Outsourcing makes your business, and/or your quality of life, better.
You could pay a transaction coordinator to handle your paperwork because:
Make More Money: Getting bogged down in the nitty-gritty paperwork takes your focus, and your time, away from your marketing efforts. You can make more money (consistently, without ebbs and flows) if you pay someone else to push digital paper.
Avoid Potential Problems: You aren’t good at filing paperwork, and your lack of details might end up costing you a lot of money in fines, lawsuits, and/or E & O exposure. You can save yourself a potential financial nightmare by spending a little bit of money on each transaction - much like an insurance policy for your business’s long-term well being.
Increase Quality of Life: You’re busy, and you don’t really enjoy this part of the business. You’d rather work 40 hours per week and enjoy yourself than 50 hours per week and complain about all the stupid rules your broker has for each document in each transaction.
Outsourcing has been around for centuries; it’s the basis of the entire service industry. (More than that - it’s the basis of the entire free market; otherwise we would all have to be completely self-sufficient - and who wants that?) You can pay someone to do just about anything for you: cooking, cleaning, child care, home maintenance and repair, etc. - the list is infinite.
On the flip side, however, is spending money. You’re welcome to pay all these people for all these services, which will free up loads of time. But you better use that time to make a lot of money, because outsourcing these services isn’t free!
Bottom Line - Pick your spots. Outsource the work that can help you make more money, or more consistent money. Outsource the things you aren’t very good at, or the things you simply hate doing.
We all have a goal which at some level is about increasing our quality of life - short-term, long-term, now or in retirement, family time, work-life balance… Whatever. If outsourcing helps you get there, do it!
- Chris Butterworth
Ps - Here’s my shameless plug for 8DollarFarming. If you want to outsource your monthly eNewsletters, and have someone else write and email them to all your contacts, every month, on your behalf.. Well, I’m pretty good at that.