When I used to work as a solicitor clients would often complain about what they saw as an extortionate hourly rate. And I would tell them to stop worrying about the money (I generally got my client’s costs back anyway, when I recovered their debts) and to concentrate on doing what THEY were good at.
From time to time the odd client would ignore that advice, and when they did the results were never as good for them. They would frequently recover less and have a lot more hassle in the process.
We all have strengths. In our businesses we all have expertise in something. But none of us have expertise in everything.
When we play to our strengths – when we focus on what we are good at – we generally make more money.
When we delegate or outsource those things that we aren’t experts at to people who are, we generally get better results.
But more than just that, doing things we are not so good at is false economy.
For example, if I can get paid £300 an hour to do what I have expertise at then in an hour I make £300. If I spend £300 an hour on someone else’s expertise to do something that I can’t do so well then it might look like I’ve made nothing.
But I couldn’t do the thing I’ve paid £300 for in an hour. Because I have no expertise it would take me longer, and it wouldn’t be as good. So instead of working for one hour to pay the bill I instead ‘save’ the £300 and spend (say) two hours doing the job!
That’s two hours of a headache doing something I’m not an expert in, plays one hour doing something I am!
Do what you are good at. Pay others do what they are good at. Everyone wins.
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