Answers with Adam: How Do You Know When To Hire Help in Your Business?

CFO Adam: Do you want to grow your digital marketing agency?

Answers with Adam:

How do I know when it's time to hire help in my business and outsource some tasks?

CFO Adam:

You've got to find the three to five things that you're the best at, and that make you the most money, and only do those three to five things.

You know, where are those levels to bring in help? Every business is different. And that's why it's hard to say, "oh, well, once you're at X revenue, that's when you can hire this and you can hire that and you can hire this."

And so there really is no benchmark there. The place where I look at it is... I'm a fractional CFO so I work with multiple clients. And the clients I work with, I know they don't need a full-time CFO. They need some of my time on a regular basis, they need my brain, they need my strategy, and things like that.

So instead of looking at it as the entire elephant and being like, oh, I need to pay a $200,000 salary to this person, because that's the level of expertise I need, is finding that fractional piece or that consultant that can fill that role, even if it's on a short term or a project basis.

And then as you grow, you can potentially ramp up with them, or if you have a little bit of a slow period, you can ramp down with them as well. But by having that access and having that knowledge, it's going to get you further ahead than trying to do it all yourself, because that's the ultimate ditch that we fall into as entrepreneurs ie, "I'm so good at so many things."

And I can do it all myself, but I shouldn't be doing it all myself. I have a virtual assistant on my team. I have an online business manager on my team. I have a marketing agency that helps me, and again, none of them are full-time. None of them are 40 hours a week, 50 hours a week, anything like that. But I use them for their expertise as I need it.

And that's where agency models and things like that have really grown in the past 10 or 15 years. I want that whole marketing agency because they've got a graphic designer, and they've got a copywriter, and they've got a web designer and a strategist. I only have to pay for a little smidge of their time, but I get all of that instead of me trying to like, "oh, I need to hire a graphic designer. Well, I can only afford to hire one on Fiver or Upwork."

Not that those are a bad place, but that's the only place I can go to afford one for the amount of time and effort that I need and can pay for. Whereas if I hire an agency, I get access to 12 professionals that all do those little pieces, and then they're the ones managing their time on that backend to meet my needs.

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Answers with Adam: How Do You Know When To Hire Help in Your Business?