As a business owner, you may feel as if you need to do everything. Unfortunately, this often leads to burnout, and it is never great for your company. Successful entrepreneurship requires a balance between doing everything you can and wasting valuable time on things that should be left for others to do. These are some strategies for business success.
Recognize Your Weaknesses
No one likes to waste time doing things they aren’t good at, and in a business, this can be detrimental. You cannot do everything yourself, not only because you don’t have the time, but because you also don’t have the skills and knowledge to do it all. Therefore, you need to recognize your weaknesses. These are areas where you lack knowledge. For example, you may not know accounting or human resources laws. You may not know about IT or how to market your products.
After you recognize these weaknesses, you need to admit that you can’t do these tasks effectively, or maybe legally. Then, make a commitment to pay someone else to do them. If your company is new or you are going through a growth period, you may want to outsource these tasks to other companies. In fact, you may find that outsourcing them saves you money and provides additional benefits. For example, hundreds of tax laws change on a yearly basis, and a licensed CPA will find many more tax deductions than your in-house accountants may know about. You may also partner with individuals whose strengths compensate for your weaknesses.
Exploit Your Strengths
Now that you have removed tasks from your duties, you can focus on tasks that fall within your strengths. However, you first have to identify them. For example, are you creative and interested in new product development? Are you a planner? Do you prefer to look over your organization and find efficiencies or ways to increase economies of scale? Do you like to set goals and find ways to reach them?
As the business owner, your job is to direct the overall strategy of your company. When you focus your time and effort on things you excel at, you can leverage these strengths into better business performance.
You have probably heard that 80% of your results come from 20% of your work. Well, by focusing on those things that you do well, you can eliminate some of the 80% of your work that doesn’t produce the greatest results.
Entrepreneurship is challenging. Although you may not be able to outsource all the tasks you have difficulty with, you can improve your results and expand your company by focusing on what you do well and leaving the rest to experienced professionals.