Making the Most of Your Time and Your Money

You've probably heard the saying that "time is money." While most of us acknowledge this to be the case, we often don't give it much thought, and end up not making the best use of it either. People make time and money trade-offs all the time. One example is the purchase of convenience food, spending more money in order to save time on cooking. The self-employed and small business owners often try to save money by doing important tasks themselves, but this isn't always the wisest use of their resources. If you own a business, here are some things you should think about if you plan on outsourcing some things to others.

Visual Identity of Your Business

When it comes to your business name, logo, website and marketing materials, it usually pays off to hire a professional. If you have some design skills, you might be able to put something together yourself, but it will take a great deal of time and most likely won't look as good as a professional product.

Finding Customers

Looking for customers can be very time-consuming as well. When you're first getting started, you might have the time to cold-call and set up appointments, but as you start spending more and more time with clients, getting new ones is another task that can usually be efficiently outsourced.

Paperwork

Unless your business is very small, you will quickly find yourself overwhelmed with paperwork. Collecting sales tax and payroll taxes can be a challenge for a business owner, as is complying with employment laws. Again, it can make a lot of sense to outsource this type of work to a professional bookkeeper or payroll service.

Finding Out What's New in the Industry

Attending conferences and seminars can be very expensive, but depending upon your industry, you can't afford not to go. This is where you will find out what's going on in your industry and make valuable contacts that will help you build your business in the long-term. This also holds true for personal development services and products. Personal coaching may seem like an indulgence, but in reality, a good coach might give you a competitive edge and make you far more efficient than you are now.

As you develop your business, you will constantly be faced with these types of choices. Although there is a strong temptation to not spend money as you're building a business, it's important to keep in mind that even large cash outlays can bring returns far more valuable than what you paid out.