Do It Yourself? A Guide to Wasting Time And Money

In Chapter 1 of my book, "Roadblocks You Can't Ignore: 10 Roadblocks Holding You Back From The Freedom You Deserve From Your Business ,"?I talk about business owners who try to "save money" by doing everything themselves.

"As an owner, especially one who built a successful business by the bootstraps, there is a temptation to pad the profit margin by “saving money” and doing all different types of tasks yourself.

You have specific knowledge that people hire you for, a knowledge that’s hard to scale. Think of it as if you’re a top heart surgeon, and you are called into highly skilled and specialized surgeries that only you can do.

But what if you decide to “save money” by not hiring a nurse and checking all your patients’ blood pressures yourself? Is this the best use of your time? Are you the only medical professional in the country who can take blood pressure readings?

And this is what I tell my clients—imagine every task you do and put a price on it, a value. Does it require your skill and knowledge? Or is it something basic that’s not the best use of your time??

Because if you, the business owner, are doing absolutely everything in the business, then you’ve already hit your limit for growth.

It’s exactly like that heart surgeon again. If she is taking people’s blood pressure and filling out charts, then how many actual surgeries could she do in one day?"

This can be one of the most expensive mistakes you make, even if you are on a limited or close to zero budget.

Why?

Because of the most powerful combination out there:?Time and Opportunity.

By doing it yourself, you are spending time and losing opportunity. Time you can spend finding or better serving existing customers.?Opportunity you lose to bring in cash flow.

You underestimate this at your own peril.

Because time will eat through your cash unless you are replenishing those savings by more money than everything you are spending.

And there is a trap that sucks you into this dilemma.

The emotional roadblock of feeling like you have to do everything yourself.

When you become overwhelmed and facing a wall of stress, it’s too easy to resort to doing everything yourself because it feels easier than delegating or hiring someone.

However, this only compounds the problem because it takes away from the time and energy you could be spending on other important aspects of your business.

Instead, even as a swamped solopreneur, start building systems that will help you scale up your business instead of trying to do everything yourself.

Building systems, even at a rudimentary level to start, will make your business more efficient and ensure that it runs more smoothly.

It also allows you the freedom to focus on what matters most—growing your business, finding new customers, and innovating with new products or services.

It doesn’t have to be fancy or launch a rocket to the moon.

It can be as simple as a 3 minute loom video of each of your most frequent processes, but once you have it documented it becomes teachable.?First to yourself, so you can systematically do tasks faster and then eventually as training for an eventual freelancer or new hire.

Then comes hiring, outsourcing and delegation.

When it comes down to doing it yourself versus delegating or hiring help, It is almost always going to be more cost-effective, profitable, and time efficient to hire or outsource and delegate.?

Remember that your time is valuable and you should spend it doing tasks that only you can do—not trying to juggle a million different things yourself.

It’s not about “saving money”—it’s about investing it in the right places so you can see better returns in the short and long run.

But being savvy means knowing when it’s the time to make those investments.

Don’t go hungry and bankrupt yourself by taking out all your savings to hire a “star” too quickly.?

And don’t bankrupt yourself by neglecting the core strategic areas of your business to pick up dust bunnies off the rug so you can save a few dollars on a cleaner (or even worse get fined by the government because you went cheap and hired a donkey to do your accounting).

Take the time to evaluate where your efforts are best spent, and then delegate or outsource tasks that don’t require your expertise as soon as yesterday!.

Doing it yourself is the biggest waste of your time and money, so make sure you are smart about where you invest your resources.?

This will help ensure that your business is running efficiently and growing in the right direction.?

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