How do you know when it’s time to get outside help?
Capital Ideas members talk outsourcing and seeking advice
Milena Santoro, president and CEO of MS Productions (milenasantoro.com), says she asks herself a few key questions when considering outsourcing. “What are my strengths? How much time will this task take me to complete? What is the cost of me doing this task over sourcing a specialist? What would I be focusing on if I didn’t have to do this? I soon realize that as much as I think I need to do it all, my time is much better spent with focusing on what I do best, and that’s working on my business rather than in my business.”
“It isn’t what the business owner knows, but what they don’t know that may sabotage their desired outcomes. Therefore, it’s prudent for business owners to align with a trusted business development advisor who offers outside objectivity, experience and business expertise right from inception. This level of intelligent alignment helps remove any and all assumptions, and empowers business owners to utilize discernment and common sense in their daily and ongoing decision making.” — Jan Eden, founder of Boom! What’s Next? — janeden.com
“I calculate the cost of undertaking certain tasks by estimating the amount of time an administrative task will take, and quantifying the amount of revenue I am forgoing by not spending that time on billable projects. If the cost of a consultant is less than the revenue I can generate, I hire the consultant. Qualitatively, I’m mindful of my areas of expertise. If a project is outside of my skill set, I hire consultants.” — Debbie Engel, owner of Debbie L. Engel Professional Corporation — depc.ca
“My rule of thumb is to measure where I or my team add the most value in the business. Time is a limited commodity, so we’d better invest the time we have on the highest value activities. The other times we outsource? When our learning curve is too high, when the need is too occasional to invest resources internally, or when someone else is just faster.” — Angela Armstrong, founder and president of Prime Capital Group — pcclease.com
“I have gone for outside help when I noticed that I am spreading myself thin and I have no balance in my life. The last thing I want to do is become so involved in projects where they are done incorrectly or I don’t have time for myself.” — Kevin MacDonald, business consultant at L6S Business Consulting Inc. — l6sbc.ca
“Knowing when to get help is linked to being honest with yourself on your own strengths and limitations. When you encounter an area that plays to your limitations, or where you are out of your depth, it’s time to get help.” — Claudia Verburgh, founder and principal consultant at Engaging Workplaces — johncmaxwellgroup.com/claudiaverburgh
“Getting outside help becomes a must when you have lost balance in your own life. As an entrepreneur, you are going to work endless hours with the success of your business as your goal. But it is still a must that you have some balance in your life between work, home and fun. When that isn’t an option because work is requiring too many hours of you, it’s time to look for outside help.” — Stacey Hogbin, owner of Wevive Fitness — wevivefitness.com
“I would propose that you do so any time you want to potentially maximize the value of your business. This is especially true when you are looking to sell your business. Companies that run without the involvement of the owner or key individuals in the daily operations are usually the easiest to sell for the best price. Hire a strong manager and pay them to not only work for you, but to worry for you as well.” — Hussein Poonjani, managing director at Grant Thornton Corporate Finance Inc. — grantthornton.ca
“First, take an honest look at the tasks in your business that are outside your core competencies. To excel in these areas, you should bring in outside expertise. Next, look at the recurring tasks in your business. Establish how much it would cost to hire someone to do these for you. If the cost is less than the additional revenue you could generate with the added free time, get help with these too.” — Josh Spurrell, president of Spurrell & Associates Chartered Accountant — spurrell.ca
“Two triggers to identifying a need for outside help guide our decisions; first, do we really have the expertise to make this happen in the most efficient and effective manner? It’s an honest conversation with yourself about what to invest in. If the answers is no, then outsource. Second, does addressing that need take my eye off building the core of the business? If the answer is yes, then outsource.” — Darryl Moore, vice-president of marketing and communication at Executrade — executrade.com
“When you know in your gut that you are not the best person for the task at hand, that you aren’t leveraging your strengths or feel you have something to learn, it’s time to admit it and give yourself permission to get outside help.” — Stacey Scott Nykolyshyn, founder and executive coach at It’s Your Shift — its-your-shift.ca
“If you’re feeling overwhelmed, starting to stress over something or not feeling clear on what steps to take, it’s time to ask for help. You have to put value on your time and do the math — you may see it’s actually cheaper to outsource. Keep your priorities straight and on what makes your cash register ring. Remember, time is a limited resource and yours is very valuable.” — Lil Lezarre, owner of Tender Loving Cups — tenderlovingcups.com
“When owning a small business, it’s literally always time to get outside help. Mentors, past clients and industry experts help small businesses develop better customer service practices, diversify marketing efforts, improve product quality, provide useful market research, and help plan your company’s growth. It’s rare that we’re able to see the fault in our own ways of doing business, but those looking at our businesses from a distance can often provide an objective view of our strengths and weaknesses.” — Anuj Gupta, associate at Alberta Mortgage — albertamortgagecentre.com
“My business partner and I each bring different skills, ideas and experiences to the table. There are times, however, when we simply do not have the skills, tools, time or experience to bring an idea to life. That’s when we look for outside help, and hope to learn and grow in the process. It’s not always easy to admit our own limitations, but it’s a key component to our success.” — Sarah Befus, founder of Rescue Flats — rescueflats.com
“It’s time to get help when a task isn’t in your wheelhouse and takes too much time away from your regular, money-making duties. I also recommend getting help with things that you just don’t like doing or things that you can’t do as well as an expert. Sometimes having an expert do something that you or your team isn’t good at or don’t like doing can make you as much money, or even more, than it costs to outsource.” — Melissa Mainville, owner of Flourish Design & Merchandising — flourishdesign.ca
These answers were in response to a question posed by Nadine Riopel, co-founder of The Good Hundred (good100.ca). To submit a business-related question of your own, visit capitalideasedmonton.com/ask.