During the course of any day, people sometimes find themselves in this crossroad where they have to decide if they should perform a task by themselves or if they should outsource it?
For some people, the decision to swing one way or the other is easy. For this set of people, it is only a question of do I have the time, do I like doing such a task myself and can I afford to bear the cost of outsourcing.
For the other set of people, the decision is not an easy one because, the answer to the simple questions posed above is blurred across the regimes of yes or no. For this set of people, a concept that can help push them one way or the other is the economic concept called “Opportunity Cost”.
In lay man terms, opportunity cost is the amount of money you did not make plus the amount of money you spend because of what you chose to do at a particular time. For example, if you have a job that pays you N5000 per hour then the opportunity cost of anything else outside this job you choose to do is N5000 per hour. If you decide to drive to Ikeja to pick up a document and then you spend Four(4) hours to and fro because of traffic and wait times at your destination, then the opportunity cost of such a trip is N20,000. This cost goes higher when you add the cost of fuel and the wear and tear exacted on your vehicle.
Even if your job is not an hourly rate type of job, the concept of opportunity cost also applies to you. You could have been in a meeting, signing up that customer and ultimately meeting your targets and objectives which could have led to an increase bonus or pay rise for you. However, you were doing something else. The opportunity cost of that something else, is the bonus you did not make because you did not signup that customer on that said day.
Another example is the physical toll a task takes on you or your loved ones which will ultimately needs to be resolved at the doctor’s office. In this example, the doctor’s fee adds to your opportunity cost.
Having said all these, on justfrom5k we give you an opportunity to optimize your time and minimize your opportunity costs. Every time you outsource a task, you free up your time and other resources (like your car) to be used more optimally.
So in conclusion, while a friend may think that you are just being lazy, in reality you are just being smart.
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