Do you really think you can do it all yourself?
Dr. Lisa: “Why do many small business owners try to do it all? They wear a ton of hats and are soooo busy! The analogy of a one armed paper hanger seems to fit.”
Brad: “Well, we have a lot of reasons. And some good excuses. For some owners, it is affordability. Building a high quality management team is expensive. You have to have enough sales to be able to afford good people.”
Dr. Lisa: “Just because you hire a person, doesn’t mean he or she will be effective. Making a hiring mistake is very costly.”
Brad: “That reminds me of a painful lesson I learned way back in the mid-1990’s when my company was smaller. I was complaining to a couple of other business owners about the ineffectiveness of my General Manager. One of them asked me how much I paid the GM. I replied that I paid him $60,000 a year. He told me not to expect the performance of a $120,000 a year GM for half the price.”
Dr. Lisa: “Of course, he was right. Too often we fill a key position with a body. Even a small company needs to run sales, operations, and accounting effectively. That requires good processes as well as good people.”
Brad: “Let’s talk about one of the most devastating reasons a small business owner tries to do it all: ego. I’ve been there, too. Too often being in charge is about always being right. But it’s impossible for any one person to know it all.”
Dr. Lisa: “Oh that reminds me of one of my favorite expressions: ‘would your rather be right, or rich’?”
…to be continued.
Here’s to maximizing YOUR profits!
Dr Lisa Lang