In Business, Everything Costs


There’s a cost to doing business. That’s not earth-shattering news. As a business owner, you probably receive a new invoice every week. Let’s add to that the payroll you have to cover on a weekly basis. And with fuel costs fluctuating almost daily, the amount it takes to fill your tank can bring a tear to your eye. Yep, everything we do has a cost.

The part many don’t realize is that there is often a cost to the things we don’t do. Examples to which we can all relate are health issues. We may put off going to the doctor – perhaps because of not having adequate coverage – and save the cost of an initial consultation. But when that problem becomes bigger, emergency care will cost us much more. As the title says, everything costs.

Penny Wise or Pound Foolish?

Are you penny wise or pound foolish?

Are you penny wise or pound foolish?

How does that relate to business? Sylvia Pacher, a fellow professional, wrote an article about a business owner who “incurred” an $800 invoice design. You can read it here. The business owner in question was a “hands on” person. There’s nothing wrong with that. In fact, there are times you absolutely need to roll up your sleeves and dive in. However, the attitude of “I can do it all myself” led to her making a costly decision.

She needed to customize her invoice as part of her overall branding strategy. We don’t know what led her to decide on becoming a QuickBooks ‘expert’ on her own. Many times, it comes down to money. “You want me to pay how much to design a logo and tweak my invoice format? You must be crazy!” could have flashed through her mind. So she did it herself and saved – who knows? Maybe $50-$100? But the two hours she used in doing it herself could net her as much as $800 if used in her primary business.

Was it worth it? That depends on your perspective. She definitely didn’t spend the consultant’s fee for the customization. If times are tight, that may influence consulting choices. Additionally, I’m fairly certain her deciding to go-it-alone this one time didn’t cause her business to shut its doors. But her actions may indicate a trend of not seeking professional help when warranted. Whether it is outsourcing a design, or getting qualified advice when making major (or “minor”) decisions, there’s a cost to getting the help. However, there is likely a much greater cost to not seeking competent assistance.

Don’t be “penny-wise and pound foolish.” Get help being more productive, more resourceful, and in making better decisions. We’re here to help. You can reach Sylvia at spacher@myvirtualcorporate.com, or by calling 301-273-8093. Send me an email at kerwynhodge@LegalShield.com, or give me a call at 646-340-8087. We can discuss your situation, talk about options, and help insure you don’t have to “go-it-alone” anymore.

PS: There’s still a contest to win a Business Plan Executive Summary! Click the “Follow” button above to enter and receive updates on this blog. For details, see Out With the Old, In With the New! Also, please Comment below with any questions or concerns you have. All feedback is very much appreciated.

PPS: To my Twitter Followers – Thank so much for keeping up with my blog! Many of you read and occasionally leave comments, which is a wonderful thing. The one caveat with the WordPress/Twitter connection is that I don’t have a record of who is following. So, for my benefit, and especially if you want to enter the contest mentioned above, click the “Follow” button in the upper right hand corner. I look forward to keeping in touch with you.

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This entry was posted in Business, Business Finance, Business Planning and tagged , , , by Kerwyn Hodge. Bookmark the permalink.

About Kerwyn Hodge

Kerwyn Hodge has been an entrepreneur from early on. He’s been both a worker and manager, predominantly in the design and construction industry. Kerwyn transitioned to the Direct Selling industry, and joined LegalShield in July 2009. He works with businesses of all sizes, helping to protect the legal rights and identities of employees and their families, as well as helping to protect and grow small businesses with 100 employees or less. Check out his blog at https://kerwynhodge.wordpress.com. You can reach him at 646-340-8087, or via email at kerwynhodge@gmail.com

2 thoughts on “In Business, Everything Costs

  1. What’s Going down i am new to this, I stumbled upon this I’ve found It absolutely useful and it has helped me out loads. I hope to contribute & assist other users like its helped me. Great job.

    • That’s wonderful to hear! It’s always nice knowing others benefit. Let us know if there is anything you would enjoy reading about, and we’ll work towards featuring the topic in a future article!

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