As a new business owner, you should be trying to conserve every penny you have in the bank. So many entrepreneurs do virtually everything -- from bookkeeping to marketing -- to avoid cash outlays.

Yet this may not be the best approach. Spending time on non value-added tasks takes time, energy and focus away from essential activities -- selling and customer service. Trying to save a few dollars can cost you far more in lost revenue and business momentum.

So how do you decide what to do and what to spend money on? Here are a few guidelines:

Does the task require specialized expertise?

If it does, hire out (unless you are on expert). Whether its filing legal papers, creating a chart of accounts or designing a marketing Web site, contract out to good people who know what they are doing. It not only saves you time, but your business will be better for it.

Does the task contribute to your operational knowledge?

Some entrepreneurs start a business with the perception that they should no longer do “menial” work. But that’s not entirely true. Sure, you don’t want to schedule yourself doing dishes when you should be out front with customers in the dining room. Yet pitching in on the unglamorous jobs can give you valuable insight into the day to day requirements of your operations.

Does the task have a significant impact on profitability?

If a task can have a significant impact on profitability -- say, ordering inventory -- it makes sense to take an active role. But you can’t do it all. You still need to focus on what you do best. You’re the owner, but you’re also just another employee.

Many entrepreneurs fail to grow their businesses because they fail to let go of every detail. If you’re delivering work, you’re not out selling. Understand your role and let others fulfill theirs, even if it means spending some money.

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