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We’ve said it time and again: Solely viewing things based on the direct cost of them to you is a foolish decision. As Oscar Wilde famously said, “A fool knows the price of everything and the value of nothing.”
When weighing up the cost of something you need to consider the following.
- What will it cost me and my team in time to either try and work out the solution myself or try and configure the solution myself?
- What will it cost me, my team and the firm in lost productivity if the system or solution is unable to deliver as promised?
- What will it cost me in downtime, wages, lost revenue and what negative affect to revenue and the bottom line will this have?
After you have weighed these up then consider the upside and investment you could receive.
- What benefits do I and my team get from concentrating on our strengths and not trying to figure out things we are not strong in?
- If we have a stable and secure system what is the potential positive affect to revenue and the bottom line?
- What could I use the positive affects to further re-invest into the firm to grow more?
About 3 years ago now I made a decision, where I didn’t follow the above decision-making tree, and it haunts me to this day. I was evaluating a new technology platform to help me grow my business and could not get past the upfront cost of the service and thought I could do it better with a cheaper “solution”. After investing hundreds of hours of my time trying to make this cheaper “solution” work it just wouldn’t deliver what I needed. I then went back and signed up with the more “expensive” solution provider 3 months later with all that time I wasted. This is what you really need to consider. Even though this solution costs more, it saves me and my team so much time and that is the most valuable commodity, you don’t get any more of it. I’m happy to say this taught me a very valuable lesson.
In the last few months, we’ve heard of numerous firms suffering cyber-attacks or cyber incidents and having excessive down time of their systems. In a couple of cases these cyber-attacks were the direct result of their existing IT services or IT support provider being hacked and then using their systems to hack these firms. In each of these cases, it would be safe to say, that the partners or directors were unwilling to invest in the right technology or cyber security protections to ensure this downtime did not occur. It goes without saying, that the more likely scenario, is where the IT services or IT support company they were using did not think their client was willing to invest, or they didn’t know what the right technology mix is and therefore chose, directly or indirectly, not to make the recommendations needed to protect the partners and directors of the professional services firms.
You want to view your IT and Cyber security protections as an investment into your professional services firm. One thing you may not be aware of is the return on investment in your professional services firm can produce 200% to 300%. A really good return on investment in the stock market is between 6% and 8% per annum. Naturally, the investment in your professional services firm is the winning strategy. As a professional services partner or director, you must learn to think, make decisions and act as an INVESTOR if you truly want to get ahead, understanding the value of time. Especially your own.
Combine robust IT and cyber security solutions and secure the future of your professional services firm today.
Book a free initial consultation and let us show you
- How we deliver you enhanced peace of mind.
- How we can increase your team’s productivity.
- How we protect your personal and professional reputation as well as your livelihood.
- How to ensure you do not suffer the devastating consequences of a cyber-attack and we guarantee it.
- How to be a hero to your clients.
- How to get that return on investment you deserve from your professional services firm.
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