When I was younger, I used to pride myself on spending the least amount of money as possible on things that I wanted. One area where I was particularly cheap was sneakers. Initially proud of my purchase, it took me a while to figure out that I wasn’t getting a good deal at all. When the laces are frayed and the sneakers are worn and falling apart beyond repair after only a few months you’re only screwing yourself into having to buy yet another pair much sooner than you would have if you had spent a little more and invested in better quality.
One thing you learn as you get older and more experienced is that being cheap rarely pays off. If anything it costs you more money, time, and headaches later down the line.
We all have areas of our lives where we don’t care enough to spend and that’s fine if we’re OK with the consequences. But, when it comes to the things that matter, like our health or our business, we really should think twice before we go with the cheaper option. The damage that could be done by hiring an amateur could end up being far more costly than paying an expert. Skimping on added features, options, or services in the short-run may end up costing you far more in the long-run.
Let’s say you’re choosing a marketing firm to do your social media marketing. They present you with several options. Thinking only about price, you go with the cheapest one. Later you realize that you can’t get the results you hoped for without the additional services offered in the higher priced option. Now, you’ll either spend more money on hiring freelancers to fulfill the need or you’ll end up upgrading your package with the marketing firm. Either way, you just spent the past month or more spending money and receiving little in return. If you had only done it right the first time, you would have accomplished more and sooner. And, if you depleted your budget, then it might already be too late.
So, don’t be a cheapskate. Think about the long-term or the lifetime value. Your business is something you’d like to comfortably own for a long time. Don’t treat your business like a cheap pair of sneakers. Spring for the better option and you’ll wear it well for years to come.