Working ON your Business vs Working IN your Business
Entrepreneurs take pride in their work and the fact that they have built their business from the ground up. But many entrepreneurs struggle with handling working “on” their business versus working “in” their business. Taking on multiple business-related roles is a phenomenon with which most small business owners are all too familiar. With starting capital at a minimum for most, it is normal for business owners to need to delegate their time to take care of daily tasks, providing services to customers, onboarding new talent, and growing their business. Forbes reports that, on average, small business owners spend over 65% of their time working in the company, and a mere 31.9% of the time is spent working on their company. More time must be allocated to working ON your business to see continued business growth. Here are a few ways to effectively manage to serve as a senior leader of your company versus being an employee of your business.
Hire Top Talent
Delegate! Delegate! Delegate! One of the principal qualities of effective leadership is the ability to delegate. However, to delegate, you must have employees. For many small businesses, the means to hire multiple employees is limited. Therefore, hiring the right employee(s) will be a critical factor in the ability to run your business and take growth to the next level. Hiring talent allows you to devote more time to the growth of your business with the confidence that your employee(s) will produce quality work as the standard of your company.
Identifying and improving the weak areas of your business is critical to managing your time effectively and will contribute to the overall fluidity of business procedures. When troubleshooting, the key to success and time management is also — DELEGATING. As a business leader, it is your responsibility to recognize the difference between issues your employees can tackle and the issues that require your attention. It is important to remember that delegating troubleshooting tasks to your employees means there is a possibility that they may independently discover problems. It also means that you must be open to their suggested solutions. During this process, you may find that there are issues within your business that are beyond your expertise or the scope of things you can handle. When this happens, you will also need to DELEGATE. However, the delegation will require outsourcing to professional service providers that can tailor effective solutions that meet the needs of your business.
Outsourcing to professional service providers is precisely what you need to grow your business masterfully. Professional service providers, typically known as consultants, are experts in their field who can complete tasks quickly and effectively. Consultants offer solutions tailored to the needs of your business. Just like hiring the right talent, hiring the right consultant will be pivotal in getting you back to the role of the business owner. Outsourcing requires extensive research on services provided and making sure that the questions about your needs are heard and answered.
One of the most efficient ways to navigate the tips mentioned above is to utilize independent Human Resources leadership to streamline each of these processes. Outsourcing an independent HR contractor to help your business create and implement a strong recruiting and onboarding system, troubleshoot problems that may affect the quality of services provided to your customers, and be a go-to source for any of your day-to-day operational needs will afford you the time you need to work “on” your business and not “in” your business. The addition of an outsourced HR expert will help you effectively manage your time and return your focus to growing the company you have worked relentlessly to build. If you would like additional information on outsourcing Human Resources leadership and services, email us at info@DeepEndStrategies.com.