A huge mistake I’ve made is thinking that I can handle everything myself. If I don’t know it, I’ll learn it. It’s an approach that certainly gets things done but it is not in any way efficient.
In fact, it’s about as far from efficient as you can get and in many ways it can be detrimental to your business. If you’re working on the minutiae and administration of your business – the bookkeeping, the website updates, trying to mentally untangle lease agreements and legalese, then you’re not actually spending time growing and developing your business.
You’re not moving the needle.
A $200 dollar an hour might sound expensive if you need a lawyer to look over a contract, but it’s probably way less than the potential lost revenue from you spending 8 hours trying to decipher a document when you could be hustling for new business. Plus the lawyer brings years of experience that you don’t have which allows her to point out important, potentially deal-breaking things that you a may otherwise miss!
As a small business owner, there are certainly some skills that are definitely worth learning and not farming out – social media marketing – but generally, you should surround yourself with those who are already experts and use their skills and judgment to your advantage.
Even if you’re just starting out and don’t have much cash to hire consultants, freelancers or staff, you can always barter for services and skills, and a host of sites exist where you can farm out business services for as little at five bucks.
Time is your most valuable commodity you have, don’t waste it working in your business. Spend it working on your business.