If you had a choice, would you rather earn 10% on $100 or 10% on $1,000? That's an easy question to answer. What about earning a return on your skills and talents? Do you spend your time wisely when using your business skills and talents or do you try to save money by doing things in your business which you should be paying someone else to do? The principle of earning a return on a larger amount of money is the same as earning a return on your best business skills and talents.
Often I see business people spending their time very foolishly. A business person who is a great sales person will spend hours and hours trying to do the accounting for her business in order to save the cost of paying a bookkeeper instead of hiring a bookkeeper and spending her time selling. A very skilled craftsman who does not enjoy sales will spend his time trying to sell instead of hiring a good salesperson and spending his own time on his craft.
"But, " you say, "even though I am not good at accounting and it takes me an extra long time, I do the books in the evening when my business is closed or at times when I can't call on my prospects." My response is that is the time you should be planning your sales calls. Focus on your strengths. Get the return on your best skills and talents.
I use sales or a skilled craft as an example but the theory applies to all lines of work. DO WHAT YOU DO BEST AND PAY SOMEONE ELSE TO DO THE REST.
Many start-ups say they just don't have the money. Then perhaps they should have waited to start their business until they had the necessary funds. I am sure that you have heard that one of the reasons (if not the main reason) that most new businesses fail is undercapitalization. That means they started too soon - before they had enough money to operate the business until the business becomes self-sustaining.
There is no law that says we have to improve our weaknesses. It is often best to NOT try to improve your business weaknesses but instead to pay someone else to cover that area and for us to improve (get the return) and concentrate on our strengths.
Read my opening question again. Use your business skills and talents wisely and you will have a better chance to grow your business.
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