DIYer

I'm currently in the middle of a small project for my wife.  Just making some new cabinet doors for our entertainment center.  Sounds simple enough right?  Well it's actually not too bad.  I was thinking though while I was working on them of how it's the little details that I miss and cause me to back up and re-visit three steps I'd already completed.  This would probably not be a problem for someone who works with wood quite often.  They would naturally understand the way the project would go and thus save time and the wasted gas from multiple trips to the hardware store.  By the time I finish I probably will have saved some money, but to the tune of hours of wasted time (better spent making money at what I'm good at) and days of stress.  Not to mention mediocre craftsmanship on the final product.

I make light of this situation, however, countless business owners every day begin projects or take on tasks that are not their best use of time and talent.  As a business owner or manager, you must the following things when deciding whether to take on a task yourself or to pay someone.

• What makes my company profit and does this fall in line?
• How much profit would I realize for each hour I spend doing the things that make my company money?
• How many hours do I anticipate spending on this project?  (multiply this one by 2.5 if it's not something you regularly do, because it will ALWAYS take 2.5 times as long as anticipated)
• Is quality an issue with this product? (someone who focuses all their time on this task will likely produce a better quality finished product)
• Will faster finish time + money made and time saved by you while doing something else + results of a better quality product + stress and workload on yourself and staff = more value than the initial cost of hiring out the task.

For instance, many companies handle their own advertising.  Most business owners however, are better at their trade or profession than they are at advertising.  So, does it make more sense for an orthodontist to...

1. take time to meet with numerous representatives from many types of advertising media / take time to write ads / budget which advertising option gets how much of total ad budget / keep continual contact with ad reps to stay up to date on program & pricing changes 
2. contract an advertising agent to learn his business goals and advertising budget then let the pro do the rest. 

Chances are that in option two, the advertising agent will get the orthodontists practice seen in more places for the same budget as well as create better ads to bring in not only more business but the type of business that matches his client's goals.  Ultimately making the orthodontist much more profit than the price of hiring the agent.

What things are you holding on to that you should "hire out"

JC