When to Pay for Experts

Lawyers, accountants, web developers, and other experts are important for your businessbut you may be spending too much on them.

- ADAM BORNSTEIN

Q I spend a lot on legal and accounting fees. Is there a way to cut costs without increasing risk? -MATT, BIRMINGHAM, AL

FOR ENTREPRENEURS, the question of when to outsource work to experts-and when to do it yourself to save money can feel like a perpetual Catch-22.

On the one hand, you'll never grow your business if you're stuck doing minor (if important) tasks. Plus, an “I'll figure it out myself!" attitude can create very real risk. But on the other hand, outsourcing everything feels like a deal with the devil. The cash you burn paying lawyers, accountants, and other specialists can amount to the equivalent of hiring one or several employees-or months of a marketing budget-both of which are more likely to help your business grow than a set of well-balanced books or an airtight legal strategy.

The solution, like so many things, is not black and white.