1) Focus and decide what to say No to: this will help you create time.
2) Hire only for specific tasks or projects through outsourcing. You can use tools like Elance.com to find the right people. In that case you will hire only when there is revenue involved. A good rule of thumb here is to hire for tasks where you can earn more than the contractor costs. Example: I just hired an audio editor for my upcoming podcast to edit the first episode. It took her 3,5 hours to do the editing. I could probably have done it myself, but it would have taken me way longer than 3,5 hours as it is not my speciality. Now I could be billable at the same time myself for a higher rate than the contractor costed.

Earlier this year I wrote a blogpost about my 7 lessons as entrepreneur. I had to think of that post w.r.t. your question. It is here: http://bit.ly/pjs-7lessons and might be helpful to you too.

If you like to go a bit deeper feel free to schedule a call with me.