Think about the time you wish you had to spend time with your kids (or your spouse, or even yourself). Do you wish you could attend their events, play with them and enjoy time doing fun things? Many of us are busy enough at work as it is. If we are also doing work on our home—painting, mowing or other chores which could be done by others—you are spending time away from doing things you wish you could do with loved ones.
What is that time worth? It’s likely more valuable than what your own hourly rate is. Ask yourself if it makes more sense or is justifiable to pay someone else to perform chores so that you can do the family things you want. If it makes sense to outsource these tasks, do so without guilt. Remember, we won’t be on our deathbed wishing we had mowed the lawn more often!
Art Miller, TAB Oklahoma City North
When raising capital for the business, I always recommend separating the potential investors into “A,” “B” and “C” categories. The “A” group should be your best prospects (due to financial capability, the ability to bring more than capital to the party, industry knowledge, etc.). Because small business owners so rarely raise capital, I believe that they should start with the “C” prospects. Make your mistakes with the less desirable investor candidates, learn what questions will be asked and develop comprehensive answers to them. Revise your business plan or investment vehicle according to what you have learned. Then address your best prospect armed with better knowledge and experience, as well as a better rehearsed pitch. The same strategy works if you’re seeking potential buyers for the business.