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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Sometimes It Really Pays to Hire a Pro

Written By: Catherine Morgan | Comments Off on Sometimes It Really Pays to Hire a Pro

OOPS!!Many of us are bootstrapping our businesses, and we want to get the most value out of every dollar we spend. But the low-cost solution can sometimes cost your business big time.

Carol tackles this topic in her latest post on, “3 Examples of When Being Cheap Is Costly for Your Business.” She begins:

“I am a max-for-the-minimum, champagne on a beer budget kind of girl. I love to get a good deal, especially when running my business. However, while entrepreneurs know that every penny counts when running your own business, sometimes your efforts to save money can backfire, costing you more in the long run. 

Here are just a few of the places where you should not cheap-out in your business.

1. Lawyers.

Just because your uncle Ira is a lawyer doesn’t mean he’s the right lawyer for your business. If he’s not experienced in contract law, he may defer to off-the-shelf contracts rather than create ones that protect your company’s unique interests. If he does not regularly handle business disputes, you could end up in court when you could get better results at the negotiation table. If he’s not familiar with technology development contracts, what you thought was your proprietary software could be used by a competitor.

In other words, Ira’s discounted fee of $100 means little if you end up paying $1,000 to clean up your legal issues later.”

You can read the rest of the post here.

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.