Even More Ways to Dramatically Reduce the Cost of Using Outside Experts

Even More Ways to Dramatically Reduce the Cost of Using Outside Experts

Do you need an expert? Many of them are familiar to you.

Who are you? Think. How about your suppliers? They are experts in your market and can give you valuable information. They can give you a lot of information and advice. They may have access to reliable sources and know the best practices. They might have solutions to similar problems as yours. Do not underestimate them.

You can also get help from outside experts such as Books, trade magazines, other businesses, and books.

Let me show you an example. My attorney was once contacted by me to answer a question about the possibility of hiring a teenager to part-time at our company. I was told by the lawyer that he would need to investigate my question and get back to me. I reached out to my insurance agent, got an answer in minutes, and was reimbursed for the cost of the research. He also faxed me the law within 30 minutes. The lawyer called me back the next day with the same answer. He sent me a bill for 1.5 hours of research. It was more than $200. He may have just called my insurance agent to get the answer.

I could also have called the unemployment department to get the answer free of charge. These sources might not be able to answer all your questions, but they can give you many answers. They may also point you to someone who can.

Let me offer you another example. Recently, I was looking for a new typesetting machine and didn’t know where to begin. I called the sales reps of significant manufacturers of typesetting equipment. I was even more confused by the fact that they claimed to have the best system, best prices, and all of them pointed out the flaws in each other’s plans.

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They were also more technical than I wanted or needed. I asked my suppliers if they had purchased the equipment that we were interested in or if they could recommend someone who might be interested in purchasing that type of equipment.

I was able to quickly obtain the names of four companies. I then called each company to find out if they were willing to share their knowledge. I explained that I was interested in purchasing this equipment, and I was baffled. I asked them if they could help. It was a sincere request from me. Since most people are happy helping others, and because everyone loves to share what they know and how to help them, it didn’t take long for me to have a lot of information.

This information saved me thousands of dollars and countless hours of work. It saved me thousands of dollars, as I may have bought the wrong equipment than the company I spoke to.

One company explained to me why they purchased the equipment and why it was such a costly mistake. I was able to avoid making the same mistake by getting this information.
Seminars on the subject were held, and shops with it installed were visited. I was more than happy to have this information from him.

I was able to purchase a used machine that was about one-tenth of the price.
I was delighted with the new machine. It did everything I asked it to. The new machine actually had more features than I expected.
I was able to use the product more than I wanted and saved over $50,000 just for that purchase.

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You can learn from people who have done the same thing you are doing or have researched it. This will save you time and money. Ask questions. Ask the questions. This information is available to anyone who has done it or investigated it. You get the idea.

If you need outside help with a particular problem, consult a specialist.

While you might pay more per hour for general practitioners than you would for a physician, the end result is that you will pay less and get better advice.

A general lawyer may charge $125 per hour, but it will take twice as long for you to get the answer you need. While the specialist might charge $200 an hour, they will only take half as long to give you more precise information.

Which is better?

A specialist is someone who has many years of experience in the specific area you require. A general lawyer will not have the same experience as a specialist in a particular area and may not have any knowledge in that area. It may take this lawyer 5-10 times longer to find the correct information, and even then, he might not have all the current or accurate information.

It was evident that the best option for your particular situation may not be the most cost-effective. Even though a general practitioner is much more expensive than a specialist in heart disease, you wouldn’t go to him for your problem. It is the same as taking an international trade issue to a lawyer who specializes in real estate transactions.

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Remember that just because someone has letters after their names doesn’t necessarily mean they are skilled at what they do. This does not necessarily mean they are worth the price they charge. This does not necessarily mean they are the right fit for you at this time. As with any other profession, there will be some that are very good and others that will be poor. Some will help you but rob you. Others will be right for you at the right time.

Ask for a bill every once in a while using your records as the point-of-conflict

You should mention, at the minimum, that the hours seem long. By doing this, you’ll be telling outside experts that you monitor their time in order to properly bill them. This will help you ensure proper billing. You will be amazed at how quickly your hours go down and how much work you get for your money.

It is all too common to be overbilled for time.

Derrick Welch, the author of “In Pursuit Of Profits: How at Least Double Your Profits without Increasing Sales,” provided this edition of The Welch Report. This report includes 1,000 cost control, expense reduction, and income-producing strategies you can start using today to dramatically increase your bottom line.

Und ‘Defy Mediocrity. Be Uncommon. Consider the Alternative.

 

 

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