Are you spinning plates when it comes to your business?
Running a business can be overwhelming. There is so much to do! And there are so many strategies you can try in your business, and that's why it can be difficult. You are not getting any closer to your goals; you do not have time to grow your business because there are way too many things to do day after day. And that's where you can get stuck in a rut. It's up to you to know what you are going to do next.
With all the pressure to run a business, it's sometimes easy to forget what it takes to grow it. The first step to growing your business is to figure out where you can step back and let someone else do the work. This may sound counterintuitive in a world that's all about being number one is important, it's crucial to remember that the marketplaces are not just for selling things (it's also to connect to your customers).
Remember, you cannot do everything yourself. Finding good help costs money, but spending that money now is better than spending it later with a bad outcome. Ultimately, what you don’t know CAN be hurting you—and your business!
Use your time for the things you do best for your business.
You probably did not start your business to spend your time doing the things you hate. But as a business owner, you need to do all kinds of things. However, trying to do it all can lead to a lot of stress and inefficiency. If you feel overworked, you may not be doing your best work. The solution? Outsource the things you hate.
This is not a new idea. Companies have been outsourcing for decades. Think of the assembly line at Ford or Apple. Even if it's not physically moving production to another company, outsourcing means paying someone to take over tasks that are not part of your core competencies.
Outsourcing allows you to focus on what you are good at and what you enjoy. Suppose you do not want to do your accounting or build a website for your business. Then, by all means, outsource the things you do not like or are not good at so you can spend more time doing the things that make you happy.
Use the time to focus on running your business, building client relationships, your family, and personal interests.
There's no need to become complacent or stagnant in business. By outsourcing tasks, this could also free up your time and move you forward to grow your business. Most business owners wear many hats, including accountants, web designers and salespeople. By outsourcing some work, you can also diversify your skills and learn new ones. You are not locked into doing just one thing, and you can constantly evolve as both an entrepreneur and a person.
Identify the things you can leave to someone else
When you outsource, you can delegate tasks that don't require your involvement directly, so you can focus on managing your business, establishing customer relationships, and pursuing your personal interests.
The benefits of outsourcing include greater flexibility and lower overhead costs. You can adjust your workforce very quickly to meet changing needs when you outsource. The world has become smaller and smaller in terms of communication and transportation of goods. This means that today's companies must be flexible to meet the needs of their customers.
Invest in experts who will take your business to the next level.
Some things are better left to the experts—or at least someone who has more experience than you. Your business needs at least three types of help:
- People who can do tasks you do not have time for (like accounting)
- People who have skills and knowledge that you do not have (such as web development)
- People who can provide financial capital (like investors)
Finding these people is sometimes referred to as "hiring a third party." However, this term does not capture its meaning because hiring someone is only the first step. The most important thing is to build relationships with these individuals so that your company can benefit from them on an ongoing basis.
It can be challenging to find qualified and willing employees to work for you. The trick is to make sure you have a strong value proposition that includes a clear description of what you expect from an employee or contractor and then find someone willing to buy into your vision.
Cheap and fast is not always the best.
You might be tempted to hire a cheap service, but that's a big mistake. If you want to do it right, you need to hire someone who has the experience and knows how things work. For example, if you hire someone to develop your website, they should be knowledgeable about the technical aspects of building a website and strategies, not just someone who knows the basics of a website like designing.
Hiring an expert is something you should expect to do if you want to grow your business. You will probably get to a point where you cannot do everything yourself. Experts can take on many tasks so you can focus on growing and scaling your business, just like a partnership. Do not be afraid to pay more for someone with expertise because your time is worth more than what you pay them.
Have a clear future in mind
Having a clear vision for your business and the role you want to play in your industry will help you grow your business more effectively. The longer-term nature of entrepreneurship allows you to be more specific about your goals. You can achieve your goals while leaving room for change in the future. So you can hire people who can work with you for the long term rather than hiring people who are only able to work with the current situation that you have right now. This is something that many entrepreneurs do not think (a clear vision) before starting companies.
Entrepreneurs tend to get distracted by the day-to-day challenges or build up too quickly. It's easy to get lost in the daily grind, but it's important not to lose sight of where you want to go. As a startup grows and changes, it needs someone to make sure those changes are implemented quickly. Not everyone wants that kind of responsibility. That's why an entrepreneur needs to think about what that person might look like.
Remember, as long as you're making progress—and yes, you will make mistakes—you're doing just fine. After all, nobody said entrepreneurship would be easy.
In the end, we all know that there's no one-size-fits-all formula for different tasks. Now, what can you do about it? The best solution is to take a good long step back and mark out which tasks are essential to your business. Delete those tasks that aren't essential. Then have someone to help you move you in the right direction.