Starting out in business is tough – too many jobs to do, not enough time and usually not enough funds! Moreover, most of us find it difficult to delegate tasks and end up taking on too much at once. So whats the answer?
Let’s face it small business owners are some of the hardest working!
I regularly speak to small business owners who feel the same – overworked and underpaid. New research from the 2018 International Business Festival found that business owners are “always on”:
- Over 50% stay at work past 10pm and have sent work emails after midnight.
- Over 25% are too time poor for lunch, and
- 31% run out of time for exercise.
But we all press on because we love it. We enjoy the challenges thrown at us as a business owner.
So what’s the solution to achieving growth as well as a work/life balance?
The answer to this question will be different for everyone, but, for me the number one option is delegation through out-sourcing.
Everybody has certain tasks that they find draining, too difficult, alien to their specific skills or just down right boring! Put it this way, you wouldn’t ask Jamie Oliver round to fix your faulty fridge but you would ask him round to whip you up a ‘pukka’ dinner.
You can’t excel at everything. I repeat: You can’t excel at everything!
The skill is deciding which tasks could be performed better by someone else, from both a quality and cost perspective.
There’s a raft of tasks that can be outsourced. From HR to web design, from sales to IT support. The best summary I’ve seen is an article by @DanScalco listing the “5 things Entrepreneurs Should Outsource Immediately to Save More Time”. These are:
- Tedious everyday tasks
- Social Media
I have delegated a number of these to other small businesses because l know that my time is more valuable for client work and business development.
So if you are overwhelmed and struggling to grow your business, it’s time look at your task list objectively and ask yourself:
Where do l add the most value to my business?
How we can help.
Whether Credit Control falls under ‘Tedious everyday tasks’ or ‘Accounting’ will depend on your personal motivations. But if you need to clear a backlog of outstanding invoices or put a solid credit control process in place, we’re here to help.