Small business owner success calls for a need for more ‘ON THE BUSINESS’ focus
When running a business, it’s often really difficult to separate yourself from the day to day running of it, isn’t it? It takes a significant amount of work to keep the paperwork up to date, accounts, dealing with queries, sales, meetings…
The list is pretty endless and leaves little time for developing the business; which is crucial if we wish to move our businesses forward successfully.
So here’s the dilemma: as a small business owner, how do you develop your business, allowing yourself the time you need to work on the things that are really going to make a difference when it comes to growing your business and maximising your profits?
This means a step back from working ‘in’ your business, so you can take a more holistic approach, with time to plan your route map, and implement this too.
This means working ‘on’ your business and doing the stuff that the owner should be doing, like strategic planning, developing customer solutions, looking at the market dynamics, competitor strategies, pricing, building relationships with suppliers, partners, customers.
By contributing so much time working inside the business, this can take us away from the vitally important business growth tasks and projects.
But how can you shift your focus?
“If you deprive yourself of outsourcing and your competitors do not, then you are putting yourself out of business”
A thinking point.
Have you studied what your time is actually worth to you? This is rather easy if you charge an hourly rate, but I can put a rather sure bet on your time being a lot more valuable to the business than what an outsourcing partner would charge for the same tasks.
Consider this. You spend 8 hours a week dealing with responses to emails, arranging your meetings, dealing with administrative tasks, invoicing, updating Facebook. Let’s say, for example, your time is worth £50 per hour…would it not be more beneficial to hire in someone to carry out these simple tasks for you at less than half of what your time is worth, so you can focus on the BIG stuff that grows the business and brings in the revenue?
At the end of the day, it’s all about getting stuff done. Implementing the strategies that will deliver your vision, mission, objectives. So tying oneself up in the mundane (but essential) day-to-day running is doing no favours.
So here’s my top tip.
The best way to figure out if you’re spending enough time on working ‘on’ the business (but also to see if you’re wasting time on things that don’t really bring in the money) is to keep a detailed diary for a week on your business activities.
You will probably realise that your days are taken up with basic time-consuming tasks when there are some other tasks that contribute much more value to your business.
One way you can start to make an impact… hire in PA and Admin help.
Facebook marketing guru, Jeff Wideman, has talked about the importance of a Virtual PA and said:
“She not only takes care of things for me, she does them better and faster than I ever could.”
This guy believes that he owes a considerable portion of his success to his Virtual Assistant.
Virtual assistants love the work you hate and honestly, are probably better at it too.
You can get your valuable time back, focus on your core business, and things like mundane admin can be completed much more efficiently by someone who is good at it. You also don’t have to carry the employment overheads and commitments either.
If you would like to know more about the tasks that I can complete for you, see here.