The spend money strategy, does this describe your business philosophy? Cost conscious is very important, but cost develops from both short-term and long-term actions. What outcomes are your decisions creating?
I need a haircut. Do I try to do it myself or go dump a few bucks at the barber or salon?
My car has a check engine light illuminated. Do I try to fix it myself or take it to a mechanic?
Our company just received notice of a lawsuit. Since I studied business law in college should I handle this internally or spend money on an attorney?
There are arguments either way, correct? Some will try to do it themselves and have reasonable success, others will stay in their lane.
Do It Yourself Approach
Many businesses try to do it all themselves. It is especially evident in leadership roles when the leader believes their personal level of talent is deep.
The feeling may be, “I know something about marketing. I’ll create our new brand and advertising campaigns.”
Should they tackle this or outsource it and stay in their lane? Certainly, it may depend on many factors, but have they self-assessed about their true talent? How is their time best spent?
Spend Money Strategy
Tight budgets cause leaders to avoid the spend. The thought is, we (or I) can do it ourselves.
It happens with marketing, advertising, and strategy development. It happens with employee training, coaching, and organizational development.
Some leaders have these talents and it is a good use of their time. It can perhaps conserve a few dollars. It may be in their lane.
Largely though, leadership talent doesn’t run that deep. Money invested in outsourced talent makes more sense.
In the short-run it feels costly. In the long-run staying in your lane may have the most value.
Sometimes a spend money strategy saves money. Know your lane.
Dennis E. Gilbert is a business consultant, speaker (CSPTM), and culture expert. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.