Two things we must understand clearly. One is opportunity cost of managing a function vis-à-vis return that one could get by focusing on another function. Second, an owner must keep a tab on everything to do with ‘people’. All business is about people and people alone and therefore the entrepreneur keeping a tab on people practices is a very good strategy. Having said that to manage transactional people practices and policies, a professional person is very handy.
It is a very useful strategy for an entrepreneur to do the following: