When starting out as an entrepreneur or small business owner everyone starts with one big mistake… “I’ll do everything myself and save lots of money.”
While this seems like a sensible choice because cash flow is not really flowing at this stage, it’s probably the biggest mistake you can make!
Doing everything yourself means that while you are focussing on your marketing, your admin, your accounts and all the other things that you didn’t realise would take up so much time, you aren’t doing the one thing that you got into business for. That might mean that you aren’t spending time with your clients, you aren’t out there selling your products or you don’t have time to do that extra speaking engagement and these are the things that will make your business grow!
So how do we correct this mistake?
After speaking to various successful business owners about this issue the one thing they all have in common and agreed on was that outsourcing is the key. They all outsource and surround themselves with people who are great at what they do.
What does this mean in practice?
Step 1 is to decide what you are good at and what you are not good at. Recognise the areas that you need help with and acknowledge that someone else will probably do it more efficiently because of their experience.
Step 2 is to decide what you love to do and what you do not enjoy doing. If you don’t enjoy doing something then you will probably rush through it, to get it over with, and not necessarily give it the time it deserves.
It’s simple - if you aren’t good at something or you don’t enjoy doing it then it’s time to outsource that task to an expert in that area. People you might outsource to are a bookkeeper, virtual assistant, marketing specialist, website developer or virtual receptionist.
If you stop and think about how much you are worth to your business on an hourly rate you will discover that you are much more valuable to your business when you are working ON your business instead of IN your business. Action COACH has a great exercise for working out what your value is and how to work out what tasks to delegate – click here for the tool.
Once you have worked out what tasks you should be delegating, then you need to find your team. Once you have a plan in place with your team, your business will grow quicker than you expected and that original thought of doing everything yourself will be a distant memory!
In surrounding yourself with talented people you know that your business is in capable hands, you can focus on what you are passionate about and what you do best in your business. All of this can only help your business grow to its full potential.
When you start outsourcing you will start to save money and time and this will help your business flourish.
If you don't enjoy doing your own admin, formatting your own documents, keeping your CRM updated or preparing your client packs then contact us to find out how we can help you focus on what you do best and help your business grow. This could be your first step towards a more prosperous business.