Whether to Outsource and How to Value Your Marketing Efforts

Here is a quick guide to help the small business owner determine whether to outsource specific marketing tasks and how to decide what his/her marketing efforts are worth.

Should I Outsource?

1. Try the classic litmus test for delegating: “If someone else can perform this task at least 75% as well as you can, delegate it.”
2. Do I have the necessary expertise to get it done at the desired level of quality? This is particularly important if more than 75% is desired.
3. Is my time best spent on this or something else?
4. Do I have the necessary raw materials sitting around (e.g., notes, samples, drafts, etc.) but can never find time to get it done?
5. Do I have all the ideas in my head but no one to share them with who can run with them?
6. Will it take more time for me to find someone to do this task or do it myself?

What Is It Worth?

1. What are the potential results (i.e., what do I stand to gain) from having this marketing task complete? Assign a dollar value to that. It could be a percentage of sales, a number of new leads, etc. Find a metric that will mean something financially to your business.
2. What is the value of my time (and my staff’s time) and how long would it take us to do this? Assign everyone an hourly rate and estimate the time it would take.
3. Given our schedules, is the duration of the task appropriate/acceptable? For example, you may have determined that a task will take you 8 hours to complete, but it may take you a month to carve out those hours and complete the task. Is that going to work for you? If not, to have this solution expedited, what does mean for your business (in dollars, if possible)?
4. If there is an impending deadline associated with the task, will we be able to meet it working regular hours and without sacrificing our client work? What would eliminating the stress be worth to us?
5. What is it worth to me to have someone transform my raw materials and ideas into a finished product in a measurable and valuable way?
6. If someone could provide me with the tools to perform this function better/faster/cheaper in the future, what would I be willing to invest in my future?
7. If I were to hire a part-time employee to perform this task or block of tasks, what would the expected annual salary be and what percentage of that would be dedicated to it? Consider that dollar figure as a potential gauge for incoming proposals.

Your comments, thoughts, suggestions, and questions on this post are welcomed.

Focus on . . . Hiring

[Excerpted from Tracy Diziere & Associates LLC Quarterly Newsletter; to subscribe, visit www.tracydiziere.com]

So, you need to bring on (more) employees for your small business--Congratulations! If you are like most entrepreuneurs, your instinct is to dive in--write that job description, advertise, and wait for the flood of resumes. While this common practice means one less thing to do on the list, when it comes to building a professional staff, it is wiser for the small business owner to invest in a process and materials that will draw the caliber of individuals she expects--both now and in the future. To be on the successful hiring path, attract a viable pool of candidates, and ultimately have the right person on board, you'll want a results-driven advisor who can take the burden off you. However, should you insist on going it alone, these steps will help frame your approach:

• Examine the role(s) you will need based on your true business goals and align your hiring decision accordingly. Although it sounds simple, you'll want to look closely at your perceived need and how it relates to your ultimate goal. Because a company's true needs are varied and sometimes hard to see from within, a trusted external advisor can help you to identify them.
  
• Determine a competitive salary based on market expectations and your budget. Market research is your best approach, but you will also want to consider the scope of the position. Web sites like salary.com and payscale.com can help you determine appropriate pay ranges for specific skill sets.
  
• Write a professional, targeted job description. Ensure your job posting speaks the language--and meets the expectations--of its intended audience. If you aren't sure, conduct market research or seek out this specialized knowledge.
  
• Develop an assessment checklist for phone screening. This is an important tool to systematically determine who you will interview. After all, your time is precious and you'll want to reserve it for the best of the best!
  
• Approach your hiring project from all angles. If you've followed the advice above and put your needs out there, you're opening the doors to all applicants. You'll also want to proactively reach out to pre-selected candidates who meet your requirements by networking, using tools like LinkedIn, XING, and ZoomInfo, or outsourcing this function. "Hiring the right people at the right time can make or break a company, especially a small business. Recruiting is an ongoing activity - you should always be recruiting even if you do not have an open position," advises Tami Heyden, Partner at Louis Heyden Group.
  
• Create a timetable for the tasks above to ensure you stay focused and on track.
  

If this hiring process takes up too much of your time or you get stuck, remember we can help you through, ultimately providing you with:

• A customized, competitive description for posting that is backed by industry research with respect to responsibility and salary expectations
• Reusable elements of the job posting and a standardized format for future hiring initiatives as you grow
• Company-specific qualification tools to use going forward

The final result will be a professional on staff who is invested in your business and meets--or exceeds!--your requirements. For information on a complete package or a la carte services, contact Tracy Diziere & Associates. For a recruiting program or assistance, contact Tami Heyden at Louis Heyden Group, 602-326-1890 or tami@louisheyden.com. Good luck!