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Let's do the math.
Let's say you spend 2 hrs/wk on your books (8 hrs/mo) and your billable rate when you do business is $200/hr.
Your opportunity cost = 8 hrs/mo x $200/hr = $1,600/mo
In this example, that's how much more revenue you could be generating per month if your time wasn't spent doing your books. Outsourcing your bookkeeping is key to growing your business. Assuming the cost to outsource your books is less than $1,600/mo (it's commonly around $500-$750/mo), you are coming out ahead!
This example demonstrates the reality of opportunity cost. When you realize there is an opportunity cost (i.e. trade-off ) for every choice we make, it becomes a powerful way of looking at how we spend our time.
If you want to GROW your business, consider the cost-benefit of outsourcing your books. Here's the bottom line: If you can generate more income at your billable rate than what it would cost to outsource your bookkeeping, then outsourcing your books is a positive return on investment (a no-brainer!)