You and Your Wasted Time

Screenshot 2015-08-26 17.18.03I have been an entrepreneur since the time I was 12.

That was when I started my first computer consulting company. I was lucky, my Dad worked with computers in his small business and I was free labor.   I absorbed everything I could about the MSDOS operating system and was soon traveling by bike all over to setup hardware and install software.  I was an expert.

Since then I have observed the single biggest mistake I see business leaders and entrepreneurs making.  They waste time on tasks that are outside their core competency in favor of perceived savings. I completely understand the psychology of it,  they believe the have unlimited time and limited resources to solve problems. They prefer to figure it out.   “Why would I pay someone to do something that I can figure an do for myself?  I have unlimited time, I can simply work 12 hours today and save the $100 I would have had to pay someone to come and do it for me,” they reason.     But they rarely consider opportunity costs and the real possibility that you will have to hire the professional anyway.

This is just plain broken.  It is akin to a single person building the Model T Ford compared to the specialized benefit of the assembly line. There are very few people whose learning curve would allow them to master a new specialized skill at a financial cost savings. Could you imagine completing quarterly tax withholdings now by hand since the advent of automated filing? I remember how painful they were to complete.

We see these types of mistakes everyday in the hiring process.  We speak with small business owners and key decision makers who waste time and money manually posting jobs to free job boards expecting to hire “A” talent.  We see 50mm businesses without software to manage resumes and instead write comments on paper resumes that end up in the circular filing cabinet.  We see them skipping background checks to rule out potential problems, or simply not following EEOC compliance.

CatalystFive was built to simplify the hiring process and remove the risks associated with wasting money on miss-targeted job boards.  Now we also offer one click electronic background checks and manual craiglist postings in both free and paid cities.  Overall a dedicated user of CatalystFive is saving 11 to 12 hours a week over a person manually completing the same job.  This is not to mention the cost savings on the job postings alone!

Fact: One of our new clients this month is saving 63% on their monthly job posting spend!

About the Author:

Mike O’Brien is a serial entrepreneur and founder of Mingle, LLC that owns CatalystFive.

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