When the office copies looked discolored, the office manager called a local repair company. The friendly technician inspected the equipment and informed the manager that the machine needed a good cleaning. The technician suggested that a member of staff could read the instruction manual and get the job done as it would cost $ 100.
Pleasantly surprised by his openness, the office manager asked: "Does your boss know that you are discouraging the business?"
"My boss actually demands that we explain this to all of our customers. Once people try to fix things themselves, we end up making a lot more money doing repairs."
Good advice is always a good investment. If you don't know how to do something or don't have time to learn it properly, hire an expert. Knowledge is power. You save time and money.
Over the years I have hired experts to help with specific projects so that my staff and I can learn from the professionals and gain valuable experience.
My philosophy is that if you can't or don't know an expert, you should always hire an expert. But how do you find the best experts? It's not as simple as a google search. Here are some strategies I use to choose an expert:
• Reach out to someone you already know and trust. When things go wrong, finding someone to trust is a bad time. I'd rather have someone I can count on. And if I don't know the right person, I'll turn to trusted colleagues for recommendations.
• Use an expert to find another expert in the same profession. Do not ask an accountant to help you choose a doctor. But I have asked many doctors to recommend other doctors in other specialties. Nurses are also excellent resources. I want the best, someone who stays up to date in their field.
• Be prepared to pay for any advice you receive, even if only asking your first expert to refer a second expert. This makes the expert n. I think twice before making a solid recommendation. Good advice is never cheap. And cheap advice is rarely good.
• Don't be afraid to ask questions ... and lots of them. When interviewing experts, I want an action, schedule, and deadline before I hire them. For example, one of my favorite investment tests is, "Are you putting your own money in the investment you recommend?"
• Don't confuse being a good friend with a good businessman. Hiring a friend or family member as a favor or to save money can cost you dearly.
• Well worth repeating: find experts before you need them. Anticipate the challenges you may face in the future.
• Be ready to hire a second expert if a second opinion is needed.
One of my favorite books when I started out was "Think and Grow Rich" by Napoleon Hill. He wrote a story about a Colorado Gold Rush miner who found a lot of gold and believed he had reached a rich stratum. He covered his job, returned home, told family and friends about his discovery, and raised money to buy equipment. They put it in its place and started mining. For the first few weeks they filled a car with gold, but it wasn't enough to pay for all the equipment, and suddenly the gold dried up.
They kept digging, spending more money on equipment, but still running out of gold. In the end, they sold their equipment to a scrap dealer and returned home.
The scrap dealer thought he was going to give him another chance and asked a mining engineer to help him evaluate the lease. He said the early miners failed because they did not understand the fold lines and gold stitching. One of the richest gold beds in Colorado was less than three feet from where they'd excavated.
Mackay Moral: An old broom knows dirty corners best.
Contact Harvey Mackay at 612-378-6202 or email harvey@mackay.com.
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