When Is It Time to Get Experts Involved?

We just did a teleseminar over at an affiliate site, www.ustaxaid.com, that dealt with human resources issues for small business owners. We were looking specifically at how small businesses can make good hiring choices and get the right people in the door during critical periods of growth. Our guest on the call was a seasoned pro in the HR field, and man was she full of insights, information and suggestions!

Everyone on the call seemed to come away with something different – at least that’s what the comments would indicate.

For myself, the point that I really took away was this: I wish I’d known this stuff years ago, when I was just starting my business. Over the past 8 years I’ve made some good hiring decisions and plenty of not-so-good ones. The information I got from a 1-hour call would have been invaluable back then, and probably would have saved me an awful lot of time, trouble and money over the years.

That got me thinking about when it’s time to bring in experts. I know in the early days it seems like every time you turn around, someone’s looking for a check or a payment. Because we’re usually bootstrapping our businesses, money’s tight, and that often leads to us saying “I’ll do it myself for now, it’s cheaper.”

But is it? If I’ve learned anything over time, it’s that doing things myself is often not cheaper. For example, I used to do my own bookkeeping. I took it on personally, after a horrific hiring experience, which left me with books where nothing got done for almost a year. I figured with me doing it, at least the work would get done. Unfortunately, trying to fit in one more task on top of everything else – and in this case, a task that I couldn’t bill out or make a profit on – didn’t make sense. It wasn’t an area I had a ton of experience in, so things took longer. Plus I made mistakes, not knowing how to record some entries, and not having someone to ask. When I finally did go to a bookkeeper and CPA for help, I had a mess to get cleaned up.

Since then, I’ve been completely, 100% convinced of the value of bookkeeping. Over time, I created a system with my bookkeeping service that allows me to do what I do and maintain some control, while leaving them to get on with their duties. My books are always up to date, and that makes my financial life a whole lot easier. If I need an accurate financial picture I can get one in minutes, just by pulling financial statements from my bookkeeping software.

We’ve all got talents, just as we all have weaknesses. What I’ve learned – and continue to learn – is that it’s better business in the long run to find an expert in those weak areas. By letting me concentrate on what I do best, my business works better. It makes more money – more than enough to offset the fees I pay to others. Plus I don’t wake up in the middle of the night, wondering if there’s something critical that I left outstanding.

If you enjoyed today’s blog, why not pick up your copy of Smart Business, Stupid Business today. Buy through our website, and you’ll also get a free instant audio download of the entire book!