It's something that plagues many businesses, both small and large. Often business owners get into a particular mind-set when it comes to design projects. They assume that they can, and should, handle everything in-house rather than pay someone else to do it. First of all, there is no good reason why anyone should do everything. However, more importantly, it's ridiculous to think that you can do everything.
Does Size Matter?
The short answer (no pun intended) is "no". Regardless of how big or small your business is, you should consider hiring a designer. Maybe you hire that person to be the in-house resource you need, or maybe you hire that person for just this one, inexpensive (not free) job. Regardless of the term you hire someone for, it's important to have someone dedicated to that job, with knowledge of that job. I'm sorry, but having someone who's "pretty good with that stuff" is not the same as having someone who can actually do the job well. A large company needs someone so they can maintain the brand and reputation of the company, while a small business needs to develop and maintain that brand.
Why Do You Have Designs?
What is it that you are designing? What is the project? Yes, everything is a project. Regardless of size, timeline, or complexity, if you are producing something, it's a project. What are these projects?
When is comes to design, these projects can be anything really. Web designers build sites and applications, for both internal and external users, while graphic designers often build advertising and branding materials. The main point, regardless of the final product, is that you are creating something, for someone. What that person feels when they look at that end product has a direct, and profound impact on what they think of your business.
As I mentioned in a previous post, the reason you're designing something is most likely for some sort of advertising, marketing, or branding. It's worth investing in well made, and well designed, marketing materials that either maintain or develop your brand. Do you really want your logo, advertisement, or web site to be just "OK", or worse?
I'm sorry to say it, but "Good Enough", isn't.