Business Owners: Are You Taking On Too Much?
It’s fair to say that starting a business is not for the feint of heart. And in those early days, you, as the business owner, are likely to be doing everything, from basic accounts through to cold calling prospects. And it’s a way of life that will start to feel normal over time.
However, as your business grows it will be impossible to do everything you need to with maximum efficiency, and there’s every chance your levels of service will start to slip a little. Stress will become the norm, and your business will feel like it is beginning to creak.
The reason is simple – you are taking on too much. And at some point in time, you will need to start thinking about handing over the reins to others, relinquishing a little bit of control of your business, and start being more efficient. Let’s take a look at some of the key areas of your business for which you should seek out help.
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First of all, have a think about the tasks that you spend a lot of time on that don’t make you any money. Let’s say that when you are out selling your product to prospects, you generate $1,000 a day for your business. But you only have time to do this for four days a week, as one whole day is taken up doing paperwork. Effectively, you are paying $1,000 for someone to do basic admin tasks that you could pass on to an assistant for anything between a fifth and a tenth of the price. Not only that, but the extra day selling it frees up will earn another $1,000 for your business, so you win in more ways than one.
Your IT network is likely to be vital to your business, as it is for many companies these days. However, if you are running it all yourself, it can be incredibly draining on your time and resources. Handing over the reins to managed IT services can be a huge help and take away a lot of your stresses and strains. The company you hire will be responsible for keeping your system running, maintenance, and updates, leaving you free to focus on the money-making activities in your business.
You understand the inner workings of your business more than anyone else. But it’s not necessarily a good thing. It’s all too easy to get wrapped up in your business and not be able to see it how your target audience sees what you do. Hiring an external marketing team to come in and take over your marketing efforts can pay off, as they will approach your business with a fresh pair of eyes. They will see it as your customers see it, and bring in new marketing tactics into the mix.
Finally, you can employ people to do all the tasks listed above, of course. But one thing you have to bear in mind that managing people is a full-time job in itself, and it will change the way you work almost entirely. So, if you do plan to take on full-time employees, consider hiring a human resources professional first. They will be critical in ensuring you are complying with employment law and establishing a safe and vibrant company culture.
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