Have you ever felt like there’s not enough time in the day to get to all the things that are needing your attention in your business?
There’s marketing, selling, delivering to your clients and consumers, and then all the administrative work in between.
As entrepreneurs and business owners, you will get to phases in your business where you’ve outgrown yourself, which is GREAT NEWS!
But what got you to your current level of business, won’t take you to the next, which is why it’s important to continuously monitor the resources within your business that will help you scale and figure out where the gaps need to be filled.
This is where service-based investments could benefit your business because you’re able to bring in added knowledge and skills that you either don’t have yourself or you don’t have time for.
Service-based investments could include coaches, consultants, freelancers, or even employees, and can help you fulfill any part of your business (from finances to marketing to customer support).
Here are three things to consider as you look at adding in these types of expenses in order to properly position your business for growth.
Evaluate Cost Versus Benefit.
When you’re looking at the cost of a service-based resource, it’s important to evaluate the benefit of that particular service. What outcome or result will this service give you in return? Sometimes, it could be directly related to money, which is the easiest way to evaluate the benefit but sometimes, it’s related to other resources like time or people (which are equally important). If the result or outcome exceeds the cost, indirectly or directly, it would make sense to front-load the expense, even if it might feel uncomfortable at first.
Evaluate Others In Your Industry.
It’s helpful to look at your industry, or even outside of your industry, and research how others are using the services or resources that you’re considering bringing into your business. Get more insight into how your competitors are scaling, what types of services they leverage to help them scale, and the types of results they’re getting. Direct referrals are also a great way to get a warmer lead on a potential resource that could serve you and your business so make sure to let people know what your challenges are and what you might be looking for.
Evaluate Quality Over Quantity.
Similar to evaluating the benefit, we want to consider the quality of the resource (person or company) and the quality of their services and/or skills. Whether you’re thinking about an employee or an outside consultant/freelancer, avoid going with the lowest cost possible. In a lot of cases, the people and companies with higher pricing structures have had more time and experience to know what works and how to overdeliver. Of course, there’s always exceptions to the rule, but do your due diligence when it comes to bringing in new resources and go back to the added benefit of the service rather than just focusing on cost. In short, you get what you pay for.
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