Self Medication Costs More Than You Think

Of all the business owners and entrepreneurs we have met, every single one has a need to know about all things occurring in the business at all times.  This is an understandable need, since the business is the product of the entrepreneur’s own blood, sweat, and tears.  However, let’s re-frame the situation to where being involved in every decision means the entrepreneur’s focus and attention are being taken away from other things that may be more important or critical to the business.  Or the owner’s involvement in every facet of the business is hurting the business as a whole because she’s the only one person (the bottleneck) empowered to make decisions, and is unable to keep pace with the growth and challenges facing the company.

How does such a business owner keep up with ever-evolving competitors, or be receptive to customer needs, and continue growing the organization if there is barely enough time in the decision-maker’s day to single-handedly digest every issue?

If you think you have time to figure out how to best take advantage of your competitive advantages, improve customer service levels, and reduce the costs of your supply chain inventories, you’re wrong.  One-off projects like these can have a huge impact, but they also cause a large disruption to day-to-day activities.  Can you afford the time to teach yourself how to take action on any of these opportunities effectively while not negatively impacting the rest of the business?

The cost to a business of self-medication (time, money, foregone opportunity) is much greater than the cost of an objective expert’s time.  Similarly, the risks of self-medication of a haphazard implementation with a high probability of failure are greater than the risks of bringing in an objective expert who has the training and experience to implement a solution with a high rate of success.  The progress of your business depends on your judgement, but it shouldn’t have to be captive to it.

A cliche, but apropos, anecdote involves a primary care physician (experts in personal health) prescribing treatments to help you improve the quality of your life based on their judgement in seeing similar cases; similarly, a consultant (experts in specific areas of business) have much more experience and exposure to similar business cases and are able to prescribe action plans to improve the health of your business.