your value within the business, buy your own time, and outsource everything else. Delegating is a big part of running an effective office.Delegating is a big part of running an effective office. Click To Tweet
The traditional model is simply waiting until profit margins enable a business to hire in-house staff. Can you wait? Maybe. Your still losing money in the meantime, and your going a route that’s going to obligate you to pay more than just your staffs salary. This can include:
- Payroll fees
- Payroll taxes
- Health Insurance
- Retirement benefits
- Vacation Time
- Sick Time
- Workers compensation insurance
- Tools and equipment your staff will need
Let’s not even get into the training aspect of new staff and how much money you lose during that time. It adds up quickly and you have to wait in the negative before seeing any kind of return on your employee investment.
It seems that many business owners fail to take the leap in outsourcing work for many reasons: cost, fear, unsure of the benefits, or what they can outsource in the first place. For small businesses, a key benefit of outsourcing legal work is reducing the insidious stress of managing lots of small tasks but without having to hire a full-time employee that you now have to find extra time to supervise and manage.For small business, a key benefit of outsourcing legal work is reducing the insidious stress of managing lots of small tasks. Click To Tweet
Having the right virtual legal team you can outsource to can help save you time, money and make you appear more professional.
This is what we call buying back your time.
Our team at Lawfecta consists of highly vetted and trained Paralegals, Legal Secretaries, Virtual Assistants and Law Clerks whom work remotely for attorneys. Taking a burden off of small businesses – no training, no insurance, no equipment needed. Our team is ready to hit the ground running upon engagement. Our team has the necessary skills to perform high functioning law firm projects and tasks, as well as a variety of administrative, marketing and general tasks. You get a substantial bang for your buck, and you see a return on your investment almost immediately.
We combine a passion for client satisfaction and innovation with a collaborative workforce that embodies the future of work. Expand your firms potential by hiring a Lawfecta team member.Having the right virtual legal team you can outsource to can help save you time, money and make you appear more professional. Click To Tweet