Ironically, sometimes we fall into the habit of thinking that doing things on our own will save us money. But in reality, when you consider the time invested and the potential drawbacks it may actually end up costing you more money in the long run.
Now, for the sake of an example, let's consider the technologically savvy business owner who thinks that Googling how to do taxes now makes them qualified to handle their complex tax situation. Often times, they are then slapped with audits and sometimes even penalties because they miscalculated or failed to do something right. But what's to be expected? 5 minutes in Google isn't going to make up for the years of experience and education that an accountant has.
Let's consider another example, shall we? How about making an addition to your current home? You've seen them before, the relative that thinks they are as good as a licensed contractor. Sure, legally some upgrades you can make to your home on your own. But when you start messing with adding or removing walls, re-wiring electrical, or messing with plumbing, there's a reason the state requires these people to be licensed. That's because things can go terribly wrong. And even if they don't, let's say they don't necessarily start a fire or make the house collapse by removing a load bearing wall, often times the work is not up to code, which then costs additional money to fix when the home needs to be inspected to be insured or sold. That's another example of why some things are best just left to the professionals.
What about customer service and the administrative side of your business? Not as serious you might say as taxes or making a home addition, but in reality, when your livelihood and that of your family depends on your business, this stuff is important. If you have no idea how to keep up with daily inquiries or how to properly follow up with customers you will lose business, which means you will lose money. You may say, "I know how to deal with my customers but just don't have the time to follow up like I would like." Well, that's great but if you don't have the time and aren't doing it, guess what it's costing you? Money! In these instances, it may be best to hire a Virtual Assistant who is trained to handle Administrative tasks and customer service in a way that can help you stand out from the rest of your competitors. You'll invest some money up front but it will end up costing you less in the long run because instead of losing customers you will gain new customers and business. Aside from that, you'll be freeing up time to focus on what you really love to do and are good at.
In conclusion, if you want to prosper you must delegate. As the wise business owner you are, reevaluate what you spend your valuable time on and which things could be drastically improved if you handed the work over to a professional in that field. Weigh the pros and cons of doing it yourself vs. hiring help. And remember that sometimes the investment in a professional will actually help you grow your business, rather than drain your resources. You want to ask yourself what you do best. What is your expertise? That's where you should be dedicating your time and energy as that's what brings in the cash. Everything outside of that you should consider whether or not it's time to hire out. And remember, if you need help with the behind-the-scenes work that keeps your business running smoothly then check out my website. I'll also be happy to help recommend professionals in other industries that can help with whatever it is you need to delegate.