In a prior post, we discussed the types of tasks prime for being outsourced to save time, money and in many cases, enhance the quality of the output. Catch up and read that post here.
This series will dig a bit deeper and provide some real-life scenarios that should strike a chord for many of you taking the time to read this.
WHY SHOULD I OUTSOURCE? Let’s first agree on 3 undeniable truths:
- You are either over or under qualified for most marketing related tasks!
- If you were perfectly qualified for the task you would be an IT or Marketing person, NOT AN ATTORNEY or Administrative Leader.
- Time is Money!
- All the talk about the billable hour being dead, value billing, project billing; There is still a direct relationship between an attorney’s time and revenue.
- Caveat: Unless there is no billable work to be done
- All the talk about the billable hour being dead, value billing, project billing; There is still a direct relationship between an attorney’s time and revenue.
- Partner/Sr. Attorney time is more valuable than non-Partner/Sr. Attorney time!
- Attorney time/value trumps all, hands down.
If you ever took an Economics or Managerial Finance course, you understand the concept of Opportunity Cost:
Per Wikipedia:
“The loss of potential gain from other alternatives when one alternative is chosen”
Per Investopedia:
“Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. Stated differently, an opportunity cost represents an alternative given up when a decision is made. This cost is, therefore, most relevant for two mutually exclusive events.”
The New Oxford American Dictionary defines it as:
“the loss of potential gain from other alternatives when one alternative is chosen.
Opportunity cost is a key concept in economics, and has been described as expressing “the basic relationship between scarcity and choice.” The notion of opportunity cost plays a crucial part in attempts to ensure that scarce resources are used efficiently.”
So back to:
Why Should I Outsource Marketing Tasks?
If you misuse the scarcest of your scarce resources, time, you are losing revenue and profits each time you choose to do something other than your primary objective.
Undeniable Truthism: As you are either over or under qualified for the task, every time you do something other than:
1) work for a client
2) present to a client, or prospect
3) acquire a client
4) enhance expertise for client(s)
5) or just think about a client(s) problems
You are making an informed and direct choice to break the most basic economic and financial rules/guideline for a successful law practice.
In every choice and scenario, you must always optimize your most precious resource… Time!
So hopefully this post answers the WHY for you. If it doesn’t, one can only assume you failed Micro Econ 101.
Oh by the way, we set the curve in Microeconomics and it is not against the rules to speak to a professional about needing or getting help to grow your business.
Keep an eye out for the What & When to Outsource in your inbox soon and we would love to hear from you.