The idea of pinching pennies is far from a new trend, but when is a good deal not such a good deal? Why should we pay double, or even triple, for a product or service from a professional when we can easily find it on Craigslist or eLance with a crazy discount? The answer is actually quite simple – <em>for peace of mind</em>.
Professional consultants who can create this peace of mind are among some of the highest paid individuals on the planet. They create a MASSIVE amount of value for the companies that rely on their experience to both solve and prevent problems which may have the potential to cripple an enterprise. These professionals make sure the boss sleeps better at night… and they can surely expect some pretty decent compensation in return.
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According to Dunn & Bradstreet, the average IT downtime for a Fortune 500 company is a minimum of 1.6 hours per week. This downtime results in an average annual revenue loss of $46 million dollars per company. What if these companies had just decided to go out and find a good deal when hiring their consultants, and the lack of professional experience resulted in 5 hours a week in downtime? Exponentially speaking, the annual loss would increase to almost $144 million dollars! Fortunately, most of these companies know that it’s probably not the best idea in the world to cut out the professionals when you have a $100 million on the line.
When weighing the options of any product or service, the value is effectively calculated by the potential ROI of both time and money. If our amazing new specialist is half the price of the professional, but he takes six times longer to complete the project, we just wasted three times the cash and six times the amount of time trying to get an amazing deal. Not sure about you, but that doesn’t sound so amazing to me.
The bottom line is this: Hiring a true professional will save you time and money nine times out of ten. It just pays to put your wallet aside for a minute, think really hard, and then come to the realization that maybe… just maybe… your cousin’s dog’s brother’s friend isn’t the best person to fix your computer just because “he’s a pretty handy guy.“
Go hire a professional. Their knowledge and experience are worth their weight in gold.