“When I want it done right, I have to do it myself.” I hear this time and time again from clients. I get it. It’s YOUR company. You can do most things better than anyone else in your company. You have more passion, more drive, more reason for wanting it to be perfect. That’s all great. But you know what? There’s only one of you.
I have never forgotten a lesson I learned on my first day of Economics class. My teacher handed everyone a slip of paper and asked us to answer one question. The question was: “True or False: There’s no such thing as a free lunch.”
To Economists, the answer is True. The reason is Opportunity Cost. The cost of the opportunity (in this case, the lunch) is whatever you gave up to attend that lunch. Transferring that idea to your business, whenever you take the time to do something, you are giving up time that you could have spent on something else.
Let’s take that one step further. When you choose to do everything yourself, you have made a conscious decision against empowering your employees. Most of the best businesses are scalable, meaning they have an opportunity to expand by offering new products or entering new markets. You are not scalable. There will only ever be one of you. And just like everyone else, you only have 24 hours in a day. Your job as a business owner is to determine how best to spend those hours – taking opportunity cost into consideration. Time is money.