DIY, DWH or DFY?
A bombardment of acronyms ...
Posted on: 26/09/2014 By: Daniel Bennett
We all have our areas of expertise - of which we are justly proud - and have self-believe in the value we give. But how do we feel about the expertise of others? I imagine your attitude to paying others to do work for you, whether on an employed, self-employed or fully outsourced basis, depends on your own business status ...
Now, I have no intention of suggesting one business status is better than another. Each of us has every right to choose and I'm not referring to legal business status – sole trader, partner, limited liability partnership, limited company, co-operative, or even a PLC.
"What I'm referring to is the choice you make whether you provide your skill on an employed basis, self-employed basis, or whether you have chosen to run a business."
You might think you are running a business being self-employed and yes, you are in the legal definition. But what I'm alluring too, is whether your goal is to build a business which isn't dependent on you and your skills.
When many of us start a business, we choose to go into business based on the technical skills we have; Kim and I started Bennett Design because of Kim's design skills. We love what we do and I believe we're pretty good at it, but it's always going to be difficult to grow, as what we do is so dependent on Kim.
Much of what we do is trading our time for money, ideally we would trade our value, our knowledge and experience for money. The ideal scenario is earning money passively because of value we previously created.
To get to the position, firstly of earning based on your value and then moving to passive income, the key is to get other people to do things for you. Kim says I'm particularly good at not doing things myself and getting her to do these things for me!
Joking aside, within a business there are 3 clear roles according to Michael Gerber, author of the highly regarded book, The E-Myth.
The Technician carries out the tasks and actions; usually highly skilled and focused on doing the best job they can to deliver the outcome to their customer, whether internal or external.
The Manager manages the process of the Technician, often particularly concentrating on use of resources, measuring and counting the money.
And the Leader, who created the business vision and delivers this vision to all the stakeholders: customers, staff, suppliers and investors.
Ask yourself which role do you focus on and I imagine many reading this blog post will say the Technician. And that's ok if that's what you want to do. But if you want to build a business, rather than continuing working for other people in whatever style that may be, you need to start thinking about DIY, DWH or DFY.
Most of you will know what DIY stands for – Do It Yourself. In business we are tempted, often because of lack of cash, to try and do as much for ourselves as possible, whether that's being the Technician, doing your sales and marketing, doing your own books and all the administration that comes with being self-employed.
"Question yourself whether you are missing out on achieving your full business potential by DIYing!"
Next DWH – Done With Help, is you doing the bits you can, eg. you might write the copy for your own website, but then get a designer to create the full website. It may be you do your own bookkeeping and then get your accountant to patch things up. Again are you really spending your time creating the most value for your business? What takes you 3 hours could take 1 hour by an expert; work-out if releasing 3 hours for you to create value will more than pay for that 1 hour of expertise.
Finally, DFY – Done For You is about surrounding yourself with experts. David Ogilvy, widely revered as a founding father of modern advertising is credited with saying, 'if you ever find a man who is better than you are - hire him. If necessary, pay him more than you would pay yourself.''
He is also reputed to have once presented each of his board of directors with a set of Russian dolls. When they opened the dolls, the smallest had a piece of folded paper inside on which Ogilvy had written, "if you always hire people who are smaller than you, we shall become a company of dwarfs. If, on the other hand, you always hire people who are bigger than you, we shall become a company of giants."
"I will just add one caveat: delegation is the name of the game, not abdication. As the leader, you hold total responsibility for what your people do!"
From our own perspective, if you're looking to build a powerful brand to position you in the premium sector, where you can charge for the full value you give, lets have a chat about how you can have it DFY! Call me on 07583 047103 or click here to drop me an email soon.
Until next time ...
Together with my wife Kim I’ve been in the branding industry for over 25 years, firstly with Bennett Design (a creative solutions agency) and more recently, Brand Promise – a totally managed branding service to help small to medium sized businesses create, design, cultivate and nurture authentic brands online, in print and in person.
I strongly believe that a powerful brand can transform an ordinary business into an extraordinary business, and I love to help businesses gain the recognition they deserve.
I am also heavily involved in the property industry and spend a great deal of time networking and public speaking.
With my roots based in farming and my love for the great outdoors, I live in a rural location in Cheshire but conduct my business across all corners of the UK.