We’ve all been there. The window is cracked or the tap is leaking. You think you’re handy so you try to fix it yourself.
You get a new pane of glass or a washer for the tap. Two hours later, you’ve broken the new pane and the tap is leaking worse than before.
The tales in small business are similar, but actually more important.
That’s because time is money. Your money.
If you need help in your business, whether it’s an IT issue or financial management, think first about whether you or any of your staff are actually the best people to do the job. How much time will it take, and how much will it divert your focus from the most important parts of your business? Could a DIY approach burn you out?
Most importantly, will you get the right results?
When you hire someone else to do the job, you’re expecting expertise, results, and a cost you can afford. Plus you’ll be helping the money-go-round by paying another business.They might even become a customer of yours!
Put simply, if your time can be sold for $80 an hour and you spend four hours fixing a problem an IT expert could do in one hour (costing you say $150), you are out of pocket. Income you could have earned: 4x$80 = $320. Less cost of $150 = $170 wasted. This assumes you are running a successful business and there is a good demand for your time.
